Bill Text: IL HB0493 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Economic Development for a Growing Economy Tax Credit Act. Makes a technical change in a Section concerning the amount of the credit.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB0493 Detail]

Download: Illinois-2011-HB0493-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB0493 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
35 ILCS 10/5-40
Amends the Economic Development for a Growing Economy Tax Credit Act. Makes a technical change in a Section concerning the amount of the credit.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Economic Development for a Growing Economy
Tax Credit Act is amended by changing Section 5-40 as follows:
(35 ILCS 10/5-40)
Sec. 5-40. Determination of Amount of the Credit. In
determining the the amount of the Credit that should be
awarded, the Committee shall provide guidance on, and the
Department shall take into consideration, the following
factors:
(1) The number and location of jobs created and
retained in relation to the economy of the county where the
projected investment is to occur.
(2) The potential impact on the economy of Illinois.
(3) The magnitude of the cost differential between
Illinois and the competing state.
(4) The incremental payroll attributable to the
project.
(5) The capital investment attributable to the
project.
(6) The amount of the average wage and benefits paid by
the Applicant in relation to the wage and benefits of the

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area of the project.
(7) The costs to Illinois and the affected political
subdivisions with respect to the project.
(8) The financial assistance that is otherwise
provided by Illinois and the affected political
subdivisions.
(Source: P.A. 91-476, eff. 8-11-99.)