reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 14 - COMMERCE › Part 523 - INTERMODAL FACILITIES PROMOTION PROGRAM › Section 523.70 - Agreements with Applicants

Current through Register Vol. 48, No. 28, July 12, 2024
The Department shall enter into an agreement with an eligible
				developer who is entitled to grants under the Act. The agreement must include
				all of the following:
a) A detailed
			 description of the project that is the subject of the agreement, including the
			 location of the project, the number of jobs created by the project, and project
			 costs.
b) A requirement that the
			 eligible developer shall maintain operations at the project location for 10
			 years from the start date of the agreement.
c) A specific method for determining the
			 number of new employees attributable to the project.
d) A requirement that the eligible developer
			 shall report on a quarter annual basis to the Department and the Department of
			 Revenue the number of new employees and the incremental income tax withheld in
			 connection with the new employees.
e) A provision authorizing the Department to
			 verify with the Department of Revenue the amounts reported under subsection
			 (d).
f) A provision authorizing the
			 Department of Revenue to audit the information reported under subsection (d).
			 [30 ILCS
			 743/30 ]
g) A provision that the Department shall
			 provide reimbursement by means of one or more grants that shall be issued each
			 State fiscal year, subject to sufficient appropriation by the General Assembly
			 and sufficient funds in the Intermodal Facilities Promotion Fund, by the
			 Department through State fiscal year 2016, or until the eligible developer's
			 eligible project costs are reimbursed, whichever occurs first.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart A - RIVER EDGE REDEVELOPMENT ZONES IN ILLINOIS › Section 524.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
Identify and initiate 3 pilot River Edge Redevelopment Zones
				  to stimulate the safe and cost-effective re-use of environmentally-challenged
				  properties adjacent to or surrounding rivers by means of tax incentives or
				  grants.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart B - APPLICATION FOR CERTIFICATION › Section 524.110 - Eligible Applicants

Current through Register Vol. 48, No. 28, July 12, 2024
A municipality that has environmentally challenged land
				  within 1,500 yards of a riverfront in the State of Illinois may apply to the
				  Department of Commerce and Economic Opportunity for certification of as a River
				  Edge Redevelopment Zone, in accordance with the requirements set forth in
				  Section 5 of the Act and this Part.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart B - APPLICATION FOR CERTIFICATION › Section 524.120 - Eligibility Criteria

Current through Register Vol. 48, No. 28, July 12, 2024
a) The area
				is contiguous and either adjacent to or surrounding a river [65 ILCS
				115/10-4(1) ];
b) For purposes of calculating total area,
				the minimum is one-half square mile and the maximum is 12 square miles,
				exclusive of lakes and waterways [65 ILCS
				115/10-4(2) ];
c) The area is entirely within one of the
				Citiesof Aurora, East St. Louis, Elgin, Peoria, or Rockford and has at least
				100 acres of environmentally challenged land within 1,500 yards of the
				riverfront [65 ILCS
				115/10-4(4), 10 -4(5) and 10-5.3(d)];
				and
d) The area is not located
				within the boundaries of an existing Illinois Enterprise Zone.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart B - APPLICATION FOR CERTIFICATION › Section 524.130 - Form of Application

Current through Register Vol. 48, No. 28, July 12, 2024
An application shall be submitted on the standard application
				  form provided by the Department. An application shall include:
a) Eligibility Criteria. Information that the
				necessary eligibility criteria, as specified in Section
				524.120,
				have been met;
b) Characteristics
				of the Zone. Information on the following physical,
economic and social characteristics of the zone:
1) Master Plan. A specific plan that sets
				forth the effect of economic growth and expansion;
2) Map of Zone. A map of the Redevelopment
				Zone that contains a precise description of the area comprising the zone,
				either in the form of a legal description or by reference to roadways, lakes
				and waterways, and municipal boundaries, along with geospatial data in the form
				of an ESRI ARCGIS Shape file;
3)
				Qualification Issue. An analysis and appropriate supporting documents
				demonstrating that the proposed area is qualified under Section 10-4 of the
				Act;
4) Duration of or Term of the
				River Edge Redevelopment Zone;
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart B - APPLICATION FOR CERTIFICATION › Section 524.140 - Application Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
All applications must be considered and acted upon by the
				  Department no later than 180 days after being received by the
				  Department.
a) Upon receipt of the
				application, the Department shall review the application to determine whether
				the designated area qualifies as a River Edge Redevelopment Zone under Section
				10-4 of the Act;
b) If an area is
				found to be qualified, the Department shall:
1) Publish a notice in at least one newspaper
				of general circulation within the municipality to notify the general public of
				the application and the opportunity to comment. The notice shall:
A) include a description of the
				area;
B) include a brief summary of
				the application, indicating locations where the applicant has copies for public
				inspection;
C) indicate appropriate
				procedures for filing with the Department written comments from zone residents,
				business, civic and other organizations, and property owners;
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart B - APPLICATION FOR CERTIFICATION › Section 524.150 - Application Evaluation and Ranking

