91st General Assembly
Summary of HB0054
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House Sponsors:
HOLBROOK-BLACK-STEPHENS-FOWLER-HOFFMAN, BOST, JONES,JOHN, 
   LYONS,EILEEN, ZICKUS, MITCHELL,BILL, MYERS,RICHARD, 
   RIGHTER, CAPPARELLI, FEIGENHOLTZ, SCOTT, GASH, 
   DAVIS,STEVE, GILES, KENNER, HANNIG, BROSNAHAN, CURRY,JULIE AND REITZ.

Short description: 
ECONOMIC DEVEL TAX CREDIT ACT                                              

Synopsis of Bill as introduced:
        Creates the Economic Development for a Growing Economy Tax Credit      
   Act.  Provides that the Department of Commerce and  Community  Affairs      
   (DCCA), in cooperation with the Department of Revenue, shall grant tax      
   credits  against  Illinois income tax liability to applicants creating      
   new jobs in Illinois, if the applicant's project to  create  new  jobs      
   meets  certain  criteria,  including the creation of 100 new full-time      
   jobs in Illinois.  Provides that DCCA shall enter into agreements with      
   the qualifying applicants.  Provides that credit awards under the  Act      
   shall   be  used  for  certain purposes, including capital investment,      
   infrastructure development, debt service,  research  and  development,      
   job   training  and  education,  lease  costs,  or  relocation  costs.      
   Provides that DCCA shall determine the  duration  and  amount  of  the      
   credit.   Provides  that the duration may not exceed 15 taxable years.      
   Provides that the credit may be stated as  a  percentage  of  the  new      
   employees'  income  tax  withholdings  attributable to the applicant's      
   project and may include a fixed dollar limitation.  Provides  that  if      
   the  Director of DCCA determines that an applicant is in noncompliance      
   with  the    provisions  of   this  Act, the Director shall notify the      
   taxpayer of  the  alleged  noncompliance  and  allow  the  taxpayer  a      
   reasonable opportunity to explain the noncompliance.  Provides that if      
   after  this  period  the Director determines the applicant is still in      
   noncompliance, the Director shall instruct the Department  of  Revenue      
   to  issue  a  notice  of  deficiency  to  the  taxpayer.  Requires the      
   Director to submit an annual report on the tax  credit  program  under      
   this  Act  to the Governor and the General Assembly.  Requires DCCA to      
   evaluate the tax credit program biennially and submit  its    findings      
   to  the  Governor  and  the  General Assembly.  Provides that DCCA may      
   adopt rules to implement the provisions of the Act, including charging      
   a fee to recipients of tax credit awards for administration of the tax      
   credit program.  Provides that the charges collected, if any, shall be      
   deposited into the Economic Development for a  Growing  Economy  Fund.      
   Amends the State  Finance Act to create the Fund.  Amends the Illinois      
   Income  Tax  Act  to  create  the  Economic  Development for a Growing      
   Economy Tax Credit.  Exempts the credit from the  sunset provisions.        
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



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