§ 605-335

Illinois § 605-335

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 20: EXECUTIVE BRANCH
• Act 20 ILCS 605/: Civil Administrative Code of Illinois. (Department of Commerce and Economic Opportunity Law)

Text

(was 20 ILCS 605/46.4a) Sec. 605-335. Incentives to foreign firms. (a) For purposes of this Section: "Foreign firm" means any industrial or manufacturing enterprise that is domiciled in a nation other than the United States. "Incentives" means a loan or grant or offering, abatement, reduction, or deferral of any tax or regulation imposed by the State of Illinois or a unit of local government when the aggregate total of all those incentives will exceed $10,000. (b) Whenever the Department offers incentives to a foreign firm designed to result in the location or relocation of a facility in this State that will result in the creation of more than 25 new jobs, the Department shall prepare an economic impact study prior to the consummation of an agreement with the foreign firm. An economic impact study pursuant to this Section shall, if practical, include but not be limited to the following: (1) An analysis of the number of direct jobs to be created, the number of indirect jobs to be created, and the net gain in employment in relation to jobs to be potentially lost by other similar and competing firms within the industry located within this State. (2) The effect on local and regional competition within the industry from the industry or business to be located or relocated. (3) The degree of economic benefits of awarding the same incentives to similar and existing industries or businesses located within the State. (4) An examination of how the location or relocation of the foreign firm complements existing industries or businesses located within this State. (5) The relationship of the fiscal costs to the State or unit of local government resulting from the incentives relative to the fiscal return to the State or units of local government derived from the location or relocation of the firm. (c) A report of any economic impact studies prepared by the Department in the previous 3 months pursuant to this Section shall be transmitted to the Governor, members of the General Assembly, and the Commission on Government Forecasting and Accountability quarterly. In addition to the report, the Department shall include a statement of incentives subject to the agreement with the foreign firm, the name and type of foreign firm involved and a description of its business or industrial activity, the proposed location of the foreign firm, and a statement describing the rationale for the location relative to other locations within the State. The Commission on Government Forecasting and Accountability shall evaluate each report received from the Department and present the evaluation and report to the Commission members and legislative leaders within 30 days upon receipt of each report from the Department.

Legislative History

(Source: P.A. 93-1067, eff. 1-15-05.)