IL HB3889

Amends the Economic Development for a Growing Economy Tax Credit Act by modifying Section 5-25 regarding application review procedures.

Removes the requirement that the Business Investment Committee determine that a tax credit project would not occur in Illinois without the credit incentive.

Removes the requirement that the Committee identify a cost differential between the applicant's projected project costs and costs in competing states, including consideration of competing states' incentive programs.

Retains requirements that the Committee verify the applicant intends to make required investments and hire required employees, that the project is economically sound, that affected political subdivisions commit local incentives, that the credit results in positive fiscal impact to the State, and that the credit is not prohibited by law.

Takes effect immediately upon becoming law.