reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 14 - COMMERCE › Part 527 - ECONOMIC DEVELOPMENT FOR A GROWING ECONOMY PROGRAM (EDGE) › Section 527.100 - Noncompliance with the Agreement

Current through Register Vol. 48, No. 28, July 12, 2024
a)
If the Department determines that a Taxpayer who has received a Credit
			 under the Act is not complying with the requirements of the Agreement or all of
			 the provisions of the Act, the Director shall provide notice to the Taxpayer of
			 the alleged noncompliance, and allow the Taxpayer a hearing under the
			 provisions of the Illinois Administrative Procedure Act
[ 5 ILCS 100
			 ].
If, after notice and any hearing, the Director determines that a
			 noncompliance exists, the Director shall issue to the Department of Revenue
			 notice to that effect, stating the Noncompliance Date.
[
			 35 ILCS
			 10/5-65 ] Alleged noncompliance shall include:
1) a demonstration that the Taxpayer would
			 have placed in service the capital investment and created or retained the
			 requisite number of New Employee jobs without the benefits of certification.
			 Proof of this shall include, but is not limited to, correspondence, financial
			 plans and prospectuses, internal memoranda and other written documentation
			 demonstrating the Taxpayer would have taken the actions without the
			 designation;
2) a demonstration
			 that the Taxpayer failed materially to comply with the terms and conditions of
			 the Agreement;
3) a determination
			 upon investigation that the Taxpayer or any of its agents or representative
			 provided false or misleading information to the Department;
4) a failure to submit the annual report
			 required by Section 5-57 of the Act; or
5) a failure to submit an annual progress
			 report pursuant to an employee housing and transportation plan or a
			 determination by the Department that adequate progress is not being made by the
			 Taxpayer to implement the plan, which will result in the revocation of the
			 increased tax credits, extension of the term of the Credit and/or other
			 adjustments awarded pursuant to the Business Location Efficiency Incentive
			 Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 527 - ECONOMIC DEVELOPMENT FOR A GROWING ECONOMY PROGRAM (EDGE) › Section 527.110 - Recapture and Reallocation of Recaptured Amounts

Current through Register Vol. 48, No. 28, July 12, 2024
a)
If, during the term of an
			 Agreement, the Taxpayer ceases
principal
operations at a
			 Project location that is the subject of that Agreement with the intent to
			 terminate operations in the State, the Department and the Department of Revenue
			 shall recapture from the Taxpayer the entire Credit amount awarded under the
			 Agreement prior to the date the Taxpayer ceases
principal
operations.
1) If the
			 Department determines that a
Taxpayer ceases
principal
operations at a Project location that is the subject of that Agreement
			 with the intent to terminate operations in the State
, the Director
			 shall provide notice to the Taxpayer of that determination and allow the
			 Taxpayer a hearing under the Illinois Administrative Procedure Act [ 5 ILCS 100
			 ]. Example of activities that evidence a cessation of operation at a Project
			 location with an intent to terminate operations in the State include, but are
			 not limited to, WARN notices reflecting layoffs in excess of 65% of the
			 Full-time Employees located at the Project site, public announcements or other
			 media reflecting an intent to relocate operations outside the State, or any
			 other information the Department determines reflects an intent to discontinue
			 operations at the Project site.
2)
			 The Department shall notify a Taxpayer in writing that it is subject to
			 recapture. The notice shall include the reason for revocation and the date and
			 location of a hearing to be held pursuant to 56 Ill. Adm. Code 2605
			 (Administrative Hearing Rules).
3)
			 Following a determination that Credits received pursuant to an Agreement are
			 subject to recapture, the Department will contact the Director of the Illinois
			 Department of Revenue who shall begin proceedings to determine the amounts to
			 be reallocated by the Department pursuant to Section 6-65 of the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The Department shall make film tax credit awards under the Film
				Production Services Tax Credit Act for the purpose of preserving and expanding
				the existing human infrastructure for the motion picture industry in Illinois,
				and to promote and encourage the training and hiring of Illinois residents who
				represent the diversity of the Illinois population through the creation and
				implementation of training, education and recruitment programs organized in
				cooperation with Illinois colleges, universities, labor organizations and the
				motion picture industry. (Section 5 of the Act)
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.30 - Eligibility Determination

Current through Register Vol. 48, No. 28, July 12, 2024
Applicants must satisfy all of the following criteria in order
				to be eligible for a credit:
a)
			 Ownership of Copyright in Accredited Production
1) The applicant must own the copyright in
			 the accredited production throughout the Illinois production period;
			 or
2) The applicant has contracted
			 directly with the owner of the copyright in the accredited production, or a
			 person acting on behalf of the owner, to provide services for the production,
			 where the owner, of the copyright is not an eligible production corporation.
			 (Section 10 of the Act)
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.50 - Evaluation of Application

