Gov. Pritzker Signs Business Development Omnibus Package

Gov. Pritzker Signs Business Development Omnibus Package

Slate of bills focuses on growth incentives, promotes clean energy and tech expansion

Chicago — Governor JB Pritzker signed a package of bills to incentivize corporate development and increase Illinois’ competitive edge for attracting new businesses and capital investments. The omnibus bills, HB5005, include investments in tax credit programs for the film industry and research and development projects across the state, as well as for the Economic Development for a Growing Economy (EDGE) and Reimagining Energy and Vehicles (REV) programs. The bills also build on Illinois’ growing status as a tech hub and reduce red tape for the Blue Collar Job Act (BCJA).

“Since day one of my administration I have been laser-focused on ensuring businesses that uplift Illinoisans and our economy see the many benefits this state can offer—and that has paid off many times over,” said Governor JB Pritzker. “We’re continuing that essential work with this package of legislation, attracting new and expanded business opportunities that offer good paying jobs and build out industries of the future like EV and quantum.”

In 2023, Illinois tripled corporate investments incentivized by the Illinois Department of Commerce and Economic Opportunity (DCEO). New jobs created by the EDGE and REV programs jumped up more than 60 percent from the previous year - from 2,691 to 4,329 - with the number of retained jobs increasing exponentially, from 204 to 3,127. Updates to Illinois’ premier business development tools will make Illinois even more competitive for jobs and capital investment and could generate more than an estimated $21 billion in new state revenue into GRF over the next 30 years.

The bill also expands River’s Edge Redevelopment Zones (RERZ) to include 7 new downstate communities, which will enable them to leverage new incentives to attract investments, create jobs and invest in their communities. Based on community feedback, the bill adds zones in Moline, East Moline, Ottawa, LaSalle, Peru, Rock Island and Quincy.

The Illinois film tax credit, created by Governor Pritzker in 2022 and expanded through 2032, offers tax credits for local labor and production expenditures and has been a key factor in Illinois landing major productions. The State's tax credit has resulted in a $6.81 return on investment for every dollar spent on the incentive, resulting in $3.6 billion in economic activity between FY17 and FY22. 94 percent of Illinois’ current film industry economic impact is attributed to the impact of the tax credit enacted by Governor Pritzker.

The omnibus also includes:

Recodification of eligibility for the Manufacturing Illinois Chips for Real Opportunity (MICRO) program: This law codifies quantum computing, semiconductor, and microchip companies in the R&D phase as eligible for the program while reducing initial investment requirements to allow smaller businesses to enter the market.

Creation of a Quantum Enterprise Zone (QEZ): Designed to help position Illinois’ proposed quantum campus - funded through a $500 million bonded capital request introduced in the FY25 budget – to attract up to $11 billion in CHIPS and related federal funding and an estimated $20 billion in private investment.

Reduction of Blue Collar Jobs Act (BCJA) Red Tape: Based on industry feedback, this change allows BCJA credits to be based on industry standard or 3rd party verified construction wages rather than the submission of monthly payroll data.

“With this investment in our state’s economy, we can continue our leadership in emerging industries and show the country that Illinois is a great place to do business,” said Senate President Don Harmon. “I thank Senator Stadelman and Governor Pritzker for passing this legislation and continuing to champion Illinois.”

“Illinois continues to solidify its position as the leader of quantum development and technologies,” said House Speaker Emanuel “Chris” Welch. “This legislation allows us to provide strategic investment into a burgeoning field and 21st century jobs, while also funding critical research and development that puts Illinois on the fast track to becoming one of the nation’s largest quantum economies.”

Latest Stories

Latest Podcast

STARR Community Services International, Inc.