093_HB0620ham001











                                     LRB093 05845 SJM 14413 a

 1                     AMENDMENT TO HOUSE BILL 620

 2        AMENDMENT NO.     .  Amend House Bill  620  by  replacing
 3    the title with the following:

 4        "AN ACT concerning economic development."; and

 5    by  replacing  everything  after the enacting clause with the
 6    following:

 7        "Section  5.  The  Economic  Development  for  a  Growing
 8    Economy Tax Credit Act is amended by changing Section 5-25 as
 9    follows:

10        (35 ILCS 10/5-25)
11        Sec. 5-25.   Review of Application.
12        (a)  In  addition  to  those  duties  granted  under  the
13    Illinois  Economic  Development  Board  Act,   the   Illinois
14    Economic  Development  Board shall form a Business Investment
15    Committee for  the  purpose  of  making  recommendations  for
16    applications.   At  the request of the Board, the Director of
17    Commerce and Community Affairs or his or  her  designee,  the
18    Director  of the Bureau of the Budget or his or her designee,
19    the Director of Revenue or his or her designee, the  Director
20    of Employment Security or his or her designee, and an elected
21    official  of  the affected locality, such as the chair of the
 
                            -2-      LRB093 05845 SJM 14413 a
 1    county board or the  mayor,  may  serve  as  members  of  the
 2    Committee to assist with its analysis and deliberations.
 3        (b)  At  the  Department's  request,  the Committee shall
 4    convene, make inquiries, and conduct studies  in  the  manner
 5    and  by the methods as it deems desirable, review information
 6    with respect to  Applicants,  and  make  recommendations  for
 7    projects  to benefit the State.  In making its recommendation
 8    that an Applicant's application for Credit should  or  should
 9    not  be  accepted, which shall occur within a reasonable time
10    frame as determined by the nature  of  the  application,  the
11    Committee  shall  determine that all the following conditions
12    exist:
13             (1)  The Applicant's project intends, as required by
14        subsection (b) of  Section  5-20  to  make  the  required
15        investment  in the State and intends to hire the required
16        number of New Employees in Illinois as a result  of  that
17        project.
18             (2)  The  Applicant's  project is economically sound
19        and will benefit the people of the State of  Illinois  by
20        increasing  opportunities  for  employment and strengthen
21        the economy of Illinois.
22             (3)  That, if not for the Credit, the project  would
23        not  occur  in Illinois, which may be demonstrated by any
24        means  including,  but  not  limited  to,  evidence   the
25        Applicant  has  multi-state  location  options  and could
26        reasonably and efficiently locate outside of  the  State,
27        or  demonstration  that at least one other state is being
28        considered for the project, or evidence  the  receipt  of
29        the  Credit is a major factor in the Applicant's decision
30        and that  without the Credit, the Applicant likely  would
31        not  create  new  jobs in Illinois, or demonstration that
32        receiving the Credit  is  essential  to  the  Applicant's
33        decision to create or retain new jobs in the State.
34             (4)  A  cost  differential is identified, using best
 
                            -3-      LRB093 05845 SJM 14413 a
 1        available  data,  in  the   projected   costs   for   the
 2        Applicant's   project   compared  to  the  costs  in  the
 3        competing state, including the impact  of  the  competing
 4        state's   incentive   programs.   The  competing  state's
 5        incentive programs shall include state,  local,  private,
 6        and federal funds available.
 7             (5)  The  political  subdivisions  affected  by  the
 8        project  have  committed local incentives with respect to
 9        the project, considering local ability to assist.
10             (6)  Awarding the Credit will result in  an  overall
11        positive  fiscal impact to the State, as certified by the
12        Committee using the best available data.
13             (7)  The Credit is not prohibited by Section 5-35 of
14        this Act.
15        (c) In its review of applications,  the  Committee  shall
16    give favorable consideration to the following factors:
17             (1) The investment is proposed in a location that is
18        within a reasonable distance of affordable housing.
19             (2)  The  investment  is proposed in a location that
20        has an available workforce within a  reasonable  distance
21        so that employees do not have long commutes to work.
22             (3)  The  investment is proposed in a community that
23        is experiencing slow growth.
24    (Source: P.A. 91-476, eff. 8-11-99.)

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