HB4958 Summary

• Creates the Illinois Titanium Powdered Metals Development Act and establishes the Illinois Titanium Powdered Metals Development Advisory Committee within the Department of Commerce and Economic Opportunity.

• Advisory Committee membership includes the Director of Commerce and Economic Opportunity (as Chair) and four members of the General Assembly appointed by the Senate President, Senate Minority Leader, House Speaker, and House Minority Leader.

• Committee powers include developing annual agendas for industry growth, making direct loans or grants to titanium powdered metals companies, creating research consortiums, and publishing research results.

• Amends the Illinois Enterprise Zone Act to designate businesses as "High Impact Businesses" if they invest a minimum of $3,000,000 in titanium powdered metals manufacturing and create or retain at least 15 full-time equivalent jobs in Illinois.

• High Impact Business designees qualify for tax credits and exemptions under the Public Utilities Act, Illinois Income Tax Act, and Retailers' Occupation Tax Act.