HB2547 Summary

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

• Removes conditions (3) and (4) that the Business Investment Committee previously had to determine exist before recommending approval or denial of a tax credit application.

• Eliminates the requirement to demonstrate that the tax credit is essential to the project occurring in Illinois, including evidence of cost differentials between Illinois and competing states.

• Removes the requirement to identify and compare a cost differential between the applicant's project costs in Illinois versus competing states, including consideration of competing state incentive programs.

• Takes effect immediately upon becoming law.