Illinois Administrative Code › Title 14 - COMMERCE › Part 520 - ENTERPRISE ZONE AND HIGH IMPACT BUSINESS PROGRAMS › Subpart Q - AIRCRAFT SUPPORT CENTER SALES TAX EXEMPTION › Section 520.1730 - Application and Approval Process

Current through Register Vol. 48, No. 28, July 12, 2024
a) Upon receipt of a complete application,
				the Department shall approve or deny the application in writing within 60 days
				after receipt. The application shall be approved if it meets the requirements
				of Sections
				520.1710 and
				520.1720 and
				the applicant has submitted a spending plan and financial commitments for the
				proposed eligible investment. The applicant must have a Legally Binding
				Agreement as contained in Section
				520.1720(d)
				that obligates the business to place in service the eligible investments within
				three years after the date of certification. If the business fails to meet any
				of the conditions of the agreement, including, but not limited to, failure to
				place in service the eligible investments in qualified property within three
				years after the date of certification, the business may be decertified for the
				tax exemption and required to repay the exempted taxes. Should the business
				place in service eligible investments subsequent to decertification, the
				business may reapply to the Department for recertification. However, this
				reapplication must utilize the procedures set forth in Section
				520.1720 and
				contain the same information as required pursuant to Section
				520.1710.
b) When the Department
				denies an application, it shall specify in writing the reasons for denial and
				allow the applicant 15 days from the date of application denial to amend and
				resubmit the application. Resubmitted applications shall be approved or denied
				within 30 days after receipt.
c)
				Applicants determined eligible by the Department in accordance with Sections
				520.1710 and
				520.1720
				shall be issued a Certificate of Eligibility for Exemption.
d) All certified businesses shall receive a
				10-year exemption from the tax imposed by Section 1o of the Retailers'
				Occupation Tax Act [35 ILCS
				120/1o ] on purchases of jet fuel and petroleum
				products used or consumed by any aircraft support center directly in the
				process of maintaining, rebuilding, or repairing aircraft, as provided in
				Section 1o of the Retailers' Occupation Tax Act.
e) All certified businesses shall submit
				quarterly reports describing the progress made toward the creation of 750 or
				more full-time equivalent jobs and the investment of $30,000,000 in qualified
				property at the aircraft support center.
f) At the expiration of this initial 10-year
				period, certified businesses may apply to the Department for a renewal of the
				exemption for an additional 10-year time period. The Department shall grant an
				exemption to a certified business for an additional 10-year period, provided
				that, at the time of application for renewal:
1) The business has created a minimum of 750
				or more full-time equivalent jobs and the investment of $30,000,000 in
				qualified property for an aircraft support center in Illinois.
2) The business is located at a joint use
				military and civilian airport at a federal Air Force Base.
3) The business provides an audited financial
				statement, including balance sheets and income statements, audited according to
				generally accepted auditing standards by a public accountant certified in the
				State of Illinois as contained in the publication entitled AICPA Professional
				Standards, American Institute of Certified Public Accountants, 1211 Avenue of
				the Americas, New York NY 10036-8775 (June 2011, no later editions are
				incorporated). In addition, the firm's chief financial officer shall attest in
				writing that the firm is not aware of a condition or occurrence that would
				result in bankruptcy or closure.
4)
				The total period of the exemption from the taxes imposed under the Act shall
				not exceed 20 years.