IL SB1926

Amends the Economic Development for a Growing Economy Tax Credit Act by modifying Section 5-25 regarding the Business Investment Committee's review of credit applications.

Removes the requirement that the Committee determine whether the tax credit is essential to the project's location in Illinois, including evidence of multi-state location options or competing state considerations.

Removes the requirement that the Committee identify a cost differential between Illinois and competing states when evaluating applications.

Retains five conditions the Committee must determine exist: applicant intends required investment and job creation, project is economically sound, affected political subdivisions commit local incentives, awarding credit results in positive fiscal impact to the State, and credit is not prohibited by Section 5-35.

Takes effect immediately upon becoming law.