HB0314 Summary

• Creates the Illinois Economic Development Corporation with a board of directors chaired by the Governor and including 8 appointed members (at least 2 from private sector), plus non-voting members from Central Management Services and Revenue departments.

• Board shall develop and implement economic programs providing business support, expertise, and financial assistance to companies investing in Illinois, supporting startups, expansion, and growth.

• Requires clear goals, quantifiable benchmarks, recipient reporting, and independent verification for all programs; mandates recoupment of payments and financial penalties for recipients submitting false information or failing to comply with contracts.

• Creates the Illinois Small Business Development Center within the corporation, administered by a 7-member advisory council, to provide training, counseling, and resources for startup formation, management skills, and market analysis.

• Board must submit annual reports to the General Assembly by January 1 (identifying planned projects) and October 1 (reporting on prior year programs including grants, loans, outcomes, and recipients).