93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6391


 
Introduced 2/6/2004, by Tom Cross
 
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 determination of the amount of the
credit.
















LRB093 19542 SJM 45282 b

















 


 


A BILL FOR









 











HB6391

LRB093 19542 SJM 45282 b






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    AN ACT concerning economic development. 

 
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    Be it enacted by the People of the State of Illinois, 
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represented in the General Assembly: 


 
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    Section 5. The Economic Development for a Growing Economy 
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Tax Credit Act is
amended by changing Section 5-40 as follows:


 
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    (35 ILCS 10/5-40)

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    Sec. 5-40. Determination of amount
Amount of the Credit.  In

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determining the
amount of the Credit that should be awarded, 
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the Committee shall provide
guidance on, and the
Department 
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shall take into consideration, the
following factors:


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        (1) The number and location of jobs created and 
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    retained in relation to
the economy of the county where the 
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    projected investment is to
occur.


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        (2) The potential impact on the economy of Illinois.


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        (3) The magnitude of the cost differential between 
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    Illinois and the
competing state.


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        (4) The incremental payroll attributable to the 
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    project.


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        (5) The capital investment attributable to the 
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    project.


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        (6) The amount of the average wage and benefits paid by 
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    the Applicant in
relation to the wage and benefits of the 
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    area of the project.


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        (7) The costs to Illinois and the affected political 
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    subdivisions
with respect to the project.


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        (8) The financial assistance that is otherwise 
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    provided by Illinois
and the affected political 
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    subdivisions.


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(Source: P.A. 91-476, eff. 8-11-99.)