HB3501 - Business Tax Incentive Recapture Act

• Creates the Business Tax Incentive Recapture Act to require the Department of Revenue to recapture tax incentives awarded to businesses that relocate their corporate headquarters out of Illinois.

• Applies to tax incentives awarded under the Economic Development for a Growing Economy Tax Credit Act, Small Business Job Creation Tax Credit Act, River Edge Redevelopment Zone Act, and Illinois Enterprise Zone Act.

• Requires recapture of the full tax incentive amount if a business relocates its headquarters from Illinois to another state in the taxable year immediately following the year the incentive was awarded.

• Takes effect immediately upon becoming law.