HB3563 - Green Energy Business Act Summary

• Creates the Green Energy Business Act establishing a designation program for businesses producing renewable energy (at least 5 megawatts annually) or biofuels (at least 30 million gallons annually), or manufacturing renewable energy components, administered by the Department of Commerce and Economic Opportunity.

• Designated Green Energy Businesses become eligible for tax credits and exemptions under the Illinois Income Tax Act, Retailers' Occupation Tax Act, and Public Utilities Act, including investment credits and sales tax exemptions on manufacturing equipment.

• Requires Green Energy Businesses to enter into project labor agreements establishing minimum wages, benefits, and labor dispute provisions for union employees, with agreements filed with the Department.

• Modifies existing tax law to include Green Energy Businesses in provisions previously applicable only to High Impact Businesses and enterprise zone businesses, extending similar incentives for utility taxes and building materials exemptions.

• Takes effect immediately upon becoming law.