IL HB3365

Amends the Economic Development for a Growing Economy Tax Credit Act by modifying Section 5-25 regarding application review procedures.

Eliminates the requirement that the Business Investment Committee determine whether a tax credit is essential to an applicant's decision to create jobs in Illinois, removing the need to demonstrate multi-state location options or cost differentials with competing states.

Removes the requirement to identify and compare cost differentials between Illinois and competing states, including the impact of competing state incentive programs.

Retains the Committee's duty to verify that applicants intend to make required investments and hire required employees, that projects are economically sound, that affected political subdivisions commit local incentives, that overall fiscal impact is positive, and that credits are not prohibited.

Takes effect immediately upon becoming law.