Illinois General Assembly - Bill Status for SB1149

Replaces everything after the enacting clause. Creates the Illinois Quality Jobs Act. Provides tax incentives, for qualified companies, for 5 defined business projects: small and expanding business projects, technology business projects, high impact projects, job retention projects, and small business job retention and flood survivor relief projects. Provides that no tax credits shall be issued for job retention projects or small business job retention and flood survivor relief projects approved by the Department after August 30, 2014. Provides that qualified companies include for profit or not-for-profit entities registered to do business in Illinois that are the owners or operators of a project facility, that offers health insurance to all full-time employees of all facilities located in this State, and pays at least 50% of such insurance premiums. Provides that certain specified establishments and employment and service sectors shall not be considered qualified companies under the Act. Provides that any qualified company that is awarded benefits under this program may not simultaneously receive tax credits or exemptions under the Economic Development for a Growing Economy Tax Credit Act, the Business Location Efficiency Incentive Act, and the Small Business Job Creation Tax Credit Act. Provides that the maximum calendar year annual tax credits issued for the entire program shall not exceed $80,000,000. Provides the Department of Commerce and Economic Opportunity with the authority to adopt rules and regulations as necessary to carry out the provisions of the Act and requires that the Department shall report annually to the Generally Assembly on the impact of the program. Creates the Quality Jobs Advisory Task Force to make specified economic determinations, recommendations, and to approve specified Department proposals. Amends the Illinois Income Tax Act to make reference to the new Act concerning tax credits.

Removes the creation of a Quality Jobs Advisory Task Force from the new Act, and re-assigns any responsibility that the task force would have had. Removes an allowable increase in the tax credit available for a job retention project, combination of job retention projects, or a small business job retention and survivor relief project. Provides that no credit issued under Section 10 of the Act shall reduce a taxpayer's liability below zero. Provides that the annual evaluation of the tax credit program provided to the General Assembly shall include an assessment of the effectiveness of the program in creating new jobs in Illinois and of the revenue impact of the program, and may include a review of the practices and experiences of other states with similar programs.

Provides for a sixth business project category, manufacturing and information technology technical services business projects, eligible for tax incentives for creating new jobs. Defines "manufacturing and information technology technical services company" as a qualified company maintaining and servicing production equipment, and providing calibration, automation, and related technical support to manufacturing companies, including providing similar service on computer equipment, networks, and software, that within 2 years of the date of the approval creates a minimum of 100 new jobs in support of manufacturing or information technology companies at multiple locations anywhere in this State.

×