Full Text of HB4285 93rd General Assembly
HB4285 93RD GENERAL ASSEMBLY
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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 HB4285
Introduced 1/30/2004, by Robin Kelly SYNOPSIS AS INTRODUCED: |
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Amends the Economic Development for a Growing
Economy
Tax Credit Act. Provides that the Business Investment Committee of the Illinois
Economic Development Board, in its review of applications for tax credits under
the Act,
shall give favorable consideration to
the
following factors: (i) the investment is proposed in a location that is within
a reasonable
distance of affordable housing; (ii) the investment is proposed in a location
that has an
available workforce within a reasonable distance so that employees do not have
long
commutes to work; and (iii) the investment is proposed in a community that is
experiencing slow growth. Effective immediately.
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A BILL FOR
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HB4285 |
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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 | 5 |
| Tax Credit Act is
amended by changing Section 5-25 as follows:
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| (35 ILCS 10/5-25)
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| Sec. 5-25. Review of Application.
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| (a) In addition to those duties granted under the Illinois | 9 |
| Economic
Development Board Act, the Illinois
Economic | 10 |
| Development Board shall form a Business Investment Committee | 11 |
| for the
purpose of making
recommendations for applications. At | 12 |
| the request of the Board, the Director of
Commerce and
Economic | 13 |
| Opportunity
Community
Affairs or his or her designee, the | 14 |
| Director of the
Governor's Office of Management and Budget
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| Bureau of the Budget or
his or her designee, the
Director of | 16 |
| Revenue or his or her designee, the Director of Employment
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| Security or his or her designee,
and an elected official of the | 18 |
| affected locality, such as the chair of the
county board or the | 19 |
| mayor, may
serve as members of the Committee to assist with its | 20 |
| analysis and
deliberations.
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| (b) At the Department's request, the Committee
shall
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| convene, make inquiries,
and conduct studies in the manner and | 23 |
| by the methods as it deems desirable,
review information with
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| respect to Applicants, and make recommendations for
projects to | 25 |
| benefit the State. In making its recommendation that
an | 26 |
| Applicant's application for Credit should or should not be | 27 |
| accepted, which
shall occur
within a reasonable time frame
as | 28 |
| determined by the nature of the application, the Committee | 29 |
| shall determine
that
all the following conditions
exist:
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| (1) The Applicant's project intends, as required by | 31 |
| subsection (b) of
Section 5-20 to make
the required | 32 |
| investment in the State and intends to hire the required
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HB4285 |
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LRB093 16237 SJM 41871 b |
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| number of
New Employees in Illinois as a result of that | 2 |
| project.
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| (2) The Applicant's project is economically sound and | 4 |
| will benefit the
people of the State of
Illinois by | 5 |
| increasing opportunities for employment and strengthen the | 6 |
| economy
of Illinois.
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| (3) That, if not for the Credit, the project would not | 8 |
| occur in Illinois,
which may be demonstrated
by any means | 9 |
| including, but not limited to, evidence the Applicant has
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| multi-state
location options and
could reasonably and | 11 |
| efficiently locate outside of the State, or demonstration
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| that at least one other
state is being considered for the | 13 |
| project, or evidence the receipt of the
Credit is a major | 14 |
| factor in
the Applicant's decision and that without the | 15 |
| Credit,
the Applicant likely would not
create new jobs in | 16 |
| Illinois, or demonstration that receiving the Credit is
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| essential to the Applicant's
decision to create or retain | 18 |
| new jobs in the State.
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| (4) A cost differential is identified, using best | 20 |
| available
data, in the projected costs for the Applicant's | 21 |
| project compared to
the costs in the competing state, | 22 |
| including the impact of the competing
state's incentive | 23 |
| programs. The competing state's incentive
programs shall | 24 |
| include state, local, private, and federal funds
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| available.
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| (5) The political subdivisions affected by the project | 27 |
| have
committed local incentives with respect to the | 28 |
| project, considering local
ability to assist.
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| (6) Awarding the Credit will result in an overall | 30 |
| positive fiscal
impact to the State, as certified by the | 31 |
| Committee using
the best
available data.
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| (7) The Credit is not prohibited by Section 5-35 of | 33 |
| this Act.
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| (c) In its review of applications, the Committee shall give | 35 |
| favorable
consideration
to the following factors:
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| (1) The investment is proposed in a location that is |
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LRB093 16237 SJM 41871 b |
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| within a reasonable
distance of affordable housing.
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| (2) The investment is proposed in a location that has | 3 |
| an available
workforce within a reasonable distance so that | 4 |
| employees do not have long
commutes to work.
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| (3) The investment is proposed in a community that is | 6 |
| experiencing slow
growth. | 7 |
| (Source: P.A. 91-476, eff. 8-11-99; revised 8-23-03.)
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| Section 99. Effective date. This Act takes effect upon | 9 |
| becoming law.
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