IL HB2953

Establishes a Veterans' Economic Center pilot program running from January 1, 2022 through December 31, 2025, administered by the Department of Commerce and Economic Opportunity to assist veterans in finding employment and addressing veteran homelessness, with required reporting to the Governor and General Assembly by December 31, 2025.

Extends the deadline for entering into new agreements under the Economic Development for a Growing Economy Tax Credit Act from June 30, 2022 to June 30, 2025.

Requires taxpayers receiving EDGE credits for taxable years ending on or before December 31, 2023 under new agreements to apply only 98% of the credit amount against state income tax liability, with the remaining 2% transferred to a new Veterans' Economic Center Fund.

Creates the Veterans' Economic Center Fund as a special state treasury fund to be used by the Department of Commerce and Economic Opportunity to administer the Veterans' Economic Center pilot program.

Takes effect immediately upon becoming law.