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HB 2148

Relating to the Tourism and Commercial Opportunity Zone Tax and Tax Credit Act

2025 Regular Session Introduced by Wayne Clark and 2 co-sponsors

HB 2148 offers tax credits to businesses in Illinois' tourism and commercial opportunity zones, boosting investment, job creation, and local economic growth.

To House Agriculture, Commerce and Tourism
#economicdevelopment
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WeVote Research Nonpartisan
Bill Summary · HB 2148

Summary of HB 2148: Tourism and Commercial Opportunity Zone Tax and Tax Credit Act

Bill Overview

  • Bill Number: HB 2148
  • Title: Relating to the Tourism and Commercial Opportunity Zone Tax and Tax Credit Act
  • Introduced By: Rep. Tony M. McCombie
  • Introduced On: January 29, 2025
  • Current Status: To House Agriculture, Commerce and Tourism
  • Classification: Bill
  • Subject: Economic Development

Purpose and Intent

HB 2148 aims to enhance economic development within designated tourism and commercial opportunity zones in Illinois. The bill seeks to provide tax incentives and credits to stimulate investment and growth in these areas, thereby promoting local economies and job creation.

Key Provisions

  • Tax Credits: The bill proposes the establishment of tax credits for businesses that invest in tourism and commercial opportunity zones. Specific details regarding the percentage of tax credits and qualifying investments are not provided in the current text.
  • Eligibility Criteria: Businesses operating within designated zones will be eligible for these tax incentives, encouraging them to expand operations, hire more employees, and contribute to the local economy.
  • Implementation Timeline: The bill outlines a framework for the implementation of these tax credits, although specific dates and procedural steps are not detailed in the current version.

Affected Parties

  • Businesses: Local businesses within the designated tourism and commercial opportunity zones will benefit from the tax credits, potentially leading to increased investment and growth.
  • Local Governments: Municipalities may see an increase in economic activity and tax revenue as a result of the incentives provided by this bill.
  • Residents: Job creation and economic development in these zones could lead to improved living standards for residents.

Legislative Process and Timeline

  • Introduced: January 29, 2025
  • First Reading: February 4, 2025
  • Referred to Rules Committee: February 4, 2025
  • Assigned to Executive Committee: March 4, 2025
  • Do Pass Recommendation: March 12, 2025
  • Second Reading: March 27, 2025
  • Third Reading Deadline Extended: May 31, 2025
  • Re-referred to Rules Committee: May 31, 2025

The bill has undergone several legislative actions, including co-sponsorship additions and committee reviews, indicating ongoing discussions and potential adjustments to its provisions.

Conclusion

HB 2148 represents a strategic effort to bolster economic development in Illinois through targeted tax incentives for businesses in tourism and commercial opportunity zones. As the bill progresses through the legislative process, further details regarding specific tax rates and eligibility criteria may be clarified, providing a clearer picture of its potential impact on the state's economy.

Compiled from official sources — confirm details with the bill’s official record.

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