Current through Register Vol. 48, No. 28, July 12, 2024
a) Ranking Applications. Consistent with
				Section 10-4 of the Act regarding
approval and certification of a River Edge Redevelopment
				  Zone, the Department shall give preference to those areas:
1) with high levels of environmentally
				challenged areas;
2) that have
				evidenced the widest support from the municipality;
3) for which a specific plan has been
				submitted to effect economic growth and expansion;
4) for which there is evidence of prior
				consultation between the municipality and business, labor, and neighborhood
				organizations within the proposed zone;
5) for which a specific plan has been
				submitted that will or may be expected to benefit zone residents and workers by
				increasing their ownership opportunities and participation in River Edge
				Redevelopment Zone developments.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart B - APPLICATION FOR CERTIFICATION › Section 524.160 - Certification

Current through Register Vol. 48, No. 28, July 12, 2024
Approval of designated River Edge Redevelopment Zones shall
				  be effectuated by the Department by certification of the designating
				  ordinance.
a) The Department shall
				promptly issue a certificate for each approved zone. The certificate shall:
1) be signed by the Director of the
				Department;
2) make specific
				reference to the designating ordinance, which shall be attached to the
				certificate;
3) be filed in the
				Office of the Secretary of State Index Department; and
4) be recorded in the office of the recorder
				of deeds in the county in which the River Edge Redevelopment Zone
				lies.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart C - AMENDMENT AND DECERTIFICATION › Section 524.210 - Application to Amend an Ordinance

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Amending an Ordinance. An application for amending an approved ordinance that
				creates a River Edge Redevelopment Zone shall follow the conditions set forth
				in Section 10-5.4 of the Act. An amendment to an ordinance is not effective
				unless and until the Department approves the application and the amending
				ordinance and files an amended certificate and the designating ordinance with
				the Secretary of State and the county recorder of deeds, as provided in Section
				10-5.3 of the Act.
b) Standardized
				Application. The Department shall furnish upon request standardized application
				forms to a municipality that seeks to amend a certified designating
				ordinance.
c) Including Additional
				Territory of the Municipality. An application for amending an approved
				ordinance to include additional territory of the municipality, certified by the
				chief elected official of the designating municipality, shall contain all other
				information required under Section 10-5.1 of the Act and Section
				524.130 of
				this Part. The application shall also demonstrate that the proposed additional
				territory meets the eligibility criteria set forth in Section
				524.120(d)
				of this Part and Section 10-4 of the Act. Applications shall be submitted to
				the Department, which shall approve or deny the application in writing within
				90 days after receipt. The application will be approved if it meets the
				requirements of this subsection (c) and Section 10-5.4 of the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart C - AMENDMENT AND DECERTIFICATION › Section 524.220 - Application to Change Boundaries

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Eligibility Criteria for Proposed Additions. The boundaries of an approved
				River Edge Redevelopment Zone may be amended to add areas on forms provided by
				the Department. An area is eligible if it meets the qualifications described in
				Section 10-4 of the Act and the application to amend the River Edge
				Redevelopment Zone ordinance provides analyses and documentation that the area
				being added is environmentally challenged.
b) Eligibility Criteria for Proposed
				Deletions. The boundaries of an approved River Edge Redevelopment Zone may be
				amended, on forms provided by the Department, to delete areas. An area is
				eligible if it meets the qualifications described in Section 10-4 of the Act
				and the application to amend the ordinance provides analyses and documentation
				that the area is an area in which the local objective for redevelopment of the
				zone has been accomplished.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart C - AMENDMENT AND DECERTIFICATION › Section 524.230 - Application to Change Incentives, Alter Termination Date, and Make Technical Corrections

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Application to Expand, Limit, or Repeal Incentives
1) Changing Incentives. An applicant shall
				apply on forms provided by the Department to expand, limit, or repeal the
				incentives provided in the ordinance and shall comply with the procedures
				described in Section 10-5.4 of the Act.
2) Continuation of Incentives. Section
				10-5.4(e) and (f) of the Act provide that all incentives and benefits
				previously offered shall continue for the original term of the zone for three
				groups:
A) Businesses in the River Edge
				Redevelopment Zone that are receiving benefits or incentives in the zone on the
				effective date of the amending ordinance;
B) Businesses in the zone or expansions that
				are proposed or under development on the effective date of the amending
				ordinance, if the business demonstrates that:
i) The proposed business development or
				expansion has been committed to locating or expanding in the zone;
ii) Substantial and binding financial
				obligations have been made towards the development of the River Edge
				Redevelopment; and
iii) Commitments
				have been made in reasonable reliance on the benefits and programs that were to
				have been applicable to the River Edge Redevelopment by reason of the zone,
				including, in the case of reduction in the term of a zone, the original term of
				the zone.
3)
				Local Government Duties. With respect to businesses that are already receiving
				River Edge Redevelopment Zone benefits, the local government has the
				responsibility to attempt to inform eligible businesses through public notice
				or mailings and to take administrative steps necessary to assure
				compliance.
4) Evidence of
				Financial Commitment. Evidence of commitment under subsection (a)(2)(B)(ii)
				shall include, but not be limited to: internal memoranda; purchase orders;
				construction plans and schematics; evidence of financial commitment from
				financial institutions and/or State, local or federal governments, and written
				contracts. Proposed business locations or expansions shall also demonstrate
				reliance on River Edge Redevelopment Zone benefits by applying for the
				incentives.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart C - AMENDMENT AND DECERTIFICATION › Section 524.240 - Decertification

