Illinois General Assembly - Bill Status for HB1581

Creates the Illinois Titanium Powdered Metals Development Act. Creates the Illinois Titanium Powdered Metals Development Board within the Department of Commerce and Economic Opportunity. Sets forth the membership of the Board, including the Director of Commerce and Economic Opportunity and members appointed by the Governor and each of the legislative leaders. Sets forth the powers and duties of the Board, including assisting with the growth and development of the titanium powdered metals industry within Illinois and the creation of a consortium or center that conducts, coordinates, and supports titanium powdered metals research, promotion, and marketing activities in the State. Requires the Board to prepare and submit an annual report to the Governor and the General Assembly. Contains other provisions. Amends the Illinois Enterprise Zone Act. Provides that businesses that (i) intend to make minimum investment of $3,000,000 in titanium powdered metals manufacturing which will be placed in service in qualified property and (ii) intend to create or retain a minimum of 15 full-time equivalent jobs in titanium powdered metals manufacturing at a location in Illinois are considered high impact businesses. Effective immediately.

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