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91_SB0334ham001
LRB9102941NTksam
1 AMENDMENT TO SENATE BILL 334
2 AMENDMENT NO. . Amend Senate Bill 334 by replacing
3 the title with the following:
4 "AN ACT to amend the Illinois Enterprise Zone Act by
5 changing Section 5.5."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Illinois Enterprise Zone Act is amended
9 by changing Section 5.5 as follows:
10 (20 ILCS 655/5.5) (from Ch. 67 1/2, par. 609.1)
11 Sec. 5.5. High Impact Business.
12 (a) In order to respond to unique opportunities to
13 assist in the encouragement, development, growth and
14 expansion of the private sector through large scale
15 investment and development projects, the Department is
16 authorized to receive and approve applications for the
17 designation of "High Impact Businesses" in Illinois subject
18 to the following conditions:
19 (1) these such applications may be submitted at any
20 time during the year;
21 (2) such business is not located, at the time of
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1 designation, in an enterprise zone designated pursuant to
2 this Act;
3 (3) the business intends to make a minimum
4 investment of $12,000,000 which will be placed in service
5 in qualified property and intends to create 500 full-time
6 equivalent jobs at a designated location in Illinois or
7 intends to make a minimum investment of $30,000,000 which
8 will be placed in service in qualified property and
9 intends to retain 1,500 full-time jobs at a designated
10 location in Illinois. The business must certify in
11 writing that the investments would not be placed in
12 service in qualified property and the job creation or job
13 retention would not occur without the tax credits and
14 exemptions set forth in subsection (b) of this Section.
15 The terms "placed in service" and "qualified property"
16 have the same meanings as described in subsection (h) of
17 Section 201 of the Illinois Income Tax Act; and
18 (4) no later than 90 days after an application is
19 submitted, the Department shall notify the applicant of
20 the Department's determination of the qualification of
21 the proposed High Impact Business under this Section.
22 (b) Businesses designated as High Impact Businesses
23 pursuant to this Section shall qualify for the credits and
24 exemptions described in the following Acts: Section 9-222 of
25 The Public Utilities Act, subsection (h) of Section 201 of
26 the Illinois Income Tax Act; and, Section 1d of the
27 Retailers' Occupation Tax Act, provided that these credits
28 and exemptions described in these Acts shall not be
29 authorized until the minimum investments set forth in
30 subsection (a) of this Section have been placed in service in
31 qualified properties and, in the case of the exemptions
32 described in the Public Utilities Act and Section 1d of the
33 Retailers' Occupation Tax Act, the minimum full-time
34 equivalent jobs or full-time jobs set forth in subsection (a)
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1 of this Section have been created or retained. Businesses
2 designated as High Impact Businesses under this Section shall
3 also qualify for the exemption described in Section 5l of the
4 Retailers' Occupation Tax Act. The credit provided in
5 subsection (h) of Section 201 of the Illinois Income Tax Act
6 shall be applicable to investments in qualified property as
7 set forth in subsection (a) of this Section.
8 (c) High Impact Businesses located in federally
9 designated foreign trade zones or sub-zones are also eligible
10 for additional credits, exemptions and deductions as
11 described in the following Acts: Section 9-221 of the Public
12 Utilities Act; and subsection (g) of Section 201, and Section
13 203 of the Illinois Income Tax Act.
14 (d) Existing Illinois businesses which apply for
15 designation as a High Impact Business must provide the
16 Department with the prospective plan for which 1,500
17 full-time jobs would be eliminated in the event that the
18 business is not designated.
19 (e) New proposed facilities which apply for designation
20 as High Impact Business must provide the Department with
21 proof of alternative non-Illinois sites which would receive
22 the proposed investment and job creation in the event that
23 the business is not designated as a High Impact Business.
24 (f) In the event that a business is designated a High
25 Impact Business and it is later determined after reasonable
26 notice and an opportunity for a hearing as provided under The
27 Illinois Administrative Procedure Act, that the business
28 would have placed in service in qualified property the
29 investments and created or retained the requisite number of
30 jobs without the benefits of the High Impact Business
31 designation, the Department shall be required to immediately
32 revoke the designation and notify the Director of the
33 Department of Revenue who shall begin proceedings to recover
34 all wrongfully exempted State taxes with interest. The
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1 business shall also be ineligible for all State funded
2 Department programs for a period of 10 years.
3 (g) The Department shall revoke a High Impact Business
4 designation if the participating business fails to comply
5 with the terms and conditions of the designation.
6 (h) Prior to designating a business, the Department
7 shall provide the members of the General Assembly and
8 Illinois Economic and Fiscal Commission with a report setting
9 forth the terms and conditions of the designation and
10 guarantees that have been received by the Department in
11 relation to the proposed business being designated.
12 (Source: P.A. 89-89, eff. 6-30-95.)".