Current through Register Vol. 48, No. 28, July 12, 2024
a) In accordance
				with Section 10-5.4 of the Act, a River Edge Redevelopment Zone may be
				decertified in two ways:
1) Joint Action. By
				joint action of the Department and the designating municipality in accordance
				with Section 10-5.4(c) of the Act; or
2) For Cause. For cause by the Department in
				accordance with Section 10-5.4(d) of the Act. Cause for decertification shall
				be defined as the designating unit of government's failure to implement the
				River Edge Redevelopment Zone program, which can be evidenced by: the lack of
				an economic development strategy (no clearly defined objectives or course of
				action for improving zone performance); the failure to implement a business
				retention and expansion plan (little or no contact with zone businesses, or
				zone benefits not explained or publicized to businesses); and the failure to
				implement incentives uniformly throughout the River Edge Redevelopment Zone as
				described in Section
				524.120(d).
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart C - AMENDMENT AND DECERTIFICATION › Section 524.250 - Adoption of Tax Increment Financing

Current through Register Vol. 48, No. 28, July 12, 2024
If a redevelopment project area is, will be, or has been
				  created by a municipality under Division 74.4 of Article 11 of the Illinois
				  Municipal Code [65 ILCS 5 ], the redevelopment project contains property that
				  is located in a River Edge Redevelopment Zone, the municipality adopts an
				  amendment to the River Edge Redevelopment Zone designating ordinance pursuant
				  to Section 10-5.4 of the Act concerning the abatement of taxes on property
				  located within a redevelopment project area created pursuant to Division 74.4
				  of Article 11 of the Illinois Municipal Code, and the Department certifies the
				  ordinance amendment, then the property that is located in both the River Edge
				  Redevelopment Zone and redevelopment project area shall not be eligible for the
				  abatement of taxes under Section 18-170 of the Property Tax Code [35
				  ILCS 200/18-170 ].
a) No business enterprise or expansion or
				individual that has constructed a new improvement or renovated or rehabilitated
				an existing improvement and has received an abatement on the improvement under
				Section 18-170 of the Property Tax Code shall be denied any benefit previously
				extended within the zone pursuant to the Act or any other Illinois law
				providing benefits specifically to or within the River Edge Redevelopment
				Zone.
b) Procedure
1) Within 30 days after adoption of an
				amendment to the designating ordinance, a business enterprise or individual may
				present evidence to the municipality supporting the requirements of subsections
				(b)(1)(A)-(C). Within 30 days after receipt of the evidence, the municipal
				authorities shall determine that, before the date of the notice of the public
				hearing provided by the municipality regarding the amendment to the designating
				ordinance, the business or individual met the following qualifications:
A) The business enterprise or expansion or
				individual was committed to locate within the River Edge Redevelopment
				Zone;
B) Substantial and binding
				financial obligations were made towards the development of the enterprise;
				and
C) The commitments in
				subsections (b)(1)(A) and (B) were made in reasonable reliance on the benefits
				and programs that were applicable to the enterprise or individual by reason of
				the River Edge Redevelopment Zone.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart D - LOCAL RESPONSIBILITIES › Section 524.310 - Zone Administration

Current through Register Vol. 48, No. 28, July 12, 2024
The administration of a River Edge Redevelopment Zone shall
				  be under the jurisdiction of the designating municipality. Each designating
				  municipality shall, by ordinance, designate a Zone Administrator for the
				  certified zone within its jurisdiction. A Zone Administrator must be an officer
				  or employee of the municipality. The Zone Administrator shall be the liaison to
				  the designating municipality, the Department, and any Designated Zone
				  Organizations within zones under his or her jurisdiction.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart D - LOCAL RESPONSIBILITIES › Section 524.320 - Business Cessation Notification

