Illinois § 5-70 Annual report

Illinois Statutes

§ 5-70 — Annual report

Illinois § 5-70

JurisdictionIllinois

TopicGOVERNMENT

Ch. 35REVENUE

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

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Bluebook

35 Ill. Comp. Stat. 5-70 (2026).

Text

On or before July 1 each year, the Department shall submit a report on the tax credit program under this Act to the Governor and the General Assembly. The report shall include information on the number of Agreements that were entered into under this Act during the preceding calendar year, a description of the project that is the subject of each Agreement, an update on the status of projects under Agreements entered into before the preceding calendar year, and the sum of the Credits awarded under this Act. A copy of the report shall be delivered to the Governor and to each member of the General Assembly. The report must include, for each Agreement:

(1)the original estimates of the value of the Credit and the number of new jobs to be created and, if applicable, the number of retained jobs;

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On or before July 1 each year, the Department shall submit a report on the tax credit program under this Act to the Governor and the General Assembly. The report shall include information on the number of Agreements that were entered into under this Act during the preceding calendar year, a description of the project that is the subject of each Agreement, an update on the status of projects under Agreements entered into before the preceding calendar year, and the sum of the Credits awarded under this Act. A copy of the report shall be delivered to the Governor and to each member of the General Assembly. The report must include, for each Agreement: (1) the original estimates of the value of the Credit and the number of new jobs to be created and, if applicable, the number of retained jobs; (2) any relevant modifications to existing Agreements; (3) a statement of the progress made by each Taxpayer in meeting the terms of the original Agreement; (4) a statement of wages paid to New Employees and, if applicable, retained employees in the State; (5) any information reported under Section 5-57 of this Act; and (6) a copy of the original Agreement or a link to the Agreement on the Department's website.