Sec. 531.80 - Reporting and Tracking Procedures

ยง 531.80. Reporting and Tracking Procedures

a) On or before March 1 of each year, the Department shall report to the Governor and to the General Assembly on the tax credit certificates awarded under this Section for the prior calendar year. [35 ILCS 5/220(h)]

b) This report must include, for each tax credit certificate awarded:

1) The name of the claimant and the amount of credit awarded or allocated to that claimant;

2) The name and address of the qualified new business venture that received the investment giving rise to the credit and the county in which the qualified new business venture is located;

3) The North American Industry Classification System (NAICS) code applicable to that qualified new business venture;

4) The number of employees of the qualified new business venture, and the locations of their employment; and

5) The date of approval by the Department of the applications for the tax credit certificate. [35 ILCS 5/220(h)(1)]

c) The report must also include:

1) The total number of applicants and the total number of claimants, including the amount awarded to each claimant under the Act in the prior calendar year;

2) The total number of applications from businesses seeking registration under the Act, the total number of first-time qualified new business venture registrants, and the aggregate amount of investment upon which tax credit certificates were issued in the prior calendar year; and

3) The total amount of tax credit certificates sought by applicants, the aggregate amount of all tax credit certificates issued in the prior calendar year, and the aggregate amount of tax credit certificates issued as authorized under the Act for all calendar years. [35 ILCS 5/220(h)(2)]

(Amended at 42 Ill. Reg. 16493, effective August 21, 2018)

The following state regulations pages link to this page.