How HB 5623 changes current law

Compared against the Illinois Compiled Statutes as published AI-generated reading aid — verify against the official bill.

The bill expands eligibility for the tax credit to include certain pharmacy and health businesses under the Economic Development for a Growing Economy Tax Credit Act.

• 35 ILCS 10/5-15

  (1.11) Notwithstanding any other provision of law, the election under this subsection (f) may also be made by a taxpayer that: (A) is a privately held corporation that is primarily engaged in the business of pharmacy, health, and wellness and that has distribution centers located in Illinois; (B) maintains its corporate headquarters in the State of Illinois; (C) employs at least 2,500 employees in full-time jobs or full-time equivalent jobs at its corporate headquarters within the State of Illinois, some of whom would be at risk of termination if not for the use of the tax credit as provided in this paragraph during the term of the agreement; (D) commits to make at least $100,000,000 in aggregate investment during the term of the agreement in one or more of the following: capital investment; infrastructure; development; research and development; job training; or lease expenses; (E) commits to maintaining at least 450 retail locations in the State;

  This new provision allows certain healthcare-related companies to claim tax credits, enhancing incentives for job retention and capital investment.