Bill Title: Creates the Business Location Efficiency Incentive Act of 2022. Provides that a company or its representative that negotiates or applies for economic development assistance from the Department of Commerce and Economic Opportunity may apply for increased economic development assistance if the project is located in an area that satisfies the Act's standards for affordable workforce housing or affordable and accessible mass transit. Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that the Department may not enter into any new agreements after June 30, 2032 (currently, June 30, 2022). Makes changes concerning the maximum credit amount under the Act. Provides that the Department of Commerce and Economic Opportunity may award a taxpayer an increased credit amount or other benefits within the agreement if the taxpayer demonstrates that, in addition to the investment at the project location, the taxpayer plans to make a non-project-specific capital investment in the furtherance of community or supply-chain development within the general surrounding area of the project. Effective immediately, except that provisions creating the Business Location Efficiency Incentive Act of 2022 take effect on January 1, 2023.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee [HB5255 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2022-01-27	HTML/Text	Link	View

Amendments

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No bill amendments currently on file for Illinois HB5255

Supplemental Documents

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No supplemental documents for Illinois HB5255 currently on file.

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