SB1747 Summary: Illinois Energy Transition Zone Act

• Creates the Illinois Energy Transition Zone Act to designate depressed areas affected by closure of coal plants, coal mines, and nuclear energy facilities as "Energy Transition Zones" where green energy enterprises (solar, wind, water, geothermal, bioenergy, hydrogen) receive tax incentives and regulatory relief.

• Establishes an Energy Transition Zone Board within the Department of Commerce and Economic Opportunity to review and approve zone applications; zones remain certified for 13 years with potential 10-year renewal.

• Provides green energy enterprises in designated zones with income tax credits (up to 50-75% of incremental income tax from new employees, with higher rates in underserved areas), investment credits at 0.5% of property basis, and exemptions from state and local utility taxes on gas and electricity.

• Allows municipalities to offer building materials tax exemptions for green energy projects within zones and requires all projects receiving incentives to comply with prevailing wage requirements.

• Establishes the Energy Transition Fund financed through fees from credit recipients and appropriations, administered by the Department of Commerce and Economic Opportunity to manage the program and report annually to the General Assembly.