Current through Register Vol. 48, No. 28, July 12, 2024
a) Prior to
			 substantive evaluation of an application for a credit, the Department shall
			 review all applications to determine that all required information and
			 documentation has been provided. Applicants will be notified, in writing, of
			 any application deficiencies and will be allowed 30 days to correct the
			 deficiencies through submission of additional documentation. The Department has
			 the discretion to extend the cure period in extenuating circumstances, provided
			 the applicant submits a written request outlining the circumstances for which
			 it needs an extension.
b) In
			 evaluating applications, the Department shall determine a preponderance of the
			 following requirements and conditions:
1) The
			 applicant will meet the requisite aggregate Illinois labor expenditure or
			 Illinois production spending requirement in accordance with the provisions of
			 Section
			 528.20 of this
			 Part;
2) The extent to which the
			 applicant's diversity plan contains specific goals in meeting the diversity
			 plan requirement to employ Illinois residents representing the diversity of the
			 Illinois population subject to any applicable collective bargaining agreements
			 to which the applicant is a signatory to perform work on the
			 production;
3) The extent to which
			 the applicant intends to participate in training, education and recruitment
			 programs, if available, that are organized in cooperation with Illinois
			 colleges and universities, labor organizations, and the motion picture industry
			 and are designed to promote and encourage the training and hiring of Illinois
			 residents who represent the diversity of the Illinois population;
4) The applicant's demonstration that the
			 credit is essential to its decision to locate the production in Illinois;
			 and
5) Awarding the credit will
			 result in an overall positive impact to the State.
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.60 - Approval/Denial of Applications

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 Department reserves the right to make inquiries, to conduct studies in the
			 manner and by the methods it deems necessary, and to review information with
			 respect to the application. The Department also reserves the right to request
			 information from the applicant that is necessary to calculate the amount of the
			 tax credit.
b) The Department
			 reserves the right to reject any application that does not comply with the
			 statutory requirements of the Act and this Part. Upon receipt of an
			 application, the Department shall review the application for completeness and
			 approve or deny it within 60 days after the date of receipt. Applications are
			 subject to final approval by the Director of the Department.
c) Applicants shall be notified in writing as
			 to the Department's evaluation of all completed applications. If the Department
			 denies an application for the credit, it will specify the reasons for denial in
			 writing and allow the applicant 30 days to amend and re-submit its application
			 for further evaluation.
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.62 - Economic Impact Data

Current through Register Vol. 48, No. 28, July 12, 2024
The applicant or its representative shall use its best efforts
				in submitting its economic information to the Department related to the
				following:
a) Jobs Created and
			 Retained. This information shall document the number of jobs created and
			 retained for production, talent and vendor type jobs. Additionally, with
			 respect to the production type of jobs, the applicant must use its best efforts
			 to supply information disclosing the number of production type jobs created
			 and/or retained and whether the production type jobs were entry, management or
			 skilled labor.
b) Production Costs.
			 This information shall document the amount of production costs in various
			 industries in Illinois. Industry production costs include, but are not limited
			 to, vendor expenditures for catering, dry cleaning, janitorial services, maid
			 services, security, transportation, etc.
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.63 - Diversity Impact Data

Current through Register Vol. 48, No. 28, July 12, 2024
The applicant or its representative shall make its best efforts
				in submitting its diversity information to the Department related to gender and
				ethnicity of all employees hired and the business ownership status of vendors
				hired. This information shall include job creation number for:
a) Production and post-production staff and
			 crew;
b) Entry level
			 positions;
c) Management
			 positions;
d) Talent related
			 positions; and
e) Vendors
			 (ownership status, i.e., businesses owned by minorities, females and persons
			 with disabilities).
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.65 - Accredited Production Certificate

Current through Register Vol. 48, No. 28, July 12, 2024
a) Upon approval of an application, the
			 Department will issue an accredited production certificate certifying that the
			 production is an accredited production that meets the statutory requirements of
			 the Act as well as the corresponding administrative rules within this Part.
			 When the Department issues an accredited production certificate, this
			 certificate does not automatically entitle the applicant to a tax credit.
			 Rather, the tax credit is only awarded after an accredited production has been
			 completed, the applicant submits its request for tax credit certificate, and
			 the applicant successfully demonstrates to the Department that it has complied
			 with its diversity plan or that it has made good-faith efforts to comply with
			 its diversity plan.
b) The
			 accredited production must commence no later than one year following the
			 issuance of the accredited production certificate. The Department has the
			 discretion to extend the one-year period in extenuating circumstances, provided
			 the applicant submits a written request outlining the circumstances for which
			 it needs an extension.
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.70 - Request for Tax Credit Certificate

