IL SB3381

Creates the Job Creation Zone Pilot Program Act establishing a designated economic development zone in east-central Illinois, bounded by US-51, State Route 9, Interstate 70, and the Indiana state line, plus territory within 15 miles of those borders

Employers who pledge to hire at least 5 new full-time employees at a location within the zone can receive tax credits against their withholding tax obligations through the Department of Commerce and Economic Opportunity

New employees must earn at least 125% of the state minimum wage and be eligible for employer-sponsored health insurance and retirement benefits to qualify for the credit

Credit amounts equal 50% of incremental income tax withheld from new employees during the hiring year and first two years, then 25% during years three and four after hiring

Credit awards may begin for withholding periods starting July 1, 2020; eligible employment sectors include manufacturing, technology, research, science, mathematics, engineering, construction, energy, bioprocessing, and agriculture