Illinois Compiled Statutes 35 ILCS 17 Live Theater Production Tax Credit Act. Section 10-50

    (35 ILCS 17/10-50)

    Sec. 10-50. Live theater tax credit award program evaluation and reports.

    (a) The Department's live theater tax credit award evaluation must include:

        (i) an assessment of the effectiveness of the program

    in creating and retaining new jobs in Illinois;

        (ii) an assessment of the revenue impact of the

    program;

        (iii) in the discretion of the Department, a review

    of the practices and experiences of other states or nations with similar programs; and

        (iv) an assessment of the overall success of the

    program. The Department may make a recommendation to extend, modify, or not extend the program based on the evaluation.

    (b) At the end of each fiscal quarter, the Department shall submit to the General Assembly a report that includes, without limitation:

        (i) an assessment of the economic impact of the

    program, including the number of jobs created and retained, and whether the job positions are entry level, management, vendor, or production related;

        (ii) the amount of accredited theater production

    spending brought to Illinois, including the amount of spending and type of Illinois vendors hired in connection with an accredited theater production; and

        (iii) a determination of whether those receiving

    qualifying Illinois labor expenditure salaries or wages reflect the geographical, racial and ethnic, gender, and income level diversity of the State of Illinois.

    (c) At the end of each fiscal year, the Department shall submit to the General Assembly a report that includes, without limitation:

        (i) the identification of each vendor that provided

    goods or services that were included in an accredited theater production's Illinois production spending;

        (ii) a statement of the amount paid to each

    identified vendor by the accredited theater production and whether the vendor is a minority or female owned business as defined in Section 2 of the Business Enterprise for Minorities, Females, and Persons with Disabilities Act; and

        (iii) a description of the steps taken by the

    Department to encourage accredited theater productions to use vendors who are minority or female owned businesses.

(Source: P.A. 97-636, eff. 6-1-12.)

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Last modified: February 18, 2015