Illinois General Assembly - Full Text of Public Act 097-0749
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Public Act 097-0749





Public Act 097-0749
HB3934 EnrolledLRB097 15154 HLH 60254 b

    AN ACT concerning revenue.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Economic Development for a Growing Economy
Tax Credit Act is amended by changing Section 5-50 as follows:
    (35 ILCS 10/5-50)
    Sec. 5-50. Contents of Agreements with Applicants. The
Department shall enter into an Agreement with an Applicant that
is awarded a Credit under this Act. The Agreement must include
all of the following:
        (1) A detailed description of the project that is the
    subject of the Agreement, including the location and amount
    of the investment and jobs created or retained.
        (2) The duration of the Credit and the first taxable
    year for which the Credit may be claimed.
        (3) The Credit amount that will be allowed for each
    taxable year.
        (4) A requirement that the Taxpayer shall maintain
    operations at the project location that shall be stated as
    a minimum number of years not to exceed 10.
        (5) A specific method for determining the number of New
    Employees employed during a taxable year.
        (6) A requirement that the Taxpayer shall annually
    report to the Department the number of New Employees, the
    Incremental Income Tax withheld in connection with the New
    Employees, and any other information the Director needs to
    perform the Director's duties under this Act.
        (7) A requirement that the Director is authorized to
    verify with the appropriate State agencies the amounts
    reported under paragraph (6), and after doing so shall
    issue a certificate to the Taxpayer stating that the
    amounts have been verified.
        (8) A requirement that the Taxpayer shall provide
    written notification to the Director 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.
        (9) A detailed description of the number of New
    Employees to be hired, and the occupation and payroll of
    the full-time jobs to be created or retained as a result of
    the project.
        (10) The minimum investment the business enterprise
    will make in capital improvements, the time period for
    placing the property in service, and the designated
    location in Illinois for the investment.
        (11) A requirement that the Taxpayer shall provide
    written notification to the Director and the Committee 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
        (12) A provision that, if the total number of New
    Employees falls below a specified level, the allowance of
    Credit shall be suspended until the number of New Employees
    equals or exceeds the Agreement amount.
        (13) A detailed description of the items for which the
    costs incurred by the Taxpayer will be included in the
    limitation on the Credit provided in Section 5-30.
        (13.5) A provision that, if the Taxpayer never meets
    either the investment or job creation and retention
    requirements specified in the Agreement during the entire
    5-year period beginning on the first day of the first
    taxable year in which the Agreement is executed and ending
    on the last day of the fifth taxable year after the
    Agreement is executed, then the Agreement is automatically
    terminated on the last day of the fifth taxable year after
    the Agreement is executed and the Taxpayer is not entitled
    to the award of any credits for any of that 5-year period.
        (14) Any other performance conditions or contract
    provisions as the Department determines are appropriate.
    The Department shall post on its website the terms of each
Agreement entered into under this Act on or after the effective
date of this amendatory Act of the 97th General Assembly.
(Source: P.A. 97-2, eff. 5-6-11.)
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 7/6/2012