HB5191 Summary: Protect Illinois Manufacturing and Energy from Foreign Adversaries Act

• Creates the "Protect Illinois Manufacturing and Energy from Foreign Adversaries Act" to prevent disqualified foreign adversaries from receiving state incentives and operating in Illinois.

• Defines "disqualified foreign adversary" as individuals or entities associated with foreign adversaries (as defined in federal regulation 15 CFR 7.4) that establish, invest in, or operate advanced manufacturing and energy businesses in Illinois.

• Prohibits disqualified foreign adversaries from receiving state tax exemptions, tax reductions, tax deferrals, financial assistance, discretionary grants, debt financing, or infrastructure assistance.

• Imposes four new taxes beginning January 1, 2025 on disqualified foreign adversaries operating in Illinois: 20% excise tax on gross revenues; 30% excise tax on tangible/intangible property and services; 80% excise tax on employee compensation; and annual privilege fee of greater of $250,000 or 15% of shareholders' equity.

• Authorizes emergency rulemaking by Department of Commerce and Economic Opportunity, Department of Revenue, and Secretary of State to implement the Act; requires taxpayers to certify their status as disqualified foreign adversaries on all tax returns.