Illinois Administrative Code › Title 14 - COMMERCE › Part 520 - ENTERPRISE ZONE AND HIGH IMPACT BUSINESS PROGRAMS › Subpart F - HIGH IMPACT BUSINESSES IN ILLINOIS › Section 520.640 - Application Approval Process

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Application Submissions. Applications may be submitted to the Department at any
				time during the year.
b) Approvals
				and Denials. The Department shall approve or deny an application within 30
				days. If the Department denies the initial application, it will specify the
				reasons for the denial in writing and allow the applicant 30 days to amend and
				resubmit the application. Resubmitted applications will be approved or denied
				in writing within 30 days after receipt. In no event shall the review period
				last longer than 90 days. In the event of a complaint by the applicant, the
				Department will follow the procedures outlined in 56 Ill. Adm. Code 2605
				(Administrative Hearing Rules).
c)
				Notification of Designation. If the applicant is eligible, in accordance with
				Section
				520.620, the
				Department will notify the applicant in writing of designation as a High Impact
				Business and transmit a copy of the designation to the Illinois Department of
				Revenue.
d) Tax Credits and
				Exemptions (Investments). Applicants designated as High Impact Business
				pursuant to Section 5.5(a)(3)(A) of the Act shall qualify for the credits and
				exemptions described in the following Acts: Sections 9-222 and 9-222.1A of the
				Public Utilities Act [220 ILCS 5/9-222 and 9 -222.1A]; Section 201(h) of the
				Illinois Income Tax Act [35 ILCS
				5/201(h) ]; and Sections 1d, 1e, and
				5l of the Retailers' Occupation Tax Act [35 ILCS 120/1d, 1 e and 5l]; provided
				that the credits and exemptions described in these Acts shall not be authorized
				until the minimum investments have been placed in service in qualified
				properties, and in the case of the exemptions described in the Public Utilities
				Act and the Retailers' Occupation Tax Act, the minimum full-time equivalent
				jobs or full-time jobs shall have been created or retained.
e) Tax Credits and Exemptions (New Electric
				Generating Facility, New Coal Mine, and New Transmission Facility). Applicants
				designated as High Impact Businesses pursuant to Section 5.5(a)(3)(B),
				(a)(3)(C), and (a)(3)(D) of the Act shall qualify for the credits and
				exemptions described in the following Acts: Section 5l of the Retailers'
				Occupation Tax Act, Sections 9-222 and 9-222.1A of the Public Utilities Act,
				and Section 201(h) of the Illinois Income Tax Act, however, the credits and
				exemptions authorized under Sections 9-222 and 9-222.1A of the Public Utilities
				Act, and Section 201(h) of the Illinois Income Tax Act, shall not be authorized
				until the new electric generating facility, the new transmission facility, or
				the new, expanded, or reopened coal mine is operational; and except that a new
				electric generating facility whose primary fuel source is natural gas is
				eligible only for the exemption under Section 5l of the Retailers' Occupation
				Tax Act.
f) Tax Credits and
				Exemptions (New Wind Power Facility). Applicants designated as High Impact
				Businesses pursuant to Section 5.5(a)(3)(E) of the Act shall qualify for the
				exemptions described in Section 5l of the Retailers' Occupation Tax Act.
				[20 ILCS
				655/5.5 (b-6)]
g) Additional Tax Credits and Exemptions
				(Foreign Trade Zones and Sub-Zones). High Impact Businesses located in
				federally designated foreign trade zones or sub-zones are also eligible for
				additional credits, exemptions, and deductions as described in the following
				Acts: Section 9-221 of the Public Utilities Act; Sections 201(g) and 203 of the
				Illinois Income Tax Act; and Section 51 of the Retailers' Occupation Tax
				Act.
h) Duty to Notify of
				Investments. Prior to authorization for the credits and exemptions described in
				Section 9-222 of the Public Utilities Act and Section 1d of the Retailers'
				Occupation Tax Act, businesses shall notify the Department, on forms provided
				by the Department, when the minimum eligible investment has been placed in
				service in qualified property and the minimum full-time equivalent or full-time
				jobs have been created or retained.