Ill. Admin. Code tit. 14, § 531.50 - Application Review and Approval
a)
The Department shall accept applications after January 1, 2011 and via the
procedures established by the Department . Applications will be reviewed in
order received at the Department 's Springfield office or electronically at
Angelinvestment@illinois.gov. Application tracking procedures shall be
determined and established at the discretion of the Department .
b)
After receipt of an application
and upon satisfactory review, the Department shall issue a tax credit
certificate stating the amount of the tax credit. [
35 ILCS
5/220(d) ]
c)
On a form provided by the
Department , the claimant must annually report and certify that claimant 's
investment has been made and remains in the qualified new business venture.
Upon satisfactory review, the Department shall annually certify that:
1)
each qualified new business
venture that receives an investment under this Section has maintained a minimum
employment threshold in the State (and continues to maintain a minimum
employment threshold in the State for a period of no less than 3 years from the
issue date of the last tax credit certificate issued by the Department with
respect to that business); and
2)
the claimant 's investment has been
made and remains in the qualified new business venture for no less than 3
years, except in the event of a qualifying liquidity event. [
35 ILCS
5/220(d) ]
Notes
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