House Sponsors: HOLBROOK-BLACK-STEPHENS-FOWLER-HOFFMAN, BOST, JONES,JOHN, LYONS,EILEEN, ZICKUS, MITCHELL,BILL, MYERS,RICHARD, RIGHTER, CAPPARELLI, FEIGENHOLTZ, SCOTT, GASH, DAVIS,STEVE, GILES, KENNER, HANNIG, BROSNAHAN, CURRY,JULIE AND REITZ. Short description: ECONOMIC DEVEL TAX CREDIT ACT Synopsis of Bill as introduced: Creates the Economic Development for a Growing Economy Tax Credit Act. Provides that the Department of Commerce and Community Affairs (DCCA), in cooperation with the Department of Revenue, shall grant tax credits against Illinois income tax liability to applicants creating new jobs in Illinois, if the applicant's project to create new jobs meets certain criteria, including the creation of 100 new full-time jobs in Illinois. Provides that DCCA shall enter into agreements with the qualifying applicants. Provides that credit awards under the Act shall be used for certain purposes, including capital investment, infrastructure development, debt service, research and development, job training and education, lease costs, or relocation costs. Provides that DCCA shall determine the duration and amount of the credit. Provides that the duration may not exceed 15 taxable years. Provides that the credit may be stated as a percentage of the new employees' income tax withholdings attributable to the applicant's project and may include a fixed dollar limitation. Provides that if the Director of DCCA determines that an applicant is in noncompliance with the provisions of this Act, the Director shall notify the taxpayer of the alleged noncompliance and allow the taxpayer a reasonable opportunity to explain the noncompliance. Provides that if after this period the Director determines the applicant is still in noncompliance, the Director shall instruct the Department of Revenue to issue a notice of deficiency to the taxpayer. Requires the Director to submit an annual report on the tax credit program under this Act to the Governor and the General Assembly. Requires DCCA to evaluate the tax credit program biennially and submit its findings to the Governor and the General Assembly. Provides that DCCA may adopt rules to implement the provisions of the Act, including charging a fee to recipients of tax credit awards for administration of the tax credit program. Provides that the charges collected, if any, shall be deposited into the Economic Development for a Growing Economy Fund. Amends the State Finance Act to create the Fund. Amends the Illinois Income Tax Act to create the Economic Development for a Growing Economy Tax Credit. Exempts the credit from the sunset provisions. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status