Illinois General Assembly - Illinois Compiled Statutes

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20 ILCS 686/105

(20 ILCS 686/105)

Sec. 105. Building materials exemptions for REV Illinois Project sites.

(a) The Department may certify a Taxpayer with a REV Illinois Project that meets the qualifications under paragraphs (1), (2), or (4) of subsection (c) of Section 20, subject to an agreement under this Act, for an exemption from any State or local use tax or retailers' occupation tax on building materials for the construction of its project facilities. The taxpayer must meet any criteria for certification set by the Department under this Act.

The Department shall determine the period during which the exemption from State and local use tax and retailers' occupation tax are in effect, but in no event shall exceed 5 years in accordance with Section 5m of the Retailers' Occupation Tax Act.

The Department is authorized to promulgate rules and regulations to carry out the provisions of this Section, including procedures to apply for the exemption; to define the amounts and types of eligible investments that an applicant must make in order to receive tax exemption; to approve such tax exemption for an applicant whose investments are not yet placed in service; and to require that an applicant  granted exemption repay the exempted amount if the applicant fails to comply with the terms and conditions of the agreement with the Department.

Upon certification by the Department under this Section, the Department shall notify the Department of Revenue of the certification. The exemption status shall take effect within 3 months after certification of the taxpayer and notice to the Department of Revenue by the Department.

(Source: P.A. 102-669, eff. 11-16-21.)