IL SB2502

Enters Illinois into the Phase Out Corporate Giveaways Interstate Compact, an agreement among participating states and the District of Columbia to stop competing for businesses through targeted incentives

Prohibits member states from offering company-specific tax incentives or grants to lure corporate headquarters, manufacturing facilities, office space, or other real estate developments away from other member states

Excludes from the compact's restrictions: workforce development training grants, incentives offered by local governments, and incentives for companies already located within the member state to retain or expand existing facilities

Creates the Phase Out Corporate Giveaways Board, composed of gubernatorial appointees from member states, which must meet annually and publish suggested compact revisions each December

Allows member states to withdraw from the compact with 6 months' written notice to other member states' chief executive officers, and grants taxpaying residents standing to require their attorney general to enforce the compact