Creates the Taxpayer and Investment Protection Act. Provides that a developer that undertakes a qualifying project may apply to the Department of Commerce and Economic Opportunity for certain benefits authorized under the Act, including, but not limited to, a negotiated property tax agreement and infrastructure support if the project satisfies certain job creation, investment, and location requirements. Provides that one or more taxing bodies may enter into a negotiated property tax agreement with the developer of a qualifying project. Provides that the agreement shall provide for a single annual payment in full satisfaction of all ad valorem property taxes that would otherwise be levied on the improvements constructed on the project site as part of the qualifying project. Provides that the State may provide infrastructure support for public infrastructure improvements that directly benefit a qualifying project and provide broader public benefit to the region in which the project is located. Amends the Property Tax Code to make conforming changes. Effective immediately.
Amends the Enterprise Zone Act. Provides that certain credits related to high impact businesses do not apply on or after the effective date of the amendatory Act. Amends the Illinois Income Tax Act. Provides that a construction jobs credit does not apply for taxable years ending on or after the effective date of the amendatory Act. Provides that a high impact business construction jobs credit does not apply for taxable years ending on or after the effective date of the amendatory Act. Makes changes concerning the business interest deduction. Creates an addition modification for the federal deduction for domestic research or experimental expenditures. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Makes changes concerning incentives for biodiesel, renewable diesel, and biodiesel blends. Makes other changes.
Amends the Statewide Innovation Development and Economy Act. Creates a New Opportunities for Vacation and Adventure Urban District or NOVA urban district. Sets forth the capital investment and job creation requirements to be certified as a NOVA urban district. Amends the Property Tax Code. Creates the Megaproject Assessment Freeze and Payment Law. Provides that property that receives a megaproject certificate from the Department of Commerce and Economic Opportunity is eligible for an assessment freeze. Contains provisions concerning megaproject incentive agreements.
Amends the Illinois Enterprise Zone Act. Provides that, if a municipality has adopted an enterprise zone pursuant to the Act and subsequently establishes a redevelopment project area pursuant to the Tax Increment Allocation Redevelopment Act, the municipality may provide for a partial abatement of taxes for property located within both the enterprise zone and the redevelopment project area. Provides that, if a municipality has established a redevelopment project area pursuant to Tax Increment Allocation Redevelopment Act and subsequently adopts an enterprise zone that includes property within the redevelopment project area, the municipality may provide for a partial abatement of taxes for property located within both the enterprise zone and the redevelopment project area. Amends the Statewide Innovation Development and Economy Act. Provides that certain local hotel taxes are considered local taxes for purposes of the Act.
Creates the Employee Ownership Development Act. Provides that the State Treasurer shall segregate a portion of the Treasurer's State investment portfolio in the Employee Ownership Development Account. Provides that moneys in the Employee Ownership Development Account shall be invested by the State Treasurer to provide employee ownership capital to employee ownership development projects seeking to locate, expand, or remain in the State. Sets forth provisions concerning Employee Ownership Development Account-Recipient Funds. Provides that the Employee Ownership Development Fund is created as a non-appropriated trust fund within the State treasury, which may receive a portion of earnings from the Employee Ownership Development Account. Provides for reporting requirements. Provides that the State Treasurer may adopt rules necessary to implement the Act. Effective immediately.
Tags
Economic Development
Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that the credit against withholding that is awarded to taxpayers who are primarily engaged in the recycling and melting of steel products and in the manufacturing of new steel wire and rod products shall be 100% of the amount of withholding.
Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that an election to claim the credit against the taxpayer's withholding tax liability also applies to certain taxpayers that are primarily engaged in the business of pharmacy, health, and wellness and that have a corporate headquarters and distribution centers located in Illinois.
Amends the Statewide Innovation Development and Economy Act. Creates a New Opportunities for Vacation and Adventure Urban District or NOVA urban district. Sets forth the capital investment and job creation requirements to be certified as a NOVA urban district. Amends the Property Tax Code. Creates the Megaproject Assessment Freeze and Payment Law. Provides that property that receives a megaproject certificate from the Department of Commerce and Economic Opportunity is eligible for an assessment freeze. Contains provisions concerning megaproject incentive agreements.
Creates the Local Government Business Anti-Poaching Act. Provides that no municipality or county shall offer after the effective date of the Act any incentive to a business or corporation to move its headquarters located in Illinois, or any part of its business located in Illinois, away from the current location. Defines "incentive". Limits home rule powers. Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Adds 2 factors to the determination of a "blighted area" for improved, industrial, commercial, and residential buildings or improvements: (i) if the redevelopment project area has had an annual average unemployment rate of at least 120% of the State's annual average unemployment rate; and (ii) if the redevelopment project area has a poverty rate of at least 20%, 50% or more of children in the redevelopment project area participate in the federal free lunch program, or 20% or more households in the redevelopment project area receive assistance under the Supplemental Nutrition Assistance Program. Removes or modifies various factors from the definitions of "blighted area" and "conservation area" for improved and vacant areas. Provides that a new redevelopment project shall have a completion date no later than December 31st of the 10th year after the ordinance was adopted (rather than the 23rd year) and may be extended to 15 years (rather than 35 years). Provides that the joint review board and municipality shall approve surplus funds and extensions of redevelopment project area completion dates. Provides that surplus funds shall be distributed annually within 90 days (rather than 180 days) after the close of a municipality's fiscal year. Provides that a new or modified redevelopment project area that overlaps with any existing redevelopment project area shall not be approved. Provides that 10% of the moneys deposited into the special tax allocation fund shall be transferred, by the municipal treasurer, to the local chamber of commerce or chambers of commerce representing the redevelopment project area no later than 30 days after each deposit to the tax allocation fund. Makes other changes. Effective July 1, 2026, except that provisions concerning the Local Government Business Anti-Poaching Act are effective immediately.
Creates the Job Creation Zone Pilot Program Act. Sets forth the boundaries of the job creation zone. Provides that applicants that pledge to hire at least 5 new employees at a designated location within the job creation zone are eligible for credits against their obligation to pay over withholding taxes under the Illinois Income Tax Act. Authorizes an applicant to request a credit award under the Act by making a formal written request or application with the Department of Commerce and Economic Opportunity. Specifies that the amount of the credit may not exceed (i) 50% of the incremental income tax attributable to each new employee during the calendar year in which the new employee is hired and for the first 2 calendar years after the new employee is hired and (ii) 25% of the incremental income tax attributable to each new employee during the third and fourth calendar years after the new employee is hired. Grants the Department of Commerce and Economic Opportunity rulemaking powers to implement and enforce the Act. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.
