§ 10-40 — Issuance of Tax Credit Award Certificate

(a) In order to qualify for a tax credit award under this Act, an applicant must file an application for each accredited theater production at each of the applicant's qualified production facilities, on forms prescribed by the Department, providing information necessary to calculate the tax credit award and any additional information as reasonably required by the Department. (b) Upon satisfactory review of the application, the Department shall issue a tax credit award certificate stating the amount of the tax credit award to which the applicant is entitled for that tax year and shall contemporaneously notify the applicant and Illinois Department of Revenue in accordance with Section 222 of the Illinois Income Tax Act or, if the applicant is a nonprofit theater production, subsection (k) of Section 704A of the Illinois Income Tax Act, as applicable.

Legislative History

(Source: P.A. 103-592, eff. 6-7-24.)