IL HB4138

Creates the Phase Out Corporate Giveaways Interstate Compact, allowing any state or the District of Columbia to join an agreement prohibiting company-specific tax incentives and grants to lure facilities from other member states.

Prohibits member states from offering company-specific tax breaks or grants for corporate headquarters, manufacturing facilities, office space, or real estate developments located in other member states as relocation incentives.

Excludes from the compact's restrictions: workforce development grants for employee training, local government incentives, and state incentives for companies already located within the member state that aim to expand or remain in-state.

Establishes the Phase Out Corporate Giveaways Board, comprised of appointees from each member state's chief executive officer, to convene annually and publish December reports recommending revisions to phase out additional forms of corporate giveaways.

Allows member states to withdraw with 6 months' written notice to other member states; permits state attorneys general and resident taxpayers to enforce the compact and requires severability of any provisions found unconstitutional.