Illinois § 50-35 Issuance of tax credit award certificate

Illinois Statutes

§ 50-35 — Issuance of tax credit award certificate

Illinois § 50-35

TopicGOVERNMENT

Ch. 35REVENUE

Act 35 ILCS 19/Music and Musicians Tax Credit and Jobs Act.

This text of Illinois § 50-35 (Issuance of tax credit award certificate) 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. 50-35 (2026).

Text

(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 c

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(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.