Illinois Administrative Code › Title 14 - COMMERCE › Part 520 - ENTERPRISE ZONE AND HIGH IMPACT BUSINESS PROGRAMS › Subpart R - AIRCRAFT MAINTENANCE FACILITY SALES TAX EXEMPTION › Section 520.1830 - 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 520.1810 and 520.1820 and the
				applicant has submitted a spending plan and financial commitments for the
				proposed eligible investment. The applicant must have a legally binding
				agreement (see Section 520.1820(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 520.1820 and contain the same information
				as required by Section 520.1810.
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 520.1810 and 520.1820 shall be issued a
				Certificate of Eligibility for Exemption.
d) All certified businesses shall receive a
				10-year exemption from the tax imposed by Sections 1m and 1n of the Retailers'
				Occupation Tax Act [35 ILCS 120 ] on machinery and equipment used primarily to
				maintain, rebuild or repair aircraft used as rolling stock moving in interstate
				commerce for hire by the operator of the aircraft maintenance facility and all
				tangible personal property to be used or consumed, within an enterprise zone
				established pursuant to the Illinois Enterprise Zone Act, by any aircraft
				maintenance facility operator, directly in the process of maintaining,
				rebuilding or repairing aircraft, as provided in Sections 1n and 1o of the
				Retailers' Occupation Tax Act.
e)
				All certified businesses shall submit quarterly reports describing the progress
				made toward the creation of 5000 or more full-time equivalent jobs and the
				investment of $400,000,000 in qualified property at the aircraft maintenance
				facility.
f) At the expiration of
				the 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 5000
				or more full-time equivalent jobs and invested $400,000,000 in qualified
				property for an aircraft maintenance facility.
2) The business is located in a county with
				population not less than 150,000 and not more than 200,000 and that contained
				three enterprise zones as of December 31, 1990.
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 2014, 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 cannot
				exceed the life of the enterprise zone in which the business is
				located.