IL SB2071

Creates the THRIVE (Transforming, Helping, and Reviving Illinois' Versatile Economy) Job Creation Tax Credit Act allowing the Department of Commerce and Economic Opportunity to award income tax credits to taxpayers meeting specified job creation and capital investment requirements.

Requires applicants to create new jobs equal to the lesser of 10% of their worldwide workforce or 50 employees, and invest at least $2.5 million in capital (or less with director approval for smaller employers).

Limits tax credits to a maximum of 50% of incremental income tax attributable to the project, with credit duration of up to 10 years (or 15 years in high-unemployment or high-poverty areas).

Prohibits credits for jobs relocated within Illinois and requires taxpayers to maintain baseline employment levels; includes clawback provisions requiring return of all credits if a business permanently closes operations at the project location.

Allows transferable credits within 2 years of award to single taxpayers or related entities, and permits pass-through entities to treat credits as tax payments for shareholders and partners.