BOST-JONES,JOHN-BIGGERT. New Act 35 ILCS 5/211 new 35 ILCS 5/701 from Ch. 120, par. 7-701 35 ILCS 5/703 from Ch. 120, par. 7-703 Creates the Rural Manufacturing Incentives Act. Provides that an eligible company may apply for incentives, including tax credits, as part of an economic development project in a county in Illinois whose average unemployment rate is higher than the State's unemployment rate for the past 5 consecutive years through the Department of Commerce and Community Affairs. Authorizes the Department to enter into financing agreements with the eligible company it selects to undertake an economic development project. Provides that an approved company may require that each employee agree to pay a job assessment fee equal to 6% of the gross wages of each employee whose job was created as a result of the economic development project for the purpose of paying debt service. Provides that the Department shall work with the Illinois Development Finance Authority if the issuance of bonds is necessary for the implementation of the economic development project. Amends the Illinois Income Tax Act. Creates tax credits for approved companies in an amount equal to 100% of the debt service of the company plus any job development assessment fees. Provides that the credits are available for tax years ending on or after December 31, 1998. Provides that the credits shall be available for the period of the financing agreement, but in no case for more than 15 years. Effective immediately. 98-01-26 H FILED WITH CLERK 98-01-26 H ADDED AS A JOINT SPONSOR JONES,JOHN 98-01-26 H ADDED AS A CO-SPONSOR BIGGERT 98-01-27 H FIRST READING 98-01-27 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary