Illinois General Assembly - Bill Status for SB0674
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 Bill Status of SB0674  102nd General Assembly


Short Description:  CORPORATE GIVEAWAYS COMPACT

Senate Sponsors
Sen. Ram Villivalam

Last Action
DateChamber Action
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Phase Out Corporate Giveaways Interstate Compact. Enters into the compact, which may be entered into by any state and the District of Columbia, in which each member state agrees not to offer or provide any company-specific tax incentive or company-specific grant to any entity for a corporate headquarters, manufacturing facility, office space, or other real estate development located in any other member state as an inducement for the corporate headquarters, manufacturing facility, office space, or other real estate development to relocate to the offering member state. Defines terms. Excludes: (1) workforce development grants that train employees; (2) company-specific tax incentives or company-specific grants from local governments; and (3) specified company-specific tax incentives or company-specific grants related to companies already within the member state. Creates the Phase Out Corporate Giveaways Board and provides for membership and meeting requirements. Provides for withdrawal of a member state with a 6-month written notice to each member state's chief executive officer. Contains construction and severability provisions.

Actions 
DateChamber Action
  2/25/2021SenateFiled with Secretary by Sen. Ram Villivalam
  2/25/2021SenateFirst Reading
  2/25/2021SenateReferred to Assignments
  3/9/2021SenateAssigned to Revenue
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

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