HB5230 Summary

• Amends the Corporate Accountability for Tax Expenditures Act to require recipients of development assistance to submit annual progress reports to the Department detailing employment numbers, job creation, compliance status, wage information, and other performance metrics.

• Allows recipients receiving multiple development assistance agreements for the same project site in the same award year to file consolidated progress reports if employee and job creation figures are identical across agreements.

• Requires the Department to compile and publish all progress report data by June 1 each year in both written and electronic form.

• Imposes penalties including suspension of current development assistance within 33 working days and prohibition of future assistance if a recipient fails to submit required reports within 20 working days of the deadline.

• Amends the Build Illinois Act to require businesses accepting grants or loans to provide quarterly reports with financial and performance information to the Department throughout the grant or loan period.