IL HB5255

Creates the Business Location Efficiency Incentive Act of 2022, allowing companies to apply for increased economic development assistance if projects are located in areas with affordable workforce housing or accessible mass transit.

Extends the sunset date for new Economic Development for a Growing Economy (EDGE) Tax Credit agreements from June 30, 2022 to June 30, 2032, allowing 10 additional years of new agreements.

Increases maximum retained employee tax credit from 25% to 50% of incremental income tax (or 75% in underserved areas), and allows taxpayers making non-project-specific community or supply-chain investments to receive increased credit amounts or other benefits.

Establishes reporting requirements for employee housing and transportation remediation plans, with companies failing to meet plans losing their increased tax credits or extensions; requires annual Department reports through 2032.

Adds provisions allowing EDGE tax credits to be transferred or sold to other Illinois taxpayers through transferability certificates, with carry-forward periods beginning from the original credit grant date.