Current through Register Vol. 48, No. 28, July 12, 2024
a) Notification of Business Cessation.
				Section 10-9 of the Act requires a business located within a River Edge
				Redevelopment Zone that has received tax credits or exemptions, regulatory
				relief, or any other benefits under the Act to notify the Department and the
				officials of the county and municipality in which the business is located
				within 60 days after cessation of business operations. For purposes of this
				Section, business cessation shall mean the business has:
1) closed and is not conducting business in
				any capacity within the boundaries of the River Edge Redevelopment
				Zone;
2) relocated its operations
				in whole to another area outside the boundaries of the River Edge Redevelopment
				Zone; or
3) been acquired or
				assumed (existing business or assets) by another entity.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart E - DESIGNATED ZONE ORGANIZATIONS › Section 524.410 - General

Current through Register Vol. 48, No. 28, July 12, 2024
A designating municipality may designate one or more
				  Designated Zone Organizations qualified under Section 10-3(d) of the Act to
				  perform within the area or zone for the benefit of the residents and businesses
				  in the zone. The Department shall furnish a standard application to an entity
				  or association seeking certification as a Designated Zone Organization (DZO).
				  No organization shall be considered a DZO unless and until the Department
				  verifies eligibility in accordance with Section 10-3(d) of the Act, and the
				  organization is authorized by local ordinance to function as a DZO. Once
				  certified, the DZO may provide services or perform functions in coordination
				  with the municipality that is listed in Section 10-8 of the
				  Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart E - DESIGNATED ZONE ORGANIZATIONS › Section 524.420 - Project Eligibility and Approval

Current through Register Vol. 48, No. 28, July 12, 2024
A business entity may receive a deduction against income
				  subject to State taxes for a contribution to a DZO if the project for which the
				  contribution is made has been specifically approved by the designating
				  municipality and by the Department. Any DZO seeking to have a project approved
				  for contribution must submit an application to the Department describing the
				  nature and benefit of the project and its potential contributors.
a) Standard Applications. The Department
				shall provide a standard application to any DZO seeking to qualify a project
				for contributions eligible for tax deductions in accordance with Section 10-10
				of the Act. Applications shall be processed in accordance with Section 10-10(e)
				of the Act.
b) Project Approval
				Period. Applications shall be approved for a period of one project fiscal year.
				Continuation of project approval and eligibility for contributions in future
				years shall require a new application and current documentation, including:
1) A project balance sheet showing assets and
				liabilities, in accordance with the most recent accounting standards of the
				Financial Standards Board of the American Institute of Certified Public
				Accountants as contained in the publication entitled AICPA Professional
				Standards, American Institute of Certified Public Accountants, Harborside
				Financial Center, 201 Plaza 3, Jersey City, New Jersey 07311 (June 2001, no
				later editions are incorporated);
2) A project budget; and
3) Information regarding the extent to which
				project objectives have been accomplished.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart E - DESIGNATED ZONE ORGANIZATIONS › Section 524.430 - Charitable Contributions

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Amount of Contributions. The Department is authorized under Section 10-10(d) of
				the Act to specify the amount of contributions a DZO is eligible to receive for
				a project. The Department will deny amounts requested if:
1) The amount requested or the items sought
				are excessive or inappropriate to the project goals and objectives;
				or
2) Approval of the project
				would, in total, with all other project amounts approved in any calendar year,
				exceed the contribution limitation set or established in Section 10-10(g) of
				the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart F - TAX INCENTIVES › Section 524.510 - List of Available Tax Incentives

Current through Register Vol. 48, No. 28, July 12, 2024
Several tax incentives are available to businesses in a River
				  Edge Redevelopment Zone:
a) Investment
				Tax Credit found in the Illinois Income Tax Act (IITA) [35
				ILCS 5/201(e) and (f) ];
b) Environmental Remediation Tax Credit found
				in the Illinois Income Tax Act [35 ILCS 35/201(h)(1)(n) ];
c) Dividend Income Deduction found in the
				Illinois Income Tax Act [35
				ILCS 5/203(a)(2)(J), (b)(2)(K), (c)(2)(M) and
				(d)(2)(K) ];
d) Interest Income Deduction found in the
				IITA [35
				ILCS 5/203(b)(2)(M) ];
e) Building Material Sales Tax Exemption
				found in the Retailers' Occupation Tax Act [35
				ILCS 120/2-54 ]; and
f) River Edge construction jobs tax credit
				found in the Illinois Income Tax Act [35
				ILCS 5/221 (a-2)].
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart F - TAX INCENTIVES › Section 524.520 - Investment Tax Credit

Current through Register Vol. 48, No. 28, July 12, 2024
The Investment Tax Credit found in the Illinois Income Tax
				  Act [35 ILCS 5/201(e) and
				  (f) ] provides for a 0.5 % credit against the
				  State income tax for investment made in qualified property that is placed in
				  service in a River Edge Redevelopment Zone [35 ILCS
				  5/201(e) and (f) ]. The credit shall
				  be 0.5% of the basis for such property. The specific terms and conditions
				  governing this tax credit are found in the Illinois Department of Revenue's
				  regulations (86 Ill. Adm. Code
				  100.2110
				  and
				  100.2130
				  ).
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart F - TAX INCENTIVES › Section 524.530 - River Edge Construction Jobs Tax Credit

