96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB0502


 
Introduced 2/6/2009, by Sen. John J. Cullerton
 
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.
















LRB096 06491 RCE 16575 b

















 


 


A BILL FOR









 











SB0502

LRB096 06491 RCE 16575 b






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    AN ACT concerning revenue.

 
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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 5-3 as follows:
 



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    (35 ILCS 10/5-3)



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    Sec. 5-3. Purpose. The
The General Assembly finds that the 
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Illinois economy,
although currently strong, is
still highly 
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vulnerable to other states and nations that have major 
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financial
incentive programs for medium-sized and large firm 
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relocations.  Because of the
incentive programs of these

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competitor locations, Illinois
must move aggressively with new 
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business development investment tools so that
Illinois is more

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competitive in site location decision-making.  The State must 
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not only continue
to work with firms to help
them locate their 
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new plants and facilities in Illinois but also must provide

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competitive investment location
tax credits in support of the 
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location and expansion of medium-sized and large
operations of 
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commerce
and industry. In an increasingly global economy, 
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Illinois' long-term
development would benefit from
rational, 
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strategic use of State resources in support of business 
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development
and growth.
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(Source: P.A. 91-476, eff. 8-11-99.)