IL HB3433

Establishes a Veterans' Economic Center pilot program from January 1, 2020 through December 31, 2023, administered by the Department of Commerce and Economic Opportunity to assist veterans in finding employment and addressing veteran homelessness by partnering with local employers.

Requires the Department to report to the Governor and General Assembly on program effectiveness by December 31, 2023, with the program repealing on January 1, 2025.

Extends the deadline for entering into new Economic Development for a Growing Economy Tax Credit Agreements from June 30, 2022 to June 30, 2023.

Requires taxpayers receiving tax credits under agreements entered after this Act's effective date to apply only 98% of their credit amount against state income tax liability, with the remaining 2% transferred annually from the General Revenue Fund to a newly created Veterans' Economic Center Fund.

Creates the Veterans' Economic Center Fund to be used by the Department of Commerce and Economic Opportunity for administering the Veterans' Economic Center pilot program, funded through the 2% credit diversion from fiscal years 2019-2022.