Current through Register Vol. 48, No. 28, July 12, 2024
a)
A business entity may receive a
				tax credit against the tax imposed under
IITA Section 201(a) and (b)
in an amount equal to 50% (or 75% if the project is located in an
				underserved area) of the amount of the incremental income tax attributable to
				River Edge construction jobs employees employed in the course of completing a
				River Edge construction jobs project. The credit allowed under
Section
				10-10.3 of the Act
shall apply only to taxpayers that make a capital
				investment of at least $1,000,000 in a qualified rehabilitation plan.
[65 ILCS
				115/10-10.3(a)] The Department will announce on its
				website funding availability and any relevant information regarding the
				application. The amount of funding available will not exceed the total
				aggregate amount of credits that can be possibly awarded under the Blue Collar
				Jobs Act, which shall not exceed $20,000,000 in any fiscal year. [65 ILCS
				115/10-10.3(g)] The credit may not reduce the
				taxpayer's liability to less than zero. If the amount of the credit exceeds the
				taxpayer's liability, the excess may be carried forward and applied to the tax
				liability of the 5 taxable years following the excess credit year.
				[35
				ILCS 5/221 (a-2)]
b) To qualify for a tax credit allowed under
				this Section, an applicant must adhere to the requirements established by the
				Department in this Part. 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. An
				application shall be submitted to the Department on a standard application form
				provided by the Department. An application shall, at a minimum, include:
1) The name, address, email, and telephone
				number of applicants; key contact and title; applicant Social Security Number
				or Federal Employer Identification Number (FEIN);
2) The total amount of investment the
				applicant has made in the River Edge construction jobs project;
3) The nature and the benefit of the River
				Edge construction jobs project to the qualified rehabilitation project and the
				certified River Edge Redevelopment Zone; and
4) Any other information the Department
				determines necessary to facilitate the Department's evaluation.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart F - TAX INCENTIVES › Section 524.540 - Environmental Remediation Tax Credit

Current through Register Vol. 48, No. 28, July 12, 2024
The River Edge Redevelopment Zone Site Environmental
				  Remediation Tax Credit found in the Illinois Income Tax Act [35 ILCS
				  5/201(n) ] allows a taxpayer a credit
				  against the tax imposed by subsections (a) and (b) for certain amounts paid for
				  unreimbursed eligible remediation costs that were paid in performing
				  remediation at a site within a River Edge Redevelopment Zone for which a No
				  Further Remediation Letter was issued and recorded under Section 58.10 of the
				  Environmental Protection Act [415
				  ILCS 5/58.10 ].
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart F - TAX INCENTIVES › Section 524.550 - Dividend Income Deduction

Current through Register Vol. 48, No. 28, July 12, 2024
The Dividend Income Deduction found in the Illinois Income
				  Tax Act [35 ILCS 5/20(a)(2)(J), (b)(2)(K), (c)(2)(M) and (d)(2)(k) ] provides
				  that taxpayers may deduct from their taxable income an amount equal to those
				  dividends that were paid to them by a corporation that conducts substantially
				  all of its operations in a River Edge Redevelopment Zone. The terms and
				  conditions governing this tax deduction are found in the Illinois Department of
				  Revenue's regulations (86 Ill. Adm. Code 2480).
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart F - TAX INCENTIVES › Section 524.560 - Interest Income Deduction

Current through Register Vol. 48, No. 28, July 12, 2024
The Interest Income Deduction for Financial Institutions
				  found in the Illinois Income Tax Act [35
				  ILCS 5/203(b)(2)(M) and (M-1)] allows
				  any taxpayer that is a financial organization within the meaning of Section
				  304(c) of the Illinois Income Tax Act to deduct from its Illinois corporate
				  income tax return an amount equal to the interest received from a loan for
				  development in a River Edge Redevelopment Zone (see
				  35 ILCS
				  5/203(b)(2)(M) ). The specific terms
				  and conditions governing this tax deduction are found in the Illinois
				  Department of Revenue's regulations (86 Ill. Adm. Code
				  100.2110
				  ).
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart F - TAX INCENTIVES › Section 524.570 - Building Materials Sales Tax Exemption

Current through Register Vol. 48, No. 28, July 12, 2024
The Building Materials Sales Tax Exemption found in the
				  Retailers' Occupation Tax Act [35
				  ILCS 120/2-54 ] allows each retailer in Illinois who
				  makes a sale of building materials to be incorporated into real estate in a
				  River Edge Redevelopment to deduct the receipts from such sales when
				  calculating the tax imposed by the Retailers' Occupation Tax
				  Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart G - RIVER EDGE REDEVELOPMENT GRANT PROGRAM › Section 524.610 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
Through the River Edge Redevelopment Zone Grant Program, the
				  Department of Commerce and Economic Opportunity will provide grants to business
				  organizations, local governments and not-for-profit agencies for the purpose of
				  redevelopment within designated River Edge Redevelopment
				  Zones.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart G - RIVER EDGE REDEVELOPMENT GRANT PROGRAM › Section 524.620 - Application Cycle

