HB4507 Summary

• Amends the Retailers' Occupation Tax Act Section 1f to modify exemption requirements for business enterprises, except High Impact Businesses.

• Requires businesses to either create minimum 200 full-time equivalent jobs, retain minimum 2,000 full-time jobs, or invest minimum $40,000,000 while retaining 90% of existing jobs to qualify for tax exemptions.

• Adds temporary exemption period from March 1, 2010 to July 31, 2012 for certified manufacturing businesses that retained specified job levels (500-1,000 full-time equivalent jobs depending on year).

• Amends the Illinois Municipal Code Section 11-74.4-3.5 to establish completion dates and timelines for tax increment financing redevelopment projects across multiple Illinois municipalities, with extensions up to 35-47 years depending on project location and circumstances.

• Department of Commerce and Economic Opportunity must certify business compliance within 60 days and can require repayment of exempted taxes if businesses fail to meet certification terms.