Bill > SB1983

This bill amends the Corporate Accountability for Tax Expenditures Act and the Economic Development for a Growing Economy Tax Credit Act. The key provisions are: 1. It allows the Department of Commerce and Economic Opportunity to waive enforcement of certain contract provisions related to job creation and retention requirements if the recipient can demonstrate a direct and substantial hardship caused by the COVID-19 pandemic, as long as the recipient maintains job levels at 85% of the contractual requirements. 2. It requires the Department to post on its website information about any recapture efforts, including the identity of recipients from whom amounts were recaptured, the date of the recapture, a summary of the reasons, and the amount recaptured. 3. It requires the Department to annually compile and disclose a report on the outcomes and effectiveness of recapture provisions by program, including the total number of companies that receive development assistance, the number of recipients in violation of agreements, the number of completed and initiated recapture efforts, and the number of waivers granted. The purpose of these changes is to provide some flexibility and relief to businesses that have been impacted by the COVID-19 pandemic, while still maintaining accountability for the use of state economic development incentives.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1983&GAID=16&DocTypeID=SB&SessionID=110&GA=102