IL SB1864

Amends the Economic Development for a Growing Economy Tax Credit Act to allow the Department of Commerce and Economic Opportunity to modify agreements when a disaster proclamation is issued by the Governor covering a taxpayer's location.

During a disaster proclamation, taxpayers may temporarily reduce job creation and retention requirements to 85% of the original agreement requirements, or a lower percentage if the Department determines it is warranted by the taxpayer's particular circumstances.

Employees required or allowed to work remotely during a disaster are not considered out of compliance with job location requirements, provided their base of operations remains at the taxpayer's agreement location.

Temporary modifications to job requirements take effect from the date of the disaster proclamation and extend through any subsequent proclamations issued within 12 months after the final proclamation expires.

During the modification period, the Department will award tax credits based on the actual number of jobs created or retained and will not find taxpayers out of compliance if they maintain the 85% threshold.