HB4636 Summary

• 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 is necessary for a project to occur in Illinois, eliminating the "but-for" condition that previously required evidence of multi-state location options or competing states.

• Eliminates the requirement to identify a cost differential between the applicant's project costs in Illinois versus competing states when recommending credit approval.

• Retains five conditions the Committee must verify: project investment and job creation requirements, economic soundness and employment benefits, local incentive commitments, positive fiscal impact to the State, and compliance with credit prohibition rules.

• Takes effect immediately upon becoming law.