Current through Register Vol. 48, No. 28, July 12, 2024
The applicant may request a tax credit certificate from the
				Department certifying the actual amount of the credit awarded to the applicant
				at any time following the completion of the accredited production, but in no
				event later than 2 years following the completion of the production. In a case
				in which a single application was filed for two or more productions, a single
				tax credit certificate may, at the request of the applicant, be issued for more
				than one production. The tax credit will be issued upon the Department's
				verification that all costs submitted qualify as the applicant's Illinois
				production spending and verification that the applicant has met or made
				good-faith efforts in achieving the goals of the diversity plan (see Section
				528.20) included with
				its application.
a) If an accredited
			 production is not completed prior to the close of the applicant's taxable year,
			 at the election of the applicant, a tax credit certificate dated as of the last
			 day of the taxable year may be used for:
1)
			 Illinois labor expenditures incurred during that taxable year or within 60 days
			 after the close of that taxable year; or
2) Illinois production spending (see Section
			 10 of the Act) incurred during that taxable year.
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.71 - Approval/Denial of Tax Credit Certificate Request

Current through Register Vol. 48, No. 28, July 12, 2024
a) When the applicant submits its request for
			 a tax credit certificate, the Department will review and verify the applicant's
			 final diversity hiring numbers for crew, vendors and talent to determine
			 whether it met the goals outlined in its diversity plan before issuing the tax
			 credit certificate.
b) In the event
			 the applicant fails to meet the goals of its diversity plan, the applicant must
			 then demonstrate it made good-faith efforts in attempting to achieve its
			 diversity goals in order for the tax credit certificate request to be approved.
			 Good-faith efforts that the Department will consider include, but are not
			 limited to, documentation demonstrating that the applicant communicated
			 (written correspondence, phone call, email, meetings) with minority, female,
			 and disabled vendors and applicable unions, as well as talent and workforce
			 agencies/entities. The applicant may also submit any other documentation
			 demonstrating its good-faith attempts to the Department for consideration. If
			 appropriate documentation is unavailable, then, within the Department's
			 discretion, the applicant may be permitted to submit an affidavit attesting to
			 its good-faith efforts.
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.75 - Amount and Duration of Tax Credit

Current through Register Vol. 48, No. 28, July 12, 2024
For accredited productions commencing on or after January 1,
				2009, eligible applicants will be awarded a credit equal to 30% of the Illinois
				production spending approved by the Department plus 15% of Illinois labor
				expenditures approved by the Department for employees who earn more than $1,000
				on the production and live in geographic areas of high poverty or high
				unemployment in Illinois. (Section 10 of the Act)
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.86 - Illinois Production Workforce Development Fund

Current through Register Vol. 48, No. 28, July 12, 2024
a)
The Illinois Production Workforce
			 Development Fund is created as a special fund in the State Treasury. Beginning
			 July 1, 2022, amounts paid to the Department of Commerce and Economic
			 Opportunity pursuant to Section 213 of the Illinois Income Tax Act shall be
			 deposited into the Fund. The Fund shall be used exclusively to provide grants
			 to community-based organizations, labor organizations, private and public
			 universities, community colleges, and other organizations and institutions that
			 may be deemed appropriate by the Department to administer workforce training
			 programs that support efforts to recruit, hire, promote, retain, develop, and
			 train a diverse and inclusive workforce in the film
			 industry.
b) Beginning
			 July 1, 2023 credits transferred under Section
			 528.85 are subject to a transfer
			 fee pursuant to 528.85(e)(2)
			 which shall be deposited into the Illinois Production Workforce Development
			 Fund.
c) The Department may request
			 that the State Comptroller and the State Treasurer advance amounts to the Fund
			 on an annual basis not to exceed $1,000,000 in any fiscal year. The Department
			 shall reimburse the fund from which the moneys are advanced in the same fiscal
			 year for any such advance payments via statutory transfer.
d)
Of the appropriated funds in a
			 given fiscal year, 50% of the appropriated funds shall be reserved for
			 organizations that meet one of the following criteria. The organization
			 is:
1)
a minority-owned
			 business, as defined by the Business Enterprise for Minorities, Women, and
			 Persons with Disabilities Act;
2)
located in an underserved area, as
			 defined by the Economic Development for a Growing Economy Tax Credit Act;
			 or
3)
on an annual
			 basis, training a cohort of program participants where at least 50% of the
			 program participants are either a minority person, as defined by the Business
			 Enterprise for Minorities, Women, and Persons with Disabilities Act, or reside
			 in an underserved area, as defined by the Economic Development for a Growing
			 Economy Tax Credit Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.100 - Books and Records

Current through Register Vol. 48, No. 28, July 12, 2024
The applicant must at all times keep proper books of record and
				accounts in accordance with generally accepted accounting principles
				consistently applied, with the books, records, or papers related to the
				accredited production in the custody or control of the taxpayer open for
				reasonable Department inspection and audits, and including, without limitation,
				the making of copies of the books, records, or papers, and the inspection or
				appraisal of any of the assets of the applicant or the accredited production.
				(Section 15(f) of the Act)
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.110 - Data for Reports to the General Assembly

