SB1648 amends the Illinois Enterprise Zone Act to designate businesses as High Impact Businesses for tax credits.
SB1648 amends the Illinois Enterprise Zone Act to allow the Department of Commerce and Economic Opportunity to designate businesses as High Impact Businesses. These businesses must meet specific criteria, such as creating a minimum number of jobs or making significant investments in Illinois. High Impact Businesses qualify for tax credits and exemptions. The bill also defines "public works" and "High Impact Business construction job employee." The changes apply to businesses that submit applications on or after February 3, 2023.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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