IL SB3176

Amends the Economic Development for a Growing Economy Tax Credit Act by modifying Section 5-25 regarding application review procedures.

Removes the requirement that the Business Investment Committee determine that a tax credit is essential to an applicant's decision to create jobs in Illinois, including evidence of multi-state location options and cost differentials between Illinois and competing states.

Removes the requirement that the Committee identify a cost differential in projected project costs compared to competing states, including impact of competing states' incentive programs.

Retains requirements that applicants demonstrate intent to make required investment and hire new employees, that projects be economically sound and benefit Illinois, that local incentives be committed, that overall fiscal impact be positive, and that credits not be prohibited by Section 5-35.

Takes effect immediately upon becoming law.