Current through Register Vol. 48, No. 28, July 12, 2024
a) In determining whether the film tax credit
			 program is effective in creating jobs in Illinois, the Department is
			 responsible for determining the overall success of the program.
			 Correspondingly, on a quarterly basis, the Department is required to advise the
			 Illinois General Assembly of the film tax credit program's economic impact with
			 respect to the types of jobs created, the amount and type of expenditures made
			 in Illinois, and whether the human infrastructure of the motion picture
			 industry reflects the diversity of the State. Each report to the General
			 Assembly will provide an overall view of the Illinois film industry with
			 respect to the jobs created and expenditures made for the requisite quarter. In
			 order to satisfy this requirement, each applicant will be required to use its
			 best efforts in submitting information pertaining to the following.
1) Types of jobs created:
A) Number of entry level positions;
B) Number of management related
			 positions;
C) Number of talent
			 positions;
D) Number of production
			 staff and crew; and
E) Number of
			 vendor related positions.
Illinois Administrative Code › Title 14 - COMMERCE › Part 528 - ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM › Section 528.120 - Confidentiality of Documents and Data

Current through Register Vol. 48, No. 28, July 12, 2024
The Department will not permit public inspection or copying of
				any material that is or would be confidential under State law, specifically
				including the exemptions set forth in the Freedom of Information Act [5 ILCS
				140 ]. If an applicant submits information it considers to be of a confidential
				nature as part of its application or request for a tax credit certificate, such
				information shall be marked or labeled "CONFIDENTIAL" in capital letters. The
				applicant shall also submit a statement briefly setting forth the grounds on
				which the information should be treated as confidential. The Department, based
				on the propriety nature of the material and privacy of the applicant's
				confidential information, shall not disclose the materials to the
				public.
Illinois Administrative Code › Title 14 - COMMERCE › Part 529 - SMALL BUSINESS JOB CREATION TAX CREDIT ACT › Section 529.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The Department is charged with providing Tax Credit Awards to
				Illinois small businesses, in order to assist in the reversal of high
				unemployment and to help spur the economic recovery in Illinois. [35 ILCS 25/5
				]
Illinois Administrative Code › Title 14 - COMMERCE › Part 529 - SMALL BUSINESS JOB CREATION TAX CREDIT ACT › Section 529.30 - Maximum Amount of Available Credits

Current through Register Vol. 48, No. 28, July 12, 2024
The Department shall limit the monetary amount of credits
				awarded under the Act to no more than $50,000,000. If applications for a
				greater amount are received, credits shall be allowed on a first-come,
				first-served basis, based on the date on which each properly completed
				application for a certificate of eligibility is received by the Department. If
				more than one certificate of eligibility is received on the same day, the
				credits will be awarded based on the time of submission for that particular
				day. [35 ILCS
				25/30 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 529 - SMALL BUSINESS JOB CREATION TAX CREDIT ACT › Section 529.40 - Eligibility Determination

Current through Register Vol. 48, No. 28, July 12, 2024
a) In
			 order to qualify for credits under the Act, an applicant must adhere to the
			 requirements established by the Department. The Department shall require that
			 any application must be submitted via the Department's web-based application
			 process.
b) An applicant that has
			 hired a new employee during the incentive period may apply via the Department's
			 web-based application process for the credit with respect to that position on
			 or after the date of hire of the new employee. The date of hire shall be the
			 first day on which the employee begins providing services for basic wage
			 compensation.
c) An applicant may
			 apply for the credit for more than one new employee on or after the date of
			 hire of each qualifying new employee. [35 ILCS
			 25/20(b) ]
d) Although an application for a tax credit
			 certificate may be filed at any time after the conclusion of the 12-month
			 period after a new employee was hired, an application filed more than 90 days
			 after the earliest date on which it could have been filed shall not be awarded
			 any credit if, prior to the date it is filed, the Department has received
			 applications under this Section for credit totaling more than $50,000,000.
			 [35
			 ILCS 25/35(b) ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 529 - SMALL BUSINESS JOB CREATION TAX CREDIT ACT › Section 529.50 - Application Format

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 Department will provide interested applicants with information upon request.
			 Submittal of an application does not commit the Department to award assistance
			 or to pay any costs incurred by the applicant in the preparation of an
			 application.
b) All applications
			 shall be submitted electronically to the Department. The application shall at a
			 minimum include:
1) The name, address, email,
			 and telephone number of applicant; key contact and title; total number of new
			 employees to be hired; company Federal Employer Identification Number
			 (FEIN).
2) The employment start
			 date for the hired new employee and the title for the jobs created.
3) Any other provisions or information the
			 Department determines necessary to facilitate the Department's
			 evaluation.
Illinois Administrative Code › Title 14 - COMMERCE › Part 529 - SMALL BUSINESS JOB CREATION TAX CREDIT ACT › Section 529.60 - Application Review

