IL HB3685

Authorizes taxing districts to grant property tax abatements of 26-52% over six years for properties containing expanded business facilities that create new jobs.

Defines "expanded business facility" as a business facility of at least 5,000 square feet that creates at least 10 new full-time positions in counties with fewer than 100,000 inhabitants, or at least 25 new positions in larger counties.

Provides enhanced abatement of 58.5% for 12 years in counties under 3,000,000 population if facility is 250,000+ square feet with 500+ new positions at 150% minimum wage, or 1,250+ new positions at 150% minimum wage.

Creates state income tax credit equal to 28%, 21%, or 14% of remaining property tax liability for taxpayers receiving abatements, phased over six taxable years beginning January 1, 2016.

Allows excess income tax credits to be carried forward and applied to tax liability for up to five subsequent years, with earlier credits applied first.