HB3141 98TH GENERAL ASSEMBLY

LRB098 07431 HLH 37499 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3141

Introduced , by Rep. Thaddeus Jones

SYNOPSIS AS INTRODUCED:

20 ILCS 605/605-1020 new
765 ILCS 1025/18	from Ch. 141, par. 118
30 ILCS 105/5.826 new

Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Creates the Jobs Incentive Fund as a special fund in the State Treasury. Provides that moneys in the Fund shall be used by the Department to make grants to qualified applicants. Amends the Uniform Disposition of Unclaimed Property Act. Provides that the first $2,500,000 over and above the $2,500,000 remaining in the trust fund shall be deposited into the Jobs Incentive Fund, and the remainder shall be deposited into the State Pensions Fund (now, everything over the first $2,500,000 is deposited into the State Pensions Fund). Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois is amended by adding Section 605-1020 as follows:

(20 ILCS 605/605-1020 new)

Sec. 605-1020. Jobs Incentive Fund; creation.

(a) The Jobs Incentive Fund is hereby created as a special fund in the State Treasury. Moneys in the Fund shall be used by the Department to make grants to qualified applicants. The Director shall develop and implement a grant application, evaluation, and project approval process that is consistent with the requirements of this Section. In determining eligibility for a grant, the Department shall find that an applicant meets the following criteria:

(1) that the applicant is financially viable as determined by commonly accepted measures for assessing profitability, liquidity, solvency, and capital structure; and

(2) that the applicant has developed a practical and complete business plan in support of the specific business expansion or relocation project for which the grant is sought; and

(3) that the project will produce, as a result of the combined effect of the applicant's additional qualified employment and qualified capital investment in the State, a net positive expansion of the State's economic base.

(b) All applicants meeting the basic eligibility criteria established in this Section shall be evaluated and ranked by the Department according to the following criteria:

(1) the likelihood that the expansion or relocation for which a grant is sought will succeed as judged by the strength of the applicant firm's financial position and business plan;

(2) the number and quality of qualified employees added;

(3) the project's economic impact;

(4) the level of qualified capital investment;

(5) the extent to which the relocation or expansion supports the development in the State of a transformative industry or diversifies the State's economy;

(6) the level of contribution to preserving and enhancing the natural environment;

(7) the positive effects on the State's local supplier network; and

(8) the budgetary implications of awarding a specific grant as it relates to available fund balances and the quality of competing firms' applications.

(c) As used in this Section:

"Compensation" means that part of the sum reported on Form W-2, or equivalent form of the United States Department of Treasury, Internal Revenue Service as "Medicare wages and tips" that is apportioned to this State.

"Qualified capital investment" means at least $500,000 actually expended by the grantee in connection with an approved project within 3 years from the date of the grant's approval for: (i) the construction of a new building associated with an approved project, (ii) the purchase and installation of new equipment associated with an approved project, and (iii) the cost of building and infrastructure improvements associated with the approved project (including amounts paid for engineering and architectural services provided by persons unaffiliated with the grantee and for building contractors unaffiliated with the grantee performing work in connection with the approved project); provided, however, that qualified capital investment shall not include any fees, taxes, charges, or assessments paid to any governmental body, wages and associated employee labor costs associated with the approved project, employee training costs, or grantee research and development costs.

"Qualified employee" means any single position added in connection with an approved project held by a common-law employee in this State for which the compensation equals or exceeds $20,000. More than one consecutive employee may perform an eligible job during a single calendar year so long as the total compensation of all consecutive employees performing such eligible jobs during such calendar year equals or exceeds $20,000.

Section 10. The Uniform Disposition of Unclaimed Property Act is amended by changing Section 18 as follows:

(765 ILCS 1025/18) (from Ch. 141, par. 118)

Sec. 18. Deposit of funds received under the Act.

(a) The State Treasurer shall retain all funds received under this Act, including the proceeds from the sale of abandoned property under Section 17, in a trust fund. The State Treasurer may deposit any amount in the Trust Fund into the State Pensions Fund during the fiscal year at his or her discretion; however, he or she shall, on April 15 and October 15 of each year, deposit any amount in the trust fund exceeding $2,500,000 as follows: (i) the first $2,500,000 over and above the $2,500,000 remaining in the trust fund shall be deposited into the Jobs Incentive Fund, and (ii) the remainder shall be deposited into the State Pensions Fund. Beginning in State fiscal year 2014, all amounts in excess of $2,500,000 that are deposited into the State Pensions Fund under this Section from the unclaimed Property Trust Fund shall be apportioned to the designated retirement systems as provided in subsection (c-6) of Section 8.12 of the State Finance Act to reduce their actuarial reserve deficiencies. He or she shall make prompt payment of claims he or she duly allows as provided for in this Act for the trust fund. Before making the deposit the State Treasurer shall record the name and last known address of each person appearing from the holders' reports to be entitled to the abandoned property. The record shall be available for public inspection during reasonable business hours.

(b) Before making any deposit to the credit of the State Pensions Fund, the State Treasurer may deduct: (1) any costs in connection with sale of abandoned property, (2) any costs of mailing and publication in connection with any abandoned property, and (3) any costs in connection with the maintenance of records or disposition of claims made pursuant to this Act. The State Treasurer shall semiannually file an itemized report of all such expenses with the Legislative Audit Commission.

(Source: P.A. 96-1000, eff. 7-2-10; 97-732, eff. 6-30-12.)

Section 90. The State Finance Act is amended by adding Section 5.826 as follows:

(30 ILCS 105/5.826 new)

Sec. 5.826. The Jobs Incentive Fund.

Section 99. Effective date. This Act takes effect upon becoming law.