Current through Register Vol. 48, No. 28, July 12, 2024
The Department will supply interested qualified applicants
				  with an application upon request. Applications under this program will be
				  accepted on an ongoing basis until funds are exhausted.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart G - RIVER EDGE REDEVELOPMENT GRANT PROGRAM › Section 524.630 - Eligible Program Costs

Current through Register Vol. 48, No. 28, July 12, 2024
Bondable capital improvements shall be eligible for
				  reimbursement with grant proceeds when the improvements are necessitated by a
				  redevelopment project within the zone.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart G - RIVER EDGE REDEVELOPMENT GRANT PROGRAM › Section 524.640 - Grant Application

Current through Register Vol. 48, No. 28, July 12, 2024
Applications for grants must include the following
				  documentation:
a) Project Summary. A
				brief statement and description of the project for which funds are being
				sought.
b) Evidence of Need. A
				description of the conditions of the zone requiring action, such as absence of
				necessary infrastructure to support economic growth.
c) Background of Applicant. A brief
				discussion of the applicant's organization, purpose, history and capabilities
				to carry out the proposed project.
d) Project Description. A description of the
				proposed redevelopment project for which the grant would be used, including a
				project work statement detailing project objectives, work activities and
				deadlines as well as identification of the individuals or groups responsible
				for carrying out the project.
e)
				Project Results. Identification of the anticipated results of the proposed
				project in terms such as economic diversification, potential for creation or
				retention of jobs, or other public benefits.
f) Project Management. Identification and
				information on the staff and/or consultants to be involved in the proposed
				project, including qualifications and functional responsibilities.
g) Financial Statements. If necessary,
				financial statements of the applicant.
h) Coordination. Description of any
				cooperative working relationships that are or will be developed with other
				organizations involved in similar or related activities, and the relationship
				of the project to existing local, regional or State economic development
				plans.
i) Budget. A project budget
				by cost categories, including monthly projections of fund requirements, as
				required in the Department's application package.
Illinois Administrative Code › Title 14 - COMMERCE › Part 524 - RIVER EDGE REDEVELOPMENT ZONE PROGRAM › Subpart G - RIVER EDGE REDEVELOPMENT GRANT PROGRAM › Section 524.650 - Review of Grant Applications

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Application Screening. The Department shall screen all grant applications to
				determine that all elements of the application package have been addressed.
				Applicants will be notified of deficiencies in applications and given the
				opportunity to correct those deficiencies. Complete applications will be
				reviewed and evaluated by Department staff in accordance with the criteria
				listed in subsections (b) through (f) of this Section. This review and
				evaluation process will be completed within 45 working days after the due date
				for applications.
b) Basic
				Eligibility Evaluation. Each grant application will be reviewed to assure
				compliance with the Act and this Part.
c) Evidence of Need
1) The applicant must document need for the
				proposed redevelopment project. For example, the applicant may show need based
				on absence of infrastructure, potential opportunity for economic benefit,
				etc.
2) The applicant must provide
				proof of the project's inability to acquire financing in an amount adequate to
				complete the project, such as a letter of partial funding or indication that
				other program funding has been considered.
Illinois Administrative Code › Title 14 - COMMERCE › Part 527 - ECONOMIC DEVELOPMENT FOR A GROWING ECONOMY PROGRAM (EDGE) › Section 527.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The Department shall make Credit awards under the Act to foster
				job creation and retention in Illinois. [35 ILCS
				10/5-15(a)(1) ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 527 - ECONOMIC DEVELOPMENT FOR A GROWING ECONOMY PROGRAM (EDGE) › Section 527.30 - Eligibility Determination

