91st General Assembly
Status of HB0029
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 Full Text  Bill Summary

   New Act                                                                     
   35 ILCS 5/211 new                                                           
   35 ILCS 5/701             from Ch. 120, par. 7-701                          
   35 ILCS 5/703             from Ch. 120, par. 7-703                          

        Creates the Rural  Manufacturing  Incentives  Program.   Provides      
   that  an  eligible    company  may apply for incentives, including tax      
   credits, as part of an economic development project  in  a  county  in      
   Illinois  whose  average  unemployment rate is higher than the State's      
   unemployment rate  for  the  past  5  consecutive  years  through  the      
   Department   of   Commerce  and  Community  Affairs.   Authorizes  the      
   Department to  enter  into  financing  agreements  with  the  eligible      
   company  it  selects  to  undertake  an  economic development project.      
   Provides that an approved company may    require  that  each  employee      
   agree  to  pay  a job assessment fee equal to 6% of the gross wages of      
   each employee whose job was  created  as  a  result  of  the  economic      
   development  project for the purpose of paying debt service.  Provides      
   that the  Department shall work with the Illinois Development  Finance      
   Authority if the issuance of bonds is necessary for the implementation      
   of  the  economic development project.  Amends the Illinois Income Tax      
   Act. Creates tax credits for approved companies in an amount equal  to      
   100%  of  the  debt  service  of the  company plus any job development      
   assessment fees.  Provides that the  credits  are  available  for  tax      
   years  ending  on  or  after  December  31,  1999.   Provides that the      
   credits shall be available for the period of the financing  agreement,      
   but in no case for more than 15 years. Effective immediately.               
   98-12-02  H  PREFILED WITH CLERK                                            
   98-12-02  H  ADDED AS A JOINT SPONSOR                 JONES,JOHN            
   98-12-02  H  ADDED AS A JOINT SPONSOR                 MITCHELL,BILL         
   98-12-02  H  ADDED AS A JOINT SPONSOR                 RIGHTER               
   99-01-14  H  FIRST READING                                                  
   99-01-14  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   99-01-27  H       ASSIGNED TO COMMITTEE               REVENUE               
   99-01-28  H  ADDED AS A CO-SPONSOR                    BELLOCK               
   99-03-05  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   01-01-09  H  SESSION SINE DIE                                               


 Full Text  Bill Summary