IL HB1188

Creates the Phase Out Corporate Giveaways Interstate Compact, which Illinois would enter with any other participating state or the District of Columbia

Prohibits member states from offering company-specific tax incentives or grants to lure corporate headquarters, manufacturing facilities, office space, or other real estate developments away from other member states

Excludes workforce development training grants, incentives from local governments, and incentives offered to companies already located within the offering state to retain or expand existing facilities

Establishes the Phase Out Corporate Giveaways Board, with one gubernatorial appointee per member state, to publish annual suggested revisions to strengthen the compact each December

Allows member states to withdraw with 6 months' written notice to each other member state's chief executive officer, and grants taxpaying residents standing to require their attorney general to enforce the compact