§ 50-35 — 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 qualified music company at each of the applicant's qualified 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 the Department of Revenue. (c) For tax years beginning on or after January 1, 2025, a taxpayer who has been awarded a tax credit under paragraph (b) of this Section is entitled to a credit against the taxes imposed under subsections (a) and (b) of Section 201 of the Illinois Income Tax Act.

Legislative History

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