Illinois General Assembly - Full Text of SB2075
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Full Text of SB2075  102nd General Assembly

SB2075 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB2075

 

Introduced 2/26/2021, by Sen. Cristina Castro

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 10/5-57

    Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that the Department of Commerce and Economic Opportunity shall not issue a tax certificate to any taxpayer under this Act unless the taxpayer first submits a supplier diversity report. Provides that the Department of Commerce and Economic Opportunity shall publish on its website all supplier diversity reports filed by taxpayers under this Act and maintain those reports for at least 5 years.


LRB102 14478 HLH 19831 b

 

 

A BILL FOR

 

SB2075LRB102 14478 HLH 19831 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Economic Development for a Growing Economy
5Tax Credit Act is amended by changing Section 5-57 as follows:
 
6    (35 ILCS 10/5-57)
7    Sec. 5-57. Supplier diversity goals; reports. Each
8taxpayer claiming a credit under this Act shall, no later than
9April 15 of each taxable year for which the taxpayer claims a
10credit under this Act, submit to the Department of Commerce
11and Economic Opportunity an annual report containing the
12information described in subsections (b), (c), (d), and (e) of
13Section 5-117 of the Public Utilities Act. Those reports shall
14be submitted in the form and manner required by the Department
15of Commerce and Economic Opportunity.
16    The Department shall not issue a tax certificate to any
17taxpayer under this Act unless the taxpayer first submits a
18supplier diversity report to the Department as required by
19this Act. Failure to file a supplier diversity report as
20required by this Act renders a taxpayer non-responsive to any
21Agreement with the Department and ineligible to receive a tax
22certificate or file a tax credit for that year. The Department
23shall publish on its website all supplier diversity reports

 

 

SB2075- 2 -LRB102 14478 HLH 19831 b

1filed by taxpayers under this Act and maintain those reports
2for at least 5 years.
3(Source: P.A. 100-451, eff. 8-25-17; 100-511, eff. 9-18-17.)