SB 2203

Abstract

Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that, if an applicant for a credit under the Act (i) is an Illinois-based company that is competing with an out-of-state company to supply parts or components to another Illinois manufacturer and (ii) signs an affidavit attesting that, without the credit, the applicant will likely lose the parts or components work to the out-of-state competitor, then the application need not demonstrate that the applicant has multi-state location options and need not identify a cost differential in the projected costs for the applicant's project compared to the costs in the competing state. Effective immediately.