HB 735

Abstract

Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that in lieu of an income tax credit, an applicant may opt to receive job creation assistance payments under the Act. Defines "applicant" as any employer located or that plans to locate in Illinois. Provides that job creation assistance payments shall be related to the number of new full-time equivalent jobs created or retained in Illinois, any job-related benefits offered, and the economic impact of the full-time equivalent jobs created or retained. Provides that, for each new full-time equivalent job created or retained, the applicant is eligible to receive job creation assistance payments in amounts to be determined by the Department of Commerce and Economic Opportunity. Provides that agreements for the payments may last up to 10 years and that payments may be made on a quarterly basis. Requires application for the payments on or before December 31, 2008. Requires the Department to report each January 1 to the Governor and the General Assembly on the progress of the incentive payment program. Effective immediately.