IL SB1983

Amends the Corporate Accountability for Tax Expenditures Act to add a COVID-19 hardship exemption for the Economic Development for a Growing Economy (EDGE) tax credit program for taxable years beginning January 1, 2020 through December 31, 2021.

Allows taxpayers to maintain EDGE tax credits without revocation or suspension if they maintain job creation and retention at 85% of agreement requirements due to direct and substantial hardship caused by the COVID-19 pandemic.

Requires taxpayers to submit proof of COVID-19 hardship to the Department during the annual certificate of verification process to qualify for the exemption.

Requires the Department to post information on its website regarding recipients from whom amounts were recaptured, including the date, reasons, and amount of recapture.

Requires the Department to annually compile reports on recapture outcomes and effectiveness by program, including number of companies receiving assistance, violations, completed recaptures, and waivers granted.