IL SB3067

Amends the New Markets Development Program Act to allow tax credits to be transferred to an affiliate, while maintaining that credits remain non-refundable and not saleable on the open market

Increases the annual cap on tax credits from $25,000,000 to $37,000,000 for fiscal years beginning on or after July 1, 2029

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 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