Section 527.80  Tax Credit Agreement

The Department and each Taxpayer whom the Department determines qualifies for a Credit under the Act shall enter into an Agreement that specifies terms and conditions regarding the provision of the Credit and defines the rights and responsibilities of the Taxpayer and the Department.  Provisions that the Taxpayer will be contractually bound to comply with include, but are not limited to, the following:

a)         A requirement that the Taxpayer shall maintain operations at the Project location that shall be stated as a minimum number of years less than 10.

b)         A specific method for determining the number of New Employees and Retained Employees employed during a taxable year.

c)         A requirement that the Taxpayer shall annually report to the Department the number of New Employees and Retained Employees, the Incremental Payroll withheld in connection with the New Employees and Retained Employees, and any other information the Department requires to ensure compliance with applicable law.

d)         A requirement that the Department is authorized to verify with the appropriate State agencies information required to be reported by the Taxpayer.

e)         A requirement that the Taxpayer shall provide written notification to the Department not more than 30 days after the Taxpayer makes or receives a proposal that would transfer the Taxpayer's State tax liability obligations to a successor Taxpayer.

f)          A requirement that the Taxpayer shall provide written notification to the Department not more than 30 days after the Taxpayer determines that the minimum job creation or retention, employment payroll, or investment no longer is being or will be achieved or maintained as set forth in the terms and conditions of the Agreement.

g)         A provision that, if the total number of New Employees and Retained Employees falls below a specified level, the allowance of Credit shall be suspended until the number of New Employees and Retained Employees equals or exceeds the Agreement amount. [35 ILCS 10/5-50]

h)         Any other provisions that the Department determines are necessary to comply with the Act and other applicable State laws and administrative rules.