Bill Text: IL HB0678 | 2015-2016 | 99th 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 purpose of the Act.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-04-28 - Rule 19(a) / Re-referred to Rules Committee [HB0678 Detail]

Download: Illinois-2015-HB0678-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB0678 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
35 ILCS 10/5-3
Amends the Economic Development for a Growing Economy Tax Credit Act. Makes a technical change in a Section concerning the purpose of the Act.
LRB099 04492 HLH 24520 b
A BILL FOR
HB0678 LRB099 04492 HLH 24520 b
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 5-3 as follows:
(35 ILCS 10/5-3)
Sec. 5-3. Purpose. The The General Assembly finds that the
Illinois economy, although currently strong, is still highly
vulnerable to other states and nations that have major
financial incentive programs for medium-sized and large firm
relocations. Because of the incentive programs of these
competitor locations, Illinois must move aggressively with new
business development investment tools so that Illinois is more
competitive in site location decision-making. The State must
not only continue to work with firms to help them locate their
new plants and facilities in Illinois but also must provide
competitive investment location tax credits in support of the
location and expansion of medium-sized and large operations of
commerce and industry. In an increasingly global economy,
Illinois' long-term development would benefit from rational,
strategic use of State resources in support of business
development and growth.
(Source: P.A. 91-476, eff. 8-11-99.)