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 Department shall accept applications during the incentive period and via the
procedures established by the Department.
b) After receipt of an application, the
			 Department shall issue a certificate of eligibility to the applicant stating:
1) The date and time on which the application
			 was received by the Department and an identifying number assigned to the
			 applicant.
2) The maximum amount of
			 the credit the applicant could potentially receive under the Act with respect
			 to the new employees listed on the application.
3) The maximum amount of the credit
			 potentially allowable on certificates of eligibility issued for applications
			 received prior to the application for which the certificate of eligibility is
			 issued.
Illinois Administrative Code › Title 14 - COMMERCE › Part 529 - SMALL BUSINESS JOB CREATION TAX CREDIT ACT › Section 529.70 - Application Approval/Denial

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Applicants shall be notified as to the Department's evaluation of all completed
			 applications. If the Department denies either the application for the
			 certificate of eligibility or the tax credit certificate, it will specify the
			 reasons for the denial.
b) For tax
			 years beginning on or after January 1, 2011, an applicant who has received a
			 certificate of eligibility under the Act and who has sustained the mandatory
			 employment figure is entitled to a tax credit certificate to be used against
			 the taxes imposed under Section 201(a) and (b) of the Illinois Income Tax Act
			 [35 ILCS 5/201(a) and
			 (b) ].
Illinois Administrative Code › Title 14 - COMMERCE › Part 529 - SMALL BUSINESS JOB CREATION TAX CREDIT ACT › Section 529.80 - Determination of Credit Amount

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 The Department shall determine the amount of credit awarded under the Act.
			 Subject to the conditions set forth in the Act, applicant is entitled to a
			 credit against payment of taxes withheld under Section 704A of the Illinois
			 Income Tax Act for calendar years ending on or after the date that is 12 months
			 after the date of hire of a new employee. The credit shall be allowed as a
			 credit to an applicant for each full-time employee hired during the incentive
			 period that results in a net increase in full-time Illinois employees, when the
			 net increase in the employer's full-time Illinois employees is maintained for
			 at least 12 months. [35 ILCS
			 25/25(a) ]
b) The Department shall make credit awards
			 under the Act to further job creation. [35 ILCS
			 25/25(b) ]
c) The credit shall be claimed for the first
			 calendar year ending on or after the date on which the certificate is issued by
			 the Department. [35 ILCS
			 25/25(c) ]
d) The total amount of the credit shall not
			 exceed $2,500 per new employee hired. [35 ILCS
			 25/25(d) ]
e) The net increase in full-time Illinois
			 employees, measured on an annual full-time equivalent basis, shall be the total
			 number of full-time Illinois employees of the applicant on June 30, 2011, minus
			 the number of full-time Illinois employees employed by the employer on July 1,
			 2010. For purposes of the calculation, an employer that begins doing business
			 in this State during the incentive period, as determined by the Director, shall
			 be treated as having zero Illinois employees on July 1, 2010. [35
			 ILCS 25/25(e) ]
f) The net increase in the number of
			 full-time Illinois employees of the applicant must be sustained continuously
			 for at least 12 months, starting with the date of hire of a new employee during
			 the incentive period. Eligibility for the credit does not depend on the
			 continuous employment of any particular individual. For purposes of this
			 subsection (f), if a new employee ceases to be employed before the completion
			 of the 12-month period for any reason, the net increase in the number of
			 full-time Illinois employees shall be treated as continuous if a different new
			 employee is hired as a replacement within a reasonable time for the same
			 position. [35 ILCS
			 25/25(f) ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 529 - SMALL BUSINESS JOB CREATION TAX CREDIT ACT › Section 529.90 - Applicant Responsibilities

Current through Register Vol. 48, No. 28, July 12, 2024
Each applicant who the Department determines qualifies for a
				credit agrees to the requisites of the Act. Requirements that the applicant
				must comply with include, but are not limited to, the following:
a) A requirement that the applicant retain
			 any new employee for the 12-month period after a new employee has been hired.
			 The applicant shall also provide the following:
1) The names, Social Security numbers, job
			 descriptions, salary or wage rates, and dates of hire of the new employees with
			 respect to whom the credit is being requested.
2) Certification that each new employee
			 listed has been retained on the job for one year from the date of
			 hire.
3) The number of new
			 employees hired by the applicant during the incentive period.
4) The net increase in the number of
			 full-time Illinois employees of the applicant (including the new employees
			 listed in the request) between the beginning of the incentive period and the
			 dates on which the new employees listed in the request were hired.
5) An acknowledgement that the Director is
			 authorized to verify with the appropriate State agencies the information
			 contained in the request before issuing a certificate to the applicant.
			 [35
			 ILCS 25/35 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 529 - SMALL BUSINESS JOB CREATION TAX CREDIT ACT › Section 529.100 - Tax Credit Certificate

