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| Public Act 097-0749 | ||||
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Economic Development for a Growing Economy | ||||
Tax Credit Act is amended by changing Section 5-50 as follows:
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(35 ILCS 10/5-50)
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Sec. 5-50. Contents of Agreements with Applicants. The | ||||
Department shall
enter into an Agreement with an
Applicant that | ||||
is awarded a Credit under this Act. The Agreement
must include | ||||
all of the following:
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(1) A detailed description of the project that is the | ||||
subject of the
Agreement, including the location and amount | ||||
of the investment and jobs created
or retained.
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(2) The duration of the Credit and the first taxable | ||||
year for which
the Credit may be claimed.
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(3) The Credit amount that will be allowed for each | ||||
taxable year.
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(4) A requirement that the Taxpayer shall maintain | ||||
operations at the
project location that shall be stated as | ||||
a minimum number of years not to
exceed 10.
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(5) A specific method for determining the number of New | ||||
Employees
employed during a taxable year.
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(6) A requirement that the Taxpayer shall annually | ||||
report to the
Department the number of New Employees,
the | ||
Incremental Income Tax
withheld in connection with the New | ||
Employees, and any other
information the Director needs to | ||
perform the Director's duties under
this Act.
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(7) A requirement that the Director is authorized to | ||
verify with the
appropriate State agencies the amounts | ||
reported under paragraph
(6), and after doing so shall | ||
issue a certificate to the Taxpayer
stating that the | ||
amounts have been verified.
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(8) A requirement that the Taxpayer shall provide | ||
written
notification to the Director not more than 30
days | ||
after the Taxpayer makes or receives a proposal that would
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transfer the Taxpayer's State tax liability obligations to | ||
a
successor Taxpayer.
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(9) A detailed description of the number of New | ||
Employees to be
hired, and the occupation and
payroll of | ||
the full-time jobs to be created or retained as a result of | ||
the
project.
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(10) The minimum investment the business enterprise | ||
will make in
capital improvements, the time period
for | ||
placing the property in service, and the designated | ||
location in Illinois
for the investment.
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(11) A requirement that the Taxpayer shall provide | ||
written
notification to the Director and
the Committee not | ||
more than 30 days after the Taxpayer determines
that the | ||
minimum
job creation or retention, employment payroll, or | ||
investment no longer is being
or will be achieved or
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maintained as set forth in the terms and conditions of the
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Agreement.
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(12) A provision that, if the total number of New | ||
Employees falls
below a specified level, the
allowance of | ||
Credit shall be suspended until the number of New
Employees | ||
equals or exceeds
the Agreement amount.
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(13) A detailed description of the items for which the | ||
costs incurred by
the Taxpayer will be included
in the | ||
limitation on the Credit provided in Section 5-30.
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(13.5) A provision that, if the Taxpayer never meets | ||
either the investment or job creation and retention | ||
requirements specified in the Agreement during the entire | ||
5-year period beginning on the first day of the first | ||
taxable year in which the Agreement is executed and ending | ||
on the last day of the fifth taxable year after the | ||
Agreement is executed, then the Agreement is automatically | ||
terminated on the last day of the fifth taxable year after | ||
the Agreement is executed and the Taxpayer is not entitled | ||
to the award of any credits for any of that 5-year period.
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(14) Any other performance conditions or contract | ||
provisions as the
Department determines are
appropriate.
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The Department shall post on its website the terms of each | ||
Agreement entered into under this Act on or after the effective | ||
date of this amendatory Act of the 97th General Assembly. | ||
(Source: P.A. 97-2, eff. 5-6-11.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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