2023 Illinois Compiled Statutes › Chapter 30 - FINANCE › 30 ILCS 760/ - Business Economic Support Act.

(30 ILCS 760/1) (from Ch. 48, par. 2701)
Sec. 1. 
		Short title. 
		This Act may be cited as the Business Economic Support Act.
(Source: P.A. 87-130.)
(30 ILCS 760/5) (from Ch. 48, par. 2705)
Sec. 5. 
		Creation or loss of jobs.
(a) Before a State agency or a unit of local government grants economic
development incentives to a private entity, the State agency or unit of
local government shall make an advance estimate of the number of jobs to be
retained, created, or lost because of the incentives. If the incentives are
granted, the State agency or unit of local government shall at least
annually compile statistics on the actual number of jobs retained, created,
or lost because of the incentives. The initial estimate and the annual
statistics shall be reported to the Governor and the General Assembly.
(b) When jobs are lost as a result of State or local economic
development incentives, the State shall consider various forms of economic
assistance to the displaced workers.
(Source: P.A. 87-130.)
(30 ILCS 760/10) (from Ch. 48, par. 2710)
Sec. 10. 
		Restriction on transfer of land or equipment. 
		A private entity that has utilized direct State or local economic
development financial assistance to purchase or finance real or personal
property may not transfer or assign any interest in that property while the
State agency or unit of local government that provided the financial
assistance retains collateral, security, or any other property interest in
that property, unless otherwise authorized in writing by that State agency
or unit of local government that granted the financial assistance.
(Source: P.A. 87-130.)
(30 ILCS 760/15) (from Ch. 48, par. 2715)
Sec. 15. 
		Notice of closing.
(a) A private entity required to provide notice under the federal
Worker Adjustment and Retraining Notification Act and receiving State or
local economic development incentives for doing or continuing to do
business in this State, in addition to the notice required under the
federal law, shall also provide at the same time a copy of that federal
notice to the Governor, the Speaker and Minority Leader of the House of
Representatives, the President and Minority Leader of the Senate, and the
Mayor of each municipality where the private entity has locations in this
State.
(b) If a private entity receiving State or local economic development
incentives does not give the notice required by subsection (a), then all or
part of the State or local economic development incentives may be
terminated and the due date of all or part of any indebtedness to the State
or unit of local government may be accelerated by notice to the private entity.
(c) At the time a private entity begins to receive State or local
economic development incentives, it shall be advised in writing of the
requirements of this Section by the State or local government unit.  No
private entity shall be penalized by the failure of the State or local
government unit to provide timely notice.
(d) This Section applies to economic development incentives provided
after the effective date of this Act.
(Source: P.A. 87-130.)