HB 5005

Abstract

Amends the State Treasurer Act. In provisions concerning the College Savings Pool, provides that an account may be rolled over into a Roth IRA account, to the extent permitted by Section 529 of the Internal Revenue Code. In provisions concerning the Illinois Higher Education Savings Program, provides that the definition of "eligible child" includes a child born or adopted after December 31, 2022, to a parent who is a resident of Illinois at the time of the birth or adoption, as evidenced by documentation received by the Treasurer from a parent or legal guardian of the child. Makes conforming changes. Effective immediately. Senate Committee Amendment No. 1 Deletes reference to: 15 ILCS 505/16.5 15 ILCS 505/16.8 Adds reference to: 15 ILCS 505/1 from Ch. 130, par. 1 Replaces everything after the enacting clause. Amends the State Treasurer Act. Makes a technical change in a Section concerning bond. Senate Floor Amendment No. 2 Deletes reference to: 15 ILCS 505/1 from Ch. 130, par. 1 Adds reference to: 20 ILCS 605/605-1115 new 20 ILCS 655/5.5 from Ch. 67 1/2, par. 609.1 20 ILCS 655/13 20 ILCS 686/10 20 ILCS 686/20 20 ILCS 686/35 20 ILCS 686/45 20 ILCS 686/65 20 ILCS 686/95 20 ILCS 686/105 35 ILCS 5/201 35 ILCS 5/241 new 35 ILCS 5/213 35 ILCS 10/5-5 35 ILCS 10/5-15 35 ILCS 10/5-20 35 ILCS 10/5-35 35 ILCS 10/5-45 35 ILCS 10/5-56 35 ILCS 16/10 35 ILCS 16/46 35 ILCS 45/110-5 35 ILCS 45/110-10 35 ILCS 45/110-20 35 ILCS 45/110-35 35 ILCS 45/110-65 35 ILCS 45/110-95 35 ILCS 105/12 from Ch. 120, par. 439.12 35 ILCS 110/12 from Ch. 120, par. 439.42 35 ILCS 115/12 from Ch. 120, par. 439.112 35 ILCS 120/2-29 new 35 ILCS 173/5-10 35 ILCS 200/18-184.15 35 ILCS 200/18-184.20 35 ILCS 630/2 from Ch. 120, par. 2002 35 ILCS 635/10 35 ILCS 636/5-7 35 ILCS 640/2-4 65 ILCS 115/10-4 65 ILCS 115/10-5.3 65 ILCS 115/10-10.3 65 ILCS 115/10-10.4 220 ILCS 5/9-222 from Ch. 111 2/3, par. 9-222 Replaces everything after the enacting clause. Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity may designate areas as Quantum Computing Campuses. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, the Retailers' Occupation Tax Act, the Electricity Excise Tax Law, the Telecommunications Excise Tax Act, the Simplified Municipal Telecommunications Tax Act, and the Gas Use Tax Law to make conforming changes. Amends the Illinois Enterprise Zone Act. Provides that a restriction on designating businesses located in an Enterprise Zone as high impact businesses does not apply to grocery stores. Repeals provisions concerning certified payments for high impact businesses. Amends the River Edge Redevelopment Zone Act. Provides that a River Edge Redevelopment Zone may overlap with an Enterprise Zone. Provides that the Department of Commerce and Economic Opportunity may certify a specified number of additional pilot River Edge Zones. Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that certain credits under the Act may be taken against the taxpayer's withholding tax liability. Contains provisions concerning work hours at the project location. Amends the Reimagining Energy and Vehicles in Illinois Act. Adds provisions concerning credits awarded for research and development activities related to aircraft. Amends the Manufacturing Illinois Chips for Real Opportunity (MICRO) Act. Extends the provisions of the Act to quantum computer manufacturers. Specifies that, in order to receive credit for construction expenses under the Act, a company must provide the Department of Commerce and Economic Opportunity with evidence that a certified third-party executed an Agreed-Upon Procedure (AUP) verifying the construction expenses or accept the standard construction wage expense estimated by the Department of Commerce and Economic Opportunity. Amends the Property Tax Code. Provides that 2 or more taxing districts may agree to abate a portion of the real property taxes otherwise levied or extended by those taxing districts on a REV Illinois Project facility. Provides that abatements for REV project facilities may not exceed a period of 30 consecutive years. Amends the Illinois Income Tax Act to extend the sunset of the research and development credit. Amends the Illinois Income Tax Act and the Film Production Services Tax Credit Act of 2008. Provides that taxpayers who have been awarded a tax credit under the Film Production Services Tax Credit Act of 2008 shall pay a fee to the Department of Commerce and Economic Opportunity. Sets forth the amount of the fee. Provides that the fee shall be deposited into the Illinois Production Workforce Development Fund. Provides that, beginning on July 1, 2024, a taxpayer is no longer required to pay a fee to the Department of Commerce and Economic Opportunity for the transfer of credits under the Film Production Services Tax Credit Act of 2008. Makes other changes. Effective immediately. Senate Floor Amendment No. 3 Adds reference to: 20 ILCS 730/5-20 20 ILCS 730/5-45 105 ILCS 426/30 Amends the Energy Transition Act. Provides that the Department of Commerce and Economic Opportunity shall develop and, through Regional Administrators, administer the Clean Jobs Workforce Network Program and the Clean Energy Contractor Incubator Program to create a network of 14 Program delivery Hub Sites (rather than 13 Program delivery Hub Sites), to include Kankakee. Amends the Private Business and Vocational Schools Act of 2012. Exempts from being considered a private business or vocational school under the Act organizations that receive funding from the Department of Commerce and Economic Opportunity for workforce development preparation programs as provided for in the Energy Transition Act and the Illinois Works Jobs Program Act in which participants are not charged tuition or labor organizations that sponsor a United States Department of Labor registered apprenticeship program. Senate Floor Amendment No. 4 In provisions concerning MICRO projects, provides that quantum computer component parts manufacturers and companies focusing on research and development in the manufacture of component parts for quantum computers, semiconductors, or microchips qualify for credits under the program. Makes a technical correction to insert a cross-reference.