Current through Register Vol. 48, No. 28, July 12, 2024
a) Upon
			 receipt of applicant verification that compliance was maintained in accordance
			 within Section
			 529.90,
			 the Department shall provide the applicant with a tax credit certificate. The
			 certificate shall include the following:
1)
			 The name and taxpayer identification number of the applicant.
2) The date on which the certificate is
			 issued.
3) The credit
			 amount.
4) Any other information
			 the Department determines to be appropriate. [35
			 ILCS 25/35 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 529 - SMALL BUSINESS JOB CREATION TAX CREDIT ACT › Section 529.110 - Noncompliance

Current through Register Vol. 48, No. 28, July 12, 2024
a) If the
			 Department determines that an applicant who has received a credit under the Act
			 is not complying with the requirements or provisions of the Act, the Director
			 shall provide notice to the applicant of the alleged noncompliance, and allow
			 the applicant 35 days to request a hearing under the provisions of the Illinois
			 Administrative Procedure Act [5 ILCS 100 ]. If, after notice and any hearing,
			 the Director determines that a noncompliance exists, the Director shall issue
			 to the Department of Revenue notice to that effect, stating the noncompliance
			 date for each credit claimed. Alleged noncompliance shall include:
1) Demonstration that the taxpayer failed
			 materially to comply with the Act.
2) Demonstration that the taxpayer failed to
			 retain any new employee hired or claimed to have been hired during the
			 incentive period.
Illinois Administrative Code › Title 14 - COMMERCE › Part 531 - ANGEL INVESTMENT CREDIT PROGRAM › Section 531.30 - Tax Credit Directives

Current through Register Vol. 48, No. 28, July 12, 2024
a)
For taxable years beginning after December 31, 2010 and ending on or
			 before December 31, 2021, subject to the limitations provided in the Act, a
			 claimant may claim, as a credit against the tax imposed under Section 201(a)
			 and (b) of the Act, an amount equal to 25% of the claimant's investment made
			 directly in a qualified new business venture. The credit under this Section may
			 not exceed the taxpayer's Illinois income tax liability for the taxable year.
			 If the amount of the credit exceeds the tax liability for the year, the excess
			 may be carried forward and applied to the tax liability of the 5 taxable years
			 following the excess credit year. The credit shall be applied to the earliest
			 year for which there is a tax liability. If there are credits from more than
			 one tax year that are available to offset a liability, the earlier credit shall
			 be applied first. In the case of a partnership or subchapter S corporation, the
			 credit is allowed to the partners or shareholders in accordance with the
			 determination of income and distributive share of income under sections 702 and
			 704 and subchapter S of the Internal Revenue Code
(
			 26 USC
			 702,
			 704
			 and subchapter S). [
			 35 ILCS
			 5/220(b) ]
b)
The minimum amount an applicant
			 must invest in any single qualified new business venture in order to be
			 eligible for a credit under the Act is $10,000. The maximum amount of an
			 applicant's total investment in any single qualified new business venture that
			 may be used as the basis for a credit under the Act is $2,000,000.
[
			 35 ILCS
			 5/220(c) ]
c)
The aggregate amount of the tax
			 credits that may be claimed under the Act for investments made in qualified new
			 business ventures shall be limited at $10,000,000 per calendar year, of which
			 $1,000,000 will be reserved
for certain qualified new business
			 ventures as set forth in Section 531.55. [
			 35 ILCS
			 5/220(f) ]
d)
A claimant may not sell or
			 otherwise transfer a credit award under the Act to another person or
			 entity.
[
			 35 ILCS
			 5/220(g) ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 531 - ANGEL INVESTMENT CREDIT PROGRAM › Section 531.40 - Application Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) In
			 order to qualify for a tax credit certificate under the Act, an applicant must
			 adhere to the requirements established by the Department. The Department will
			 provide interested applicants with information upon request. Submittal of a tax
			 credit claimant application does not commit the Department to award a tax
			 credit or to pay any costs incurred by the applicant in the preparation of an
			 application. Applications are valid only for the calendar year quarter in which
			 they are submitted to the Department.
b) All applications shall be submitted to the
			 Department. The application shall at a minimum include:
1) The name, address, email, and telephone
			 number of applicant; key contact and title; applicant Social Security Number or
			 Federal Employer Identification Number (FEIN);
2) The total amount of investment the
			 claimant has made in the qualified new business venture;
3) A complete copy of the agreement governing
			 the investment;
4) Proof, as
			 determined by the Department, that the investment has been made;
5) Any other provisions or information the
			 Department determines necessary to facilitate the Department's
			 evaluation.
Illinois Administrative Code › Title 14 - COMMERCE › Part 531 - ANGEL INVESTMENT CREDIT PROGRAM › Section 531.50 - Application Review and Approval

