093_SB1934eng

 
SB1934 Engrossed                     LRB093 08827 RCE 09059 b

 1        AN ACT concerning economic development.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.   The  Economic  Development  for  a  Growing
 5    Economy  Tax Credit Act is amended by changing Section 5-3 as
 6    follows:

 7        (35 ILCS 10/5-3)
 8        Sec. 5-3.  Purpose.  The General Assembly finds that  the
 9    Illinois  economy, although currently strong, is still highly
10    vulnerable to  other  states  and  nations  that  have  major
11    financial  incentive programs for medium-sized and large firm
12    relocations.  Because of  the  incentive  programs  of  these
13    competitor  locations,  Illinois  must move aggressively with
14    new business development investment tools so that Illinois is
15    more competitive in site location decision-making.   Illinois
16    The  State  must not only continue to work with firms to help
17    them locate their new plants and facilities in  Illinois  but
18    also must provide competitive investment location tax credits
19    in  support of the location and expansion of medium-sized and
20    large operations of commerce and industry. In an increasingly
21    global economy, Illinois' long-term development would benefit
22    from rational, strategic use of State resources in support of
23    business development and growth.
24    (Source: P.A. 91-476, eff. 8-11-99.)