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any
Taxpayer that is engaged in interstate or intrastate commerce for the
			 purpose of manufacturing, processing, assembling, warehousing, or distributing
			 products, conducting research and development, providing tourism services, or
			 providing services in interstate commerce, office industries, or agricultural
			 processing, but excluding retail, retail food, health, or professional
			 services
is an eligible business. [35 ILCS
			 10/5-5 ]
b) A Taxpayer who is operating an eligible
			 business that is located, or plans to be located, in the State of Illinois may
			 be an "Applicant".
Applicant does not include a Taxpayer who closes or
			 substantially reduces an operation at one location in the State and relocates
			 substantially the same operation to another location in the State.
1)
This does not prohibit a Taxpayer
			 from expanding its operations at another location in the State, provided that
			 existing operations of a similar nature located within the State are not closed
			 or substantially reduced
within the last two years. For the purpose of
			 this Section, "substantially reduced" means a reduction in employment of 33.33
			 % or more. A Taxpayer may not enter into more than one Agreement with respect
			 to a single address or location for the same period of time. This provision
			 does not preclude the Applicant from entering into an additional Agreement
			 after the expiration of an earlier Agreement to the extent the Taxpayer's
			 application otherwise satisfies the terms and conditions of the Act and is
			 approved by the Department.
2)
This also does not prohibit a Taxpayer from moving its operations from
			 one location in the State to another location in the State for the purpose of
			 expanding the operation, provided that the Department determines that the
			 expansion cannot reasonably be accommodated within the municipality in which
			 the business is located, or in the case of a business located in an
			 incorporated area of the county, within the county in which the business is
			 located.
A determination under this subsection (b)(2) shall be made by
			 the Department
after conferring with the chief elected official of the
			 municipality or county and taking into consideration any evidence offered by
			 the municipality or county regarding the ability to accommodate expansion
			 within the municipality or county.
[35 ILCS
			 10/5-15 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 527 - ECONOMIC DEVELOPMENT FOR A GROWING ECONOMY PROGRAM (EDGE) › Section 527.50 - Application Review

Current through Register Vol. 48, No. 28, July 12, 2024
a) Prior to
			 substantive evaluation of an application, the Department shall screen all
			 applications to determine that all requirements of the application package have
			 been addressed. Applicants will be notified of deficiencies in applications and
			 given an opportunity to correct those deficiencies through submission of
			 additional documentation.
b) The
			 Department shall evaluate applications in accordance with the policies adopted
			 by the Department or its Director. In evaluating applications, the Department
			 shall determine that all of the following conditions exist:
1)
the Applicant's Project intends to
			 make the required investment in the State and intends to hire the required
			 number of New Employees
and, when applicable, to maintain the required
			 number of Retained Employees
in Illinois as a result of that
			 Project.
2)
the
			 Applicant's Project is economically sound and will benefit the people of the
			 State of Illinois by increasing opportunities for employment and strengthen the
			 economy of Illinois.
3)
that, if not for the Credit, the Project would not occur in Illinois,
			 which may be demonstrated by evidence that receipt of the Credit is essential
			 to the Applicant's decision to create new jobs in the State, such as the
			 magnitude of the cost differential between Illinois and a competing state. In
			 the event that the Applicant is seeking an increase in the amount of the Credit
			 for Retained Employees, the Applicant must provide documentation evidencing
			 that the Applicant has multi-state location options and could reasonably and
			 efficiently locate outside of the State, or demonstrating that at least one
			 other state is being considered for the Project.
4)
a cost differential is identified,
			 using best available data, in the projected costs for the Applicant's Project
			 compared to the costs in the competing state, including the impact of the
			 competing state's incentive programs. The competing state's incentive programs
			 shall include state, local, private, and federal funds
			 available.
5)
the
			 political subdivisions affected by the Project have committed local incentives
			 with respect to the Project, considering local ability to
			 assist.
6)
awarding the Credit will result in an overall positive fiscal impact to
			 the State, as certified by the Committee, using the best available
			 data.
[35 ILCS
			 10/5-25(b) ]
7) if appropriate, an Applicant that has
			 moved its operations from one political subdivision in the State to another
			 political subdivision (and that has been determined by the Department to be an
			 eligible Applicant) has demonstrated that it is not claiming a tax credit with
			 respect to any jobs that the Taxpayer relocates from one site in Illinois to
			 another site in Illinois.
Illinois Administrative Code › Title 14 - COMMERCE › Part 527 - ECONOMIC DEVELOPMENT FOR A GROWING ECONOMY PROGRAM (EDGE) › Section 527.60 - Application Denial/Approval

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 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 the denial in writing and allow the
			 Applicant 30 days to amend and resubmit its application for evaluation. If the
			 Applicant disagrees with the Department's decision it may seek relief through
			 the process afforded in the Department's Administrative Hearing Rules set forth
			 at 56 Ill. Adm. Code 2605.
b) The
			 Department will negotiate a formal Agreement with Applicants determined to be
			 eligible for the award of a Credit.
For tax years beginning on or after
			 January 1, 1999, a Taxpayer who has entered an Agreement under the Economic
			 Development for a Growing Economy Tax Credit Act is entitled to a credit
			 against the taxes imposed under Section 201(a) and (b) of the Illinois Income
			 Tax Act
in an amount to be determined in the
			 Agreement.
[
			 35 ILCS
			 5/211 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 527 - ECONOMIC DEVELOPMENT FOR A GROWING ECONOMY PROGRAM (EDGE) › Section 527.70 - Determination of Amount and Term of the Credit

