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92_HB5157
LRB9211714SMdv
1 AN ACT concerning economic development.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Corporate Headquarters Relocation Act is
5 amended by changing Section 5 as follows:
6 (20 ILCS 611/5)
7 Sec. 5. Purpose. The General Assembly has determined
8 that the relocation of the international headquarters of
9 large, multinational corporations from outside of Illinois to
10 a location within Illinois creates a substantial public
11 benefit and will foster economic growth and development
12 within the State. Specifically, these relocations will foster
13 a positive image of the State of Illinois and its human and
14 natural resources throughout the United States and the world;
15 contribute to a strong residential housing market; directly
16 and indirectly create jobs and additional taxes within
17 Illinois the State; encourage the relocation of other similar
18 businesses to Illinois the State; and otherwise foster the
19 development of commerce and industry within the State of
20 Illinois. These relocations should be encouraged through the
21 use of incentives that encourage long-term commitments by
22 business and industry to Illinois and that would otherwise
23 not be available through existing incentives programs.
24 (Source: P.A. 92-207, eff. 8-1-01.)