Illinois Compiled Statutes 35 Revenue: Article 5 - Economic Development for a Growing Economy Tax Credit Act

• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-1
  Short title. This Article may be cited as the Economic Development for a Growing Economy Tax Credit Act. (Source: P.A. 91-476, eff. 8-11-99.)
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-3
  Purpose. The General Assembly finds that the Illinois economy, although currently strong, is still highly vulnerable to other states and nations that have major...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-5
  Definitions. As used in this Act: "Agreement" means the Agreement between a Taxpayer and the Department under the provisions of Section 5-50 of this Act....
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-10
  Powers of the Department. The Department, in addition to those powers granted under the Civil Administrative Code of Illinois, is granted and shall have...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-15
  Tax Credit Awards. Subject to the conditions set forth in this Act, a Taxpayer is entitled to a Credit against or, as described in subsection...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-20
  Application for a project to create and retain new jobs. (a) Any Taxpayer proposing a project located or planned to be located in Illinois may...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-25
  Review of Application. (a) In addition to those duties granted under the Illinois Economic Development Board Act, the Illinois Economic Development Board shall form a...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-30
  Limitation to amount of costs of specified items. The total amount of the Credit allowed during all tax years may not exceed the aggregate...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-35
  Relocation of jobs in Illinois. A taxpayer is not entitled to claim the credit provided by this Act with respect to any jobs that...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-40
  Determination of Amount of the Credit. In determining the amount of the Credit that should be awarded, the Committee shall provide guidance on, and...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-45
  Amount and duration of the credit. (a) The Department shall determine the amount and duration of the credit awarded under this Act. The duration of...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 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...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-55
  Certificate of verification; submission to the Department of Revenue. A Taxpayer claiming a Credit under this Act shall submit to the Department of Revenue...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-60
  Pass through entity. (a) The shareholders or partners of a Taxpayer that is a Pass Through Entity shall be entitled to the Credit allowed...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-65
  Noncompliance; notice; assessment. If the Director determines that a Taxpayer who has received a Credit under this Act is not complying with the requirements...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-70
  Annual report. On or before July 1 each year, the Committee shall submit a report to the Department on the tax credit program under...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-75
  Evaluation of tax credit program. On a biennial basis, the Department shall evaluate the tax credit program. The evaluation shall include an assessment of...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-77
  Sunset of new Agreements. The Department shall not enter into any new Agreements under the provisions of Section 5-50 of this Act after December 31,...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-80
  Adoption of rules. The Department may adopt rules necessary to implement this Act. The rules may provide for recipients of Credits under this Act...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-85
  The Economic Development for a Growing Economy Fund. (a) The Economic Development for a Growing Economy Fund is established to be used exclusively for...
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-90
  Program Terms and Conditions. (a) Any documentary materials or data made available or received by any member of a Committee or any agent or...
• Illinois Revenue: Article 5 - Economic Development for a Growing Economy Tax Credit Act
  Amendatory provisions; text omitted
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-105
  (Amendatory provisions; text omitted). (Source: P.A. 91-476, eff. 8-11-99; text omitted.)
• Illinois Revenue: Article 5 - Economic Development for a Growing Economy Tax Credit Act
  Amendatory provisions; text omitted
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-110
  (Amendatory provisions; text omitted). (Source: P.A. 91-476, eff. 8-11-99; text omitted.)
• Illinois Revenue: Article 5 - Economic Development for a Growing Economy Tax Credit Act
  Amendatory provisions; text omitted
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-115
  (Amendatory provisions; text omitted). (Source: P.A. 91-476, eff. 8-11-99; text omitted.)
• Illinois Revenue: Article 5 - Economic Development for a Growing Economy Tax Credit Act
  Amendatory provisions; text omitted
• Illinois Economic Development for a Growing Economy Tax Credit Act. - 35 ILCS 10, Section 5-120
  (Amendatory provisions; text omitted). (Source: P.A. 91-476, eff. 8-11-99; text omitted.)

Last modified: February 18, 2015