Illinois § 10-45 Amount and payment of the tax credit award

Illinois Statutes

§ 10-45 — Amount and payment of the tax credit award

Illinois § 10-45

JurisdictionIllinois

TopicGOVERNMENT

Ch. 35REVENUE

Act 35 ILCS 17/Live Theater Production Tax Credit Act.

Art.Article 10 - Live Theater Production Tax Credit Act

This text of Illinois § 10-45 (Amount and payment of the tax credit award) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

35 Ill. Comp. Stat. 10-45 (2026).

Text

The tax credit award shall be calculated each tax year based upon the filing by the applicant on forms prescribed by the Department containing information regarding qualifying and quantified Illinois labor expenditures, as defined in Section 10-10, net of the limitation in that Section, and Illinois production spending, as defined in Section 10-10, net of the limitation in that Section. From the amount calculated, the applicant shall be entitled to receive a tax credit award of up to:

(1)20% of the Illinois labor expenditures for each tax year; plus (2) 20% of the Illinois production spending for each tax year; plus (3) 15% of the Illinois labor expenditures generated by the employment of Illinois residents in geographic areas of high poverty or high unemployment in each tax year, as dete

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The tax credit award shall be calculated each tax year based upon the filing by the applicant on forms prescribed by the Department containing information regarding qualifying and quantified Illinois labor expenditures, as defined in Section 10-10, net of the limitation in that Section, and Illinois production spending, as defined in Section 10-10, net of the limitation in that Section. From the amount calculated, the applicant shall be entitled to receive a tax credit award of up to: (1) 20% of the Illinois labor expenditures for each tax year; plus (2) 20% of the Illinois production spending for each tax year; plus (3) 15% of the Illinois labor expenditures generated by the employment of Illinois residents in geographic areas of high poverty or high unemployment in each tax year, as determined by the Department. Following the Department's determination of the tax credit award, the Department shall issue the tax credit award to the applicant.