§ 5-51 — New Construction EDGE Agreement

Illinois § 5-51

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 35: REVENUE
• Act 35 ILCS 10/: Economic Development for a Growing Economy Tax Credit Act.
• Art.: Article 5 - Economic Development for a Growing Economy Tax Credit Act

Text

(a) Notwithstanding any other provisions of this Act, and in addition to any Credit otherwise allowed under this Act, beginning on January 1, 2021, there is allowed a New Construction EDGE Credit for eligible Applicants that meet the following criteria: (1) the Department has certified that the Applicant meets all requirements of Sections 5-15, 5-20, and 5-25; and (2) the Department has certified that, pursuant to Section 5-20, the Applicant's Agreement includes a capital investment of at least $10,000,000 in a New Construction EDGE Project to be placed in service within the State as a direct result of an Agreement entered into pursuant to this Section. (b) The Department shall notify each Applicant during the application process that its project is eligible for a New Construction EDGE Credit. The Department shall create a separate application to be filled out by the Applicant regarding the New Construction EDGE credit. The Application shall include the following: (1) a detailed description of the New Construction EDGE Project that is subject to the New Construction EDGE Agreement, including the location and amount of the investment and jobs created or retained; (2) the duration of the New Construction EDGE Credit and the first taxable year for which the Credit may be claimed; (3) the New Construction EDGE Credit amount that will be allowed for each taxable year; (4) a requirement that the Director is authorized to verify with the appropriate State agencies the amount of the incremental income tax withheld by a Taxpayer, and after doing so, shall issue a certificate to the Taxpayer stating that the amounts have been verified; (5) the amount of the capital investment, which may at no point be less than $10,000,000, the time period of placing the New Construction EDGE Project in service, and the designated location in Illinois for the investment; (6) a requirement that the Taxpayer shall provide written notification to the Director not more than 30 days after the Taxpayer determines that the capital investment of at least $10,000,000 is not or will not be achieved or maintained as set forth in the terms and conditions of the Agreement; (7) a detailed provision that the Taxpayer shall be awarded a New Construction EDGE Credit upon the verified completion and occupancy of a New Construction EDGE Project; and (8) any other performance conditions, including the ability to verify that a New Construction EDGE Project is built and completed, or that contract provisions as the Department determines are appropriate. (c) The Department shall post on its website the terms of each New Construction EDGE Agreement entered into under this Act on or after June 5, 2019 (the effective date of Public Act 101-9). Such information shall be posted within 10 days after entering into the Agreement and must include the following: (1) the name of the recipient business; (2) the location of the project; (3) the estimated value of the credit; and (4) whether or not the project is located in an underserved area. (d) The Department, in collaboration with the Department of Labor, shall require that certified payroll reporting, pursuant to Section 5-56 of this Act, be completed in order to verify the wages and any other necessary information which the Department may deem necessary to ascertain and certify the total number of New Construction EDGE Employees subject to a New Construction EDGE Agreement and amount of a New Construction EDGE Credit. (e) The total aggregate amount of credits awarded under the Blue Collar Jobs Act (Article 20 of Public Act 101-9) shall not exceed $20,000,000 in any State fiscal year.

Legislative History

(Source: P.A. 101-9, eff. 6-5-19; 102-558, eff. 8-20-21.)