SB3284 Summary

• Creates the Community Renewal and Revitalization Act establishing Health, Opportunity, Prosperity, and Empowerment (HOPE) Zones in areas with unemployment at least 120% of state average, poverty rate of at least 20%, and higher-than-average crime rates.

• Provides businesses in HOPE Zones with a 50% corporate income tax credit, credit on Secretary of State fees and franchise taxes, and individuals living in zones with a 50% individual income tax credit.

• Increases the ex-offender tax credit from $1,500 to $3,000 per person for businesses in HOPE Zones and extends the hiring window from 3 years to 5 years after release from Illinois correctional facilities.

• Increases the Small Business Job Creation Tax Credit from $2,500 to $5,000 per new employee for HOPE Zone businesses and raises the total monetary cap on credits from $50 million to $100 million.

• Authorizes the Department of Commerce and Economic Opportunity to designate HOPE Zones (minimum 10-year terms), review state regulations that hinder business development, and coordinate programs including employment training and industrial development bonds.