Bill Status of SB1147 98th General Assembly
Short Description: ENTERPRISE ZONE-HIGH IMPACT
Sen. Chapin Rose - Andy Manar - Julie A. Morrison - Michael W. Frerichs, William E. Brady and Napoleon Harris, III
(Rep. Adam Brown)
| 1/13/2015||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Illinois Economic Development Act of 2013. Contains only a short title provision.
Senate Floor Amendment No. 1
|Deletes reference to: |
Replaces everything after the enacting clause. Amends the Illinois Enterprise Zone Act. Provides that a business that intends to (i) make a minimum investment of $500,000,000, which will be placed in service in a qualified property, (ii) create 125 full-time equivalent jobs at a designated location in Illinois, and (iii) establish a fertilizer plant at a designated location in Illinois may be designated as a high impact business. Amends the Property Tax Code to provide for an abatement of property taxes for property of any commercial or industrial development of at least 225 (instead of 500) acres. Effective immediately.