IL HB4636

Increases the annual cap on New Markets Development Program tax credits to $37,000,000 for fiscal years beginning on or after July 1, 2029, up from the current $25,000,000 cap

Allows tax credits under the program to be transferred to an affiliate of the credit holder, while maintaining that credits remain non-refundable and not saleable on the open market

Adds three new allocation rounds for qualified equity investments: $150,000,000 on or after January 1, 2027; $150,000,000 on or after January 1, 2029; and $150,000,000 on or after January 1, 2031

Extends the program's sunset date from fiscal year 2031 to fiscal year 2037, after which reauthorization by the General Assembly would be required

Takes effect immediately upon becoming law