Current through Register Vol. 48, No. 28, July 12, 2024
a)
The Department shall determine the
			 amount and duration of the Credit awarded under the Act. The duration of the
			 Credit may not exceed 10 taxable years.
[
			 35 ILCS
			 10/5-45 ] In determining the appropriate amount and
			 duration of a Credit to be awarded to a Taxpayer,
the
			 Department
shall take into consideration the following
			 additional factors:
1)
The
			 number and location of jobs created and retained in relation to the economy of
			 the county where the projected investment is to occur.
2)
The potential impact of the
			 Project on the economy of Illinois.
3)
The magnitude of the cost
			 differential between Illinois and the competing states.
4)
The incremental payroll
			 attributable to the Project.
5)
The capital investment
			 attributable to the Project.
6)
The amount of the average wage and
			 benefits paid by the Applicant in relation to the wage and benefits of the area
			 of the Project.
7)
The costs to Illinois and the affected political subdivisions with
			 respect to the Project.
8)
The financial assistance that is otherwise provided by Illinois and the
			 affected political subdivisions.
[
			 35 ILCS
			 10/5-40 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 527 - ECONOMIC DEVELOPMENT FOR A GROWING ECONOMY PROGRAM (EDGE) › Section 527.85 - New Construction EDGE Credit

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 Department shall provide an application for eligible applicants interested in
			 applying for a New Construction EDGE credit. The Department will announce on
			 its website funding availability and any relevant information regarding the
			 application.
The amount of funding available shall not exceed the total
			 aggregate amount of credits that can be possibly awarded under the Blue Collar
			 Jobs Act, which shall not exceed $20,000,000 in any fiscal year.
[35 ILCS
			 10/5-51(e) ] The credit may not
			 reduce the taxpayer's liability to less than zero. If the amount of the credit
			 exceeds the tax liability, any excess may be carried forward and applied
			 against the tax liability of the five (5) taxable years following the excess
			 credit year. [35
			 ILCS 5/211(4) ] The application shall
			 consist of the following:
1)
a
			 detailed description of the New Construction EDGE Project that is subject to
			 the New Construction EDGE Agreement, including the location and amount of the
			 investment and jobs created or retained;
2)
the duration of the New
			 Construction EDGE Credit and the first taxable year for which the Credit may be
			 claimed;
3)
the
			 New Construction EDGE Credit amount that will be allowed for each taxable
			 year;
4)
a
			 requirement that the Director is authorized to verify with the appropriate
			 State agencies the amount of the incremental income tax withheld by a Taxpayer,
			 and after doing so, shall issue a certificate to the Taxpayer stating that the
			 amounts have been verified;
5)
the amount of the capital
			 investment, which may, at no point, be less than $10,000,000, the time period
			 of placing the New Construction EDGE Project in service, and the designated
			 location in Illinois for the investment;
6)
a requirement that the Taxpayer
			 shall provide written notification to the Director not more than 30 days after
			 the Taxpayer determines that the capital investment of at least $10,000,000 is
			 not or will not be achieved or maintained as set forth in the terms and
			 conditions of the Agreement;
7)
a detailed provision that the
			 Taxpayer shall be awarded a New Construction EDGE Credit upon the verified
			 completion and occupancy of a New Construction EDGE Project;
8)
any other performance conditions,
			 including the ability to verify that a New Construction EDGE Project is built
			 and completed, or that contract provisions, as the Department determines, are
			 appropriate.
[35 ILCS
			 10/5-51(b) ]; and
9) a request for any reasonable information
			 pertinent to verify information provided by the taxpayer in compliance with any
			 of the above listed provisions (i.e. documentation to substantiate the value of
			 the investment).
Illinois Administrative Code › Title 14 - COMMERCE › Part 527 - ECONOMIC DEVELOPMENT FOR A GROWING ECONOMY PROGRAM (EDGE) › Section 527.90 - Certificate of Verification

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 Taxpayer shall notify the Department on forms provided by the Department when
			 the minimum eligible capital improvement investments have been placed in
			 service and the minimum New Employee jobs have been created and that Retained
			 Employees remain employed by the Taxpayer.
b) The Taxpayer shall provide, for land
			 and/or building acquisition, a copy of the purchase agreement; for building
			 construction or renovation, a contractor's or architect's cost certification;
			 for space rental, a rental/lease agreement.
c)
For a Taxpayer to be eligible for
			 a certificate of verification, the Taxpayer shall provide proof as required by
			 the Department prior to the end of each calendar year, including, but not
			 limited to, attestation by the Taxpayer that the Project:
1)
has achieved the level of
Full-time New Employees and Retained Employees
specified in
the
Agreement;
2)
has achieved the level of annual payroll in Illinois specified in the
			 Agreement;
3)
has
			 achieved the level of capital investment in Illinois specified in the
			 Agreement;
4) has
			 maintained the baseline employment specified in the Agreement; and
5) the Taxpayer has materially complied with
			 the terms of the Agreement and is not otherwise in violation of any provision
			 of the Act.