Section 528.70  Request for Tax Credit Certificate

The applicant may request a tax credit certificate from the Department certifying the actual amount of the credit awarded to the applicant at any time following the completion of the accredited production, but in no event later than 2 years following the completion of the production.  In a case where a single application was filed for two or more productions, a single tax credit certificate may, at the request of the applicant, be issued for more than one production. The tax credit will be issued upon the Department's verification of all costs submitted as qualifying as the applicant's Illinois labor expenditures and verification that the applicant has met or made good-faith efforts in achieving the goals of the diversity plan included with its application as described in Section 528.20 of this Part. 

a)         If an accredited production is not completed prior to the close of the applicant's taxable year, at the election of the applicant, a tax credit certificate dated as of the last day of the taxable year may be used for Illinois labor expenditures incurred during that taxable year or within 60 days after the close of that taxable year or Illinois production spending incurred during that taxable year. (Section 10 of the Act)

b)         In the case of an accredited production commencing before May 1, 2006, in which some Illinois labor expenditures are incurred in a taxable year of the applicant and some are incurred more than 60 days after the close of that taxable year:

1)         The applicant may request a single tax credit certificate for all Illinois labor expenditures incurred.  If all Illinois labor expenditures are incurred not later than 60 days after the close of the last full taxable year of production, the tax credit certificate may be dated as of the last day of that taxable year as provided in subsection (a); or

2)         The applicant may submit a separate request for a tax credit certificate for each taxable year in which Illinois labor expenditures are incurred.  Each request may, at the applicant's election, include Illinois labor expenditures incurred no later than 60 days after the end of the tax year as provided in subsection (b)(1) or only those Illinois labor expenditures incurred in the taxable year; provided that no Illinois labor expenditure may be claimed or allowed on more than one request.

c)         In the case of an accredited production commencing on or after May 1, 2006, in which some Illinois production spending is incurred in a taxable year of the applicant and some is incurred after the close of that taxable year:

1)         The applicant may request a single tax credit certificate for all Illinois production spending incurred; or

2)         The applicant may submit a separate request for a tax credit certificate for each taxable year in which Illinois production spending is incurred. 

d)         With each request for a tax credit certificate filed on or after the effective date of this rulemaking, the applicant shall provide:

1)         An itemized statement of the Illinois labor expenditures or Illinois production spending for which the credit is claimed and of Illinois labor expenditures generated by the employment of residents of geographic areas of high poverty or high unemployment for which additional credit is claimed;

2)         Copies of the books and records of the applicant for the accredited production, showing the Illinois labor expenditures or Illinois production spending for which the credit is claimed, and all documentation necessary to support its computation; and

3)         An attestation by a certified public accountant, in the form prescribed by the Department, that the computations are supported by the copies of the books, records and other documents of the applicant that are attached to the request and that the certified public accountant has examined the books, records and other documents according to procedures agreed upon by the Department.  The attestation and examination must be performed by a certified public accountant:

A)        who is qualified and independent of the applicant within the principles of the Securities and Exchange Commission regulations at 17 CFR 210.2-01; and

B)         whose engagement to provide the attestation was approved by the Department before work on the engagement was commenced. 

(Source:  Old Section 528.70 renumbered to Section 528.75 and new Section 528.70 added at 31 Ill. Reg. 2253, effective January 18, 2007)