92nd General Assembly
Status of HB5616
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 Full Text  Bill Summary

   New Act                                                                     

        Creates  the  State  Economic  Assistance   Accountability   Act.      
   Provides  that State economic assistance provided by the Department of      
   Commerce  and  Community  Affairs  as  an  incentive  to  a   business      
   organization  must  be  based  on  the  terms  of  a written incentive      
   agreement between the Department and the business organization,  which      
   agreement  must  identify the specific State economic assistance to be      
   provided  to  the  business  organization  during  the  term  of   the      
   agreement.   Lists  terms  the  agreement  must contain. Provides that      
   State economic assistance incentive agreements must provide that if  a      
   business  organization  either  fails  to  make the requisite level of      
   capital investment in the project or fails to  create  or  retain  the      
   specified  number of jobs within the specified time frame, as provided      
   under the Act authorizing the State economic assistance, the  business      
   organization  shall  be  deemed  to  no  longer  qualify for the State      
   economic assistance.  Provides that  State  economic  assistance  must      
   total  at  least  $75,000  on  a  single  project  for  applicability.      
   Provides that the full content of all written incentive agreements are      
   to  be  published on the Illinois Department of Commerce and Community      
   Affairs website.  Effective immediately.                                    
          FISCAL NOTE (Department of Commerce and Community Affairs)           
          HB 5616 is estimated to have no significant fiscal impact on         
          the Department.                                                      
   FEB-06-2002  H  FILED WITH CLERK                                               
   FEB-06-2002  H  FIRST READING                                                  
   FEB-06-2002  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-13-2002  H       ASSIGNED TO COMMITTEE               REVENUE               
   FEB-22-2002  H  DO PASS/SHORT DEBATE                     011-000-000   HREV    
   FEB-22-2002  H  PLACED CALENDAR 2ND READING-SHORT DEBATE                       
   MAR-04-2002  H                         FISCAL NOTE FILED                       
   MAR-04-2002  H  CALENDAR ORDER 2ND READING-SHORT DEBATE                        
   MAR-22-2002  H  SECOND READING-SHORT DEBATE                                    
   MAR-22-2002  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   APR-05-2002  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary