(20 ILCS 611/20)
Sec. 20. Reimbursement for relocation costs.
(a) The initial application of an eligible business proposing a qualifying project must be filed with the Department no later than July 1, 2004.
(b) Upon receipt and approval of an application from an eligible business proposing a qualifying project, the Department may enter into an agreement with the eligible business wherein the Department agrees to reimburse the eligible business for its relocation costs subject to the following terms, conditions, and limitations:
(1) The eligible business must apply to the
Department for reimbursement of its relocation costs.
(2) The application submitted by the eligible
business must identify with specificity the relocation costs for which reimbursement is sought, and the eligible business must provide the Department with all supporting documentation as requested by the Department. The eligible business may amend its application for reimbursement from time to time in order to cover additional relocation costs incurred after the submission of an initial application.
(3) The Department reserves the right to approve or
disapprove specific items and categories of relocation costs.
(4) The eligible business must in fact relocate its
corporate headquarters to the State of Illinois within a time frame specified by the Department.
(5) The eligible business may receive reimbursement
for not greater than 50% of its documented relocation costs.
(6) The agreement between the Department and the
eligible business must provide that reimbursement will be provided by means of one or more grants that shall be issued annually by the Department for a period not to exceed 10 years or until 50% of the eligible business' relocation costs are reimbursed, whichever occurs first.
(7) The amount of the annual grant that may be issued
to the eligible business by the Department may not exceed 50% of the total amount withheld from employees of the eligible business employed at the corporate headquarters during the preceding calendar year under Article 7 of the Illinois Income Tax Act.
(8) In applying to the Department for reimbursement,
the eligible business must certify the total amount withheld during the preceding calendar year under Article 7 of the Illinois Income Tax Act from its employees employed at the corporate headquarters.
(9) The Department may issue grants from the
Corporate Headquarters Relocation Assistance Fund to eligible businesses for reimbursement of relocation costs as provided by this Act.
(Source: P.A. 92-207, eff. 8-1-01.)
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Last modified: February 18, 2015