HB3501 99TH GENERAL ASSEMBLY

LRB099 04087 HLH 24106 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3501

Introduced , by Rep. Michelle Mussman

SYNOPSIS AS INTRODUCED:

New Act

Creates the Business Tax Incentive Recapture Act. Provides that, if a business is awarded a tax incentive in any taxable year, and that business relocates its corporate headquarters from Illinois to another state in the next taxable year, then the Department shall recapture the amount of the tax incentive from the business. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 1. Short title. This Act may be cited as the Business Tax Incentive Recapture Act.

Section 5. Definitions. As used in this Act:

"Department" means the Department of Revenue.

"Tax incentive" means a credit, deduction, or exemption awarded under the Economic Development for a Growing Economy Tax Credit Act, the Small Business Job Creation Tax Credit Act, the River Edge Redevelopment Zone Act, or the Illinois Enterprise Zone Act.

Section 10. Recapture. Notwithstanding any other provision of law, if a business is awarded a tax incentive in any taxable year, and that business relocates its corporate headquarters from Illinois to another state in the next taxable year, then the Department shall recapture the amount of the tax incentive from the business.

Section 99. Effective date. This Act takes effect upon becoming law.