Section 520.1210  Available Tax Credits

The total aggregate amount of credits awarded under the Blue Collar Jobs Act shall not exceed $20,000,000 in any State fiscal year.

a)         Enterprise Zone

A business entity in a certified Enterprise Zone deemed an eligible applicant may qualify to receive a tax credit against the tax imposed under Section 201(a) and (b) of the Illinois Income Tax Act (IITA) in an amount equal to 50% of the amount of the incremental income tax attributable to Enterprise Zone construction jobs credit employees employed while completing an Enterprise Zone construction jobs project. However, the Enterprise Zone construction jobs credit may equal 75% of the amount of the incremental income tax attributable to Enterprise Zone construction jobs credit employees if the Enterprise Zone construction jobs credit project is in an underserved area. The credit may not reduce the taxpayer's liability to less than zero.  If the amount of the credit exceeds the taxpayer's liability, the excess may be carried forward and applied against the taxpayer's liability in succeeding calendar years. [35 ILCS 5/201(f)(8)] The Department will inform the Department of Revenue of eligible taxpayers and amount to be awarded. If the entity receives a credit, a certified payroll shall be maintained.

b)         High Impact Business

A High Impact Business may receive a tax credit against the tax imposed under IITA Section 201(a) and (b) in an amount equal to 50% of the amount of the incremental income tax attributable to High Impact Business construction jobs credit employees employed while completing a High Impact Business construction jobs project. However, the High Impact Business construction jobs credit may equal 75% of the amount of the incremental income tax attributable to High Impact Business construction jobs credit employees if the High Impact Business construction jobs credit project is in an underserved area. The credit may not reduce the taxpayer's liability to less than zero.  If the amount of the credit exceeds the taxpayer's liability, the excess may be carried forward and applied against the taxpayer's liability in succeeding calendar years. [35 ILCS 5/201(h-5)]. The Department will inform the Department of Revenue of eligible taxpayers and amount to be awarded. If the entity receives a credit, a certified payroll shall be maintained.

(Source:  Added at 46 Ill. Reg. 1817, effective January 11, 2022)