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Illinois Compiled Statutes

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35 ILCS 17/10-20

    (35 ILCS 17/10-20)
    Sec. 10-20. Tax credit award. Subject to the conditions set forth in this Act, an applicant is entitled to a tax credit award as approved by the Department for qualifying Illinois labor expenditures and Illinois production spending for each tax year in which the applicant is awarded an accredited theater production certificate issued by the Department. The amount of tax credits awarded pursuant to this Act shall not exceed $2,000,000 for State fiscal years ending on or before June 30, 2022 and ending on or after June 30, 2024. Due to the impact of the COVID-19 pandemic, for the State fiscal year ending on June 30, 2023, the amount of tax credits awarded pursuant to this Act shall not exceed $4,000,000. For the State fiscal year ending on June 30, 2023, credits awarded under this Act in excess of $2,000,000 must be awarded to applicants with Illinois production spending of not less than $2,500,000, as shown on the applicant's application for the credit. Credits shall be awarded on a first-come, first-served basis. Notwithstanding the foregoing, if the amount of credits applied for in any fiscal year exceeds the amount authorized to be awarded under this Section, the excess credit amount shall be awarded in the next fiscal year in which credits remain available for award and shall be treated as having been applied for on the first day of that fiscal year.
(Source: P.A. 102-700, eff. 4-19-22.)