HB 5737

Abstract

Amends the Illinois Business Use Incentives for Large-Scale Development Act. Provides that the Department of Commerce and Economic Opportunity may enter into a financing agreement with an eligible industry with respect to an economic development project. Provides that those eligible industries are entitled to a credit against their Illinois income taxes in an amount not to exceed 5% of the gross wages paid in one year by an eligible industry to all eligible employees in new jobs. Provides that an "eligible industry" is a business located in the State which is engaged in interstate or intrastate commerce for the purpose of manufacturing, processing, or assembling products, conducting research and development, or providing services in interstate commerce, office industries, or agricultural processing, but excluding retail, health or professional services. Effective immediately.