HB5737 Summary: Illinois Business Use Incentives for Large-Scale Development Act

• Authorizes the Department of Commerce and Economic Opportunity to enter into financing agreements with eligible industries for economic development projects and provide income tax credits of up to 5% of gross wages paid to new employees.

• Defines eligible industries as businesses engaged in manufacturing, processing, research and development, interstate commerce services, office industries, or agricultural processing, excluding retail and health/professional services.

• Requires eligible industries to invest a minimum of $10 million and create at least 100 new jobs (or 200 jobs for office industries in distressed communities) to qualify for incentives.

• Allows the Department to issue revenue bonds backed by wage assessments from participating employers to finance economic development projects, with project credits lasting up to 15 years.

• Applies to taxable years ending December 31, 2019 through December 31, 2029, and requires annual program evaluation with a report to the Governor and General Assembly by July 1, 2023.