HB2958 - Economic Policy Planning Act

• Creates the Economic Policy Planning Commission with 10 voting members (4 from General Assembly, 4 from public, 2 from Governor) plus 5 non-voting ex-officio state agency representatives to develop comprehensive economic development policy for Illinois.

• Commission shall conduct at least 2 public hearings at geographically convenient locations with at least 2 weeks advance notice to gather input on Illinois's economic condition compared to other states and nations.

• Commission must deliver a report to the General Assembly by December 31, 2014 containing findings and recommendations supported by majority vote on measurable economic goals, types of development incentives, evaluation processes, performance standards, and ongoing monitoring mechanisms.

• Report recommendations shall include criteria for evaluating projects such as cost/benefit analysis, tax base impact, effects on existing businesses, and whether projects would proceed without incentives, with mechanisms for clawbacks if recipients fail to meet commitments.

• Act automatically repeals on December 31, 2015; members serve without compensation but may be reimbursed for expenses; Department of Commerce and Economic Opportunity provides administrative support.