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 The Department shall accept applications after January 1, 2011 and via the
			 procedures established by the Department. Applications will be reviewed in
			 order received at the Department's Springfield office or electronically at
			 Angelinvestment@illinois.gov. Application tracking procedures shall be
			 determined and established at the discretion of the Department.
b)
After receipt of an application
			 and upon satisfactory review, the Department shall issue a tax credit
			 certificate stating the amount of the tax credit.
[
			 35 ILCS
			 5/220(d) ]
c)
On a form provided by the
			 Department, the claimant must annually report and certify that claimant's
			 investment has been made and remains in the qualified new business venture.
			 Upon satisfactory review, the Department shall annually certify that:
1)
each qualified new business
			 venture that receives an investment under this Section has maintained a minimum
			 employment threshold in the State (and continues to maintain a minimum
			 employment threshold in the State for a period of no less than 3 years from the
			 issue date of the last tax credit certificate issued by the Department with
			 respect to that business); and
2)
the claimant's investment has been
			 made and remains in the qualified new business venture for no less than 3
			 years, except in the event of a qualifying liquidity event.
[
			 35 ILCS
			 5/220(d) ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 531 - ANGEL INVESTMENT CREDIT PROGRAM › Section 531.55 - Allocation of Tax Credits

Current through Register Vol. 48, No. 28, July 12, 2024
a)
The
			 aggregate amount of the tax credits that may be claimed under
the
			 Angel Investment Credit Program
for investments made in qualified new
			 business ventures shall be limited at $10,000,000 per calendar year
. [
			 35 ILCS
			 5/220(f) ]
b) Of the $10,000,000 in tax credits that may
			 be claimed and allocated to applicants,
$500,000 shall be reserved for
			 investments made in qualified new business ventures that are "minority-owned
			 businesses", "
women-owned
businesses", or "businesses owned
			 by a person with a disability" (as those terms are used and defined in the
			 Business Enterprise for Minorities, Females, and Persons with Disabilities
			 Act
[
			 30
			 ILCS 575/2 ]),
and an additional $500,000
			 shall be reserved for investments made in qualified new business ventures with
			 their principal place of business in counties with a population of not more
			 than 250,000
. [
			 35 ILCS
			 5/220(f) ]
c)
The foregoing annual allowable
			 amounts shall be allocated by the Department, on a per calendar quarter basis
			 and prior to the commencement of each calendar year, in such proportion as
			 determined by the Department, provided that:
1)
the amount initially allocated by
			 the Department for any one calendar quarter shall not exceed
$3,500,000
; and
2)
any portion of the allocated allowable amount remaining unused as of
			 the end of any of the first 2 calendar quarters of a given calendar year shall
			 be rolled into, and added to, the total allocated amount for the next available
			 calendar quarter
. [
			 35 ILCS
			 5/220(f) ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 531 - ANGEL INVESTMENT CREDIT PROGRAM › Section 531.60 - Qualified New Business Registration Guidelines

Current through Register Vol. 48, No. 28, July 12, 2024
a)
A business desiring registration
			 shall submit an application to the Department in each taxable year for which
			 the business desires registration.
[
			 35 ILCS
			 5/220(e) ]
b)
The Department may register the
			 business only if the business satisfies all of the following
			 conditions:
1)
It has its
			 principal place of business in this State;
2)
At least 51% of the employees
			 employed by the business are employed in this State;
3)
It has the potential for
			 increasing jobs in this State, increasing capital investment in this State, or
			 both, as determined by the Department, and either of the following
			 apply:
A)
It is principally
			 engaged in innovation in any of the following: manufacturing; biotechnology;
			 nanotechnology; communications; agricultural sciences; clean energy creation or
			 storage technology; processing or assembling products, including medical
			 devices, pharmaceuticals, computer software, computer hardware, semiconductors,
			 other innovative technology products, or other products that are produced using
			 manufacturing methods that are enabled by applying proprietary technology; or
			 providing services that are enabled by applying proprietary technology;
			 or
B)
It is
			 undertaking pre-commercialization activity related to proprietary technology
			 that includes conducting research, developing a new product or business
			 process, or developing a service that is principally reliant on applying
			 proprietary technology;
4)
It is not principally engaged in
			 real estate development; insurance; banking; lending; lobbying; political
			 consulting; professional services provided by attorneys, accountants, business
			 consultants, physicians, or health care consultants; wholesale or retail trade;
			 leisure; hospitality; transportation; or construction, except construction of
			 power production plants that derive energy from a renewable energy resource, as
			 defined in Section 1 of the Illinois Power Agency Act
[ 20 ILCS 3855
			 ];
5)
It has fewer than 100
			 employees at initial time of registration;
6)
It has been in operation in
			 Illinois for not more than 10 consecutive years prior to beginning of the year
			 of certification;
7)
It has received not more than
:
A)
$10,000,000 in aggregate
			 investments; or
B)
$4,000,000 in investments that qualified for tax credits;
			 and
8)
It agrees to maintain a minimum employment threshold in the State of
			 Illinois for at least 3 years from the date of issuance of any tax credit
			 certificate issued to a claimant with respect to that business.
[
			 35 ILCS
			 5/220(e) ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 531 - ANGEL INVESTMENT CREDIT PROGRAM › Section 531.70 - Tax Credit Certificate

