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HB4285 Enrolled |
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LRB093 16237 SJM 41871 b |
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| AN ACT concerning economic development.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Economic Development for a Growing Economy |
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| Tax Credit Act is amended by changing Section 5-20 as follows:
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| (35 ILCS 10/5-20)
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| Sec. 5-20. Application for a project to create and retain |
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| new jobs.
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| (a) Any Taxpayer proposing a project located or planned to |
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| be located in
Illinois may request consideration
for |
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| designation of its project, by formal written letter of request |
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| or by
formal application to the Department,
in which the |
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| Applicant states its intent to make at least a specified level |
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| of
investment and
intends to hire or retain a
specified number |
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| of full-time employees at a designated location in Illinois.
As
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| circumstances require, the
Department may require a formal |
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| application from an Applicant and a formal
letter of request |
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| for
assistance.
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| (b) In order to qualify for Credits under this Act, an |
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| Applicant's project
must:
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| (1) involve an investment of at least $5,000,000 in |
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| capital improvements
to be placed in service and to employ |
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| at least 25 New Employees within the
State as a direct |
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| result of the project; or
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| (2) involve an investment of at least an amount (to be |
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| expressly specified
by the Department and the Committee) in |
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| capital improvements to be placed in
service and will |
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| employ at least an amount (to be expressly specified by the
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| Department and the Committee) of New Employees
within the |
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| State, provided that the Department and the Committee have
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| determined that the project will provide a substantial |
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| economic benefit to the
State; or . |
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