92nd General Assembly
Summary of SB1285
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Short description: 
CORP HEADQUARTERS RELOCATION                                               

Synopsis of Bill as introduced:
        Amends the State Revenue Sharing Act.  Makes a  technical  change      
   in  a  Section  concerning the Personal Property Tax Replacement Fund.      
   Amends the Illinois Income Tax Act.  Makes a  technical  change  in  a      
   Section  concerning  the  imposition  of  the  income tax.  Amends the      
   Property Tax Code.  Makes a technical change in a  Section  concerning      
   tax  on  personal  property.   Amends  the Gas Revenue Tax Act and the      
   Water Company Invested Capital Tax  Act.   Makes  a  technical  change      
   concerning a tax on invested capital.                                       
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          30 ILCS 115/12                                                       
          35 ILCS 5/201                                                        
          35 ILCS 200/24-5                                                     
          35 ILCS 615/2a.1                                                     
          35 ILCS 625/3                                                        
          Adds reference to:                                                   
          30 ILCS 115/0.1                 from Ch. 85, par. 610                
        Deletes everything after the enacting clause.  Amends  the  State      
   Revenue Sharing Act.  Adds a caption in a Section concerning the short      
   title of the Act.                                                           
        HOUSE AMENDMENT NO. 4.                                                 
          Deletes reference to:                                                
          30 ILCS 115/0.1                                                      
          Adds reference to:                                                   
          New Act                                                              
          30 ILCS 105/5.545 new                                                
          35 ILCS 5/211                                                        
          35 ILCS 10/5-35                                                      
          35 ILCS 10/5-45                                                      
          35 ILCS 200/18-165                                                   
        Deletes   everything.    Creates   the   Corporate   Headquarters      
   Relocation Act.  Encourages multinational  corporations  from  outside      
   Illinois  to  relocate  corporate headquarters to Illinois through the      
   use of incentives not otherwise available through  existing  programs.      
   Authorizes  the  Department of Commerce and Community Affairs to enter      
   into agreements to reimburse up to 50% of relocation costs subject  to      
   certain  terms  and  conditions.  An  eligible  business must file its      
   application by July 1, 2004.  Amends the State Finance Act  to  create      
   the  Corporate  Headquarters Relocation Assistance Fund.  Provides for      
   the transfer to the Fund from the  general  revenue  fund  of  50%  of      
   income   tax  receipts  attributable  to  employees  employed  at  the      
   corporate headquarters.  Moneys  in  the  Fund  may  be  used  by  the      
   Department  to issue grants for relocation costs.  Amends the Economic      
   Development for a Growing Economy  Tax  Credit  Act  to  authorize  an      
   eligible  business  relocating its corporate headquarters to Illinois,      
   subject to certain conditions, to earn tax credits for 15  years  (now      
   10 years). Limits credits to 60% of those otherwise available.  Amends      
   the Property Tax Code to authorize taxing districts, other than school      
   districts,  to  abate  taxes on property of an eligible business or to      
   enter into an agreement with an eligible business to make payments  to      
   that  business  for  up to 20 years.  Allows school districts to abate      
   taxes or enter into an agreement to make payments if the  municipality      
   agrees  to  provide  equal funding to the school district. Makes other      
   changes.  Effective immediately.                                            
Last action on Bill: PUBLIC ACT.............................. 92-0207

   Last action date: AUG-01-2001

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   0


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