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Per the requirements of the Act and upon satisfactory compliance with
			 registration and reporting guidelines, the Department shall provide the
			 claimant with a tax credit certificate. The certificate shall include the
			 following:
1) The name and Social Security
			 Number or FEIN of the claimant;
2)
			 The date on which the certificate is issued;
3) The tax credit amount; and
4) Any other information the Department
			 determines to be appropriate.
Illinois Administrative Code › Title 14 - COMMERCE › Part 531 - ANGEL INVESTMENT CREDIT PROGRAM › Section 531.80 - Reporting and Tracking Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a)
On or before March 1 of each year, the Department shall report to the
			 Governor and to the General Assembly on the tax credit certificates awarded
			 under this Section for the prior calendar year.
[
			 35 ILCS
			 5/220(h) ]
b)
This report must include, for each
			 tax credit certificate awarded:
1)
The name of the claimant and the amount of credit awarded or allocated
			 to that claimant;
2)
The name and address of the qualified new business venture that
			 received the investment giving rise to the credit and the county in which the
			 qualified new business venture is located;
3)
The North American Industry
			 Classification System (NAICS) code applicable to that qualified new business
			 venture;
4)
The
			 number of employees of the qualified new business venture, and the locations of
			 their employment; and
5)
The date of approval by the Department of the applications for the tax
			 credit certificate.
[
			 35 ILCS
			 5/220(h)(1) ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 531 - ANGEL INVESTMENT CREDIT PROGRAM › Section 531.90 - Noncompliance

Current through Register Vol. 48, No. 28, July 12, 2024
a)
If the
			 Department determines that a claimant who has received a credit under the
			 Act
or a qualified new business venture that was the recipient of an
			 investment under the Act
is not complying with the requirements or
			 provisions of the Act, the claimant shall pay to the Department of Revenue, in
			 the manner prescribed by the Department of Revenue, the amount of the credit
			 that the claimant received related to the investment.
[
			 35 ILCS
			 5/220(d) ]
b) A qualified new business venture may be
			 found in noncompliance for:
1) Failing to
			 maintain the minimum employment threshold for at least through the date 3 years
			 from the issue date of the last tax credit certificate issued by the Department
			 with respect to the business;
2)
			 Failing to provide the Department or the Department of Revenue with information
			 and records necessary to verify compliance with the Act;
3) Failing to submit the report required by
			 Section 220(i) of the Act; or
4)
			 Otherwise not being in compliance with the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 532 - ILLINOIS LIVE THEATER PRODUCTION TAX CREDIT PROGRAM › Section 532.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The Department shall make live theater tax credit awards under
				the Live Theater Production Tax Credit Act for the purpose of preserving and
				expanding the existing work force in Illinois, supporting the live theater
				industry in Illinois, promoting tourism in Illinois and stimulating economic
				development in Illinois. Moreover, it shall be the policy of this State to
				promote and encourage the training and hiring of Illinois residents who
				represent the diversity of the Illinois population through the creation and
				implementation of training, education and recruitment programs organized in
				cooperation with Illinois colleges and universities, labor organizations and
				the commercial for-profit live theater industry. [35 ILCS
				17/10-5 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 532 - ILLINOIS LIVE THEATER PRODUCTION TAX CREDIT PROGRAM › Section 532.30 - Live Theater Tax Credit Directives

Current through Register Vol. 48, No. 28, July 12, 2024
a) For taxable years beginning on and after
			 January 1, 2012, subject to the limitations and requirements provided in the
			 Act, an applicant is entitled to a theater tax credit award as approved by the
			 Department for qualifying Illinois labor expenditures and Illinois production
			 spending for each tax year in which the applicant is awarded an accredited
			 theater production certificate issued by the Department. [35 ILCS
			 17/10-20 ]
b) In accordance with the purpose of the Act,
			 credits shall be awarded on a first-come, first-served basis as described in
			 Section
			 532.40(c).
			 [35 ILCS 17/10-20
			 ]
c) To accomplish the purposes of
			 the Act, the Department may use the training programs provided under Section
			 605-800 of the Department of Commerce and Economic Opportunity Law of the Civil
			 Administrative Code of Illinois [20 ILCS 605 ]. [35 ILCS
			 17/10-35 ]