HB0623 Summary

• Amends the Illinois Enterprise Zone Act to create a new category of "High Impact Business" that can be certified by the Department of Commerce and Economic Opportunity, allowing businesses engaged in manufacturing, processing, assembling, warehousing, or distributing products to qualify for tax credits and exemptions.

• Establishes eligibility criteria including minimum investments of $12,000,000 with 500 jobs created, or $30,000,000 with 1,500 jobs retained; also includes alternative criteria for electric generation facilities, gasification facilities, coal mining operations, transmission facilities, and wind power facilities.

• Provides qualifying High Impact Businesses with exemptions and credits under the Illinois Income Tax Act, Public Utilities Act, and Retailers' Occupation Tax Act, including utility tax exemptions for up to 20 years from certification date.

• Adds a High Impact Business construction jobs credit beginning January 1, 2021, equal to 50% (or 75% in underserved areas) of incremental income tax from construction workers, with aggregate annual cap of $20,000,000.

• Requires businesses to maintain certified payroll records and certify that investments would not occur without the tax benefits; allows Department to revoke designations if businesses fail to meet terms or misrepresent their additionality claims.