The main focus is to attract companies into investing and creating jobs for communities hit by the recession, and it's something many local leaders and employers say they support.
The 30-year-old program is designed to stimulate economic growth and expand opportunities for area businesses.
The law will extend the program for another 25-years.
It will also create a zone board where members will overlook program's operations and application processes.
The program will also increase accountability, requiring companies that are receiving tax credits to submit benefit reports.
Governor Quinn touts the program as an economic tool for the 21st century.
Over 350,000 jobs were created and retained throughout the state under this program.
Illinois is not the only state with this kind of program, 43 other states also have similar programs supporting economic growth.