§ 77-30 — Contents of agreements with applicants

(a) The Department shall enter into an agreement with an applicant that is awarded a credit under this Act. The agreement shall include all of the following: (1) a detailed description of the project that is the subject of the agreement, including the location and amount of the investment and jobs created or retained; (2) the duration of the credit, the first taxable year for which the credit may be awarded, and the first taxable year in which the credit may be used by the taxpayer; (3) the maximum allowable credit as a percentage of the project's total capital investment; (4) a requirement that the taxpayer shall maintain operations at the project location for a minimum of 15 years; (5) a requirement that the taxpayer shall, at the time that the project is placed in service, report to the Department the number of new employees, the number of retained employees, and the total capital improvement investment of the project, and any other information the Department deems necessary and appropriate to perform its duties under this Act; (6) a requirement authorizing the Director to verify with the appropriate State agencies the amounts reported under paragraph (5), and, after doing so, to issue a certificate to the taxpayer stating that the amounts have been verified; (7) a requirement that the taxpayer shall provide written notification to the Director not more than 30 days after the taxpayer makes or receives a proposal that would transfer the taxpayer's State tax liability obligations to a successor taxpayer; (8) a detailed description of the number of new employees to be hired, and the occupation and payroll of full-time jobs to be created or retained because of the project; (9) the minimum investment the taxpayer will make in capital improvements, the time period for which the project may claim credit, and the designated location in Illinois for the investment; (10) a requirement that the taxpayer shall provide written notification to the Director and the Director's designee not more than 30 days after the taxpayer determines that the minimum job creation or retention, employment payroll, or investment no longer is or will be achieved or maintained as set forth in the terms and conditions of the agreement. Additionally, the notification should outline to the Department the number of layoffs, date of the layoffs, and detail taxpayer's efforts to provide career and training counseling for the impacted workers with industry-related certifications and trainings; (11) a provision that, if the total number of new employees falls below a specified level, the allowance of credit shall be suspended until the number of new employees equals or exceeds the agreement amount; (12) a detailed description of the items for which the costs incurred by the taxpayer will be included in the limitation on the credit; (13) a provision stating that if the taxpayer ceases principal operations with the intent to permanently shut down the project in the State during the term of the agreement, then the entire credit amount awarded to the taxpayer prior to the date the taxpayer ceases principal operations shall be returned to the Department and shall be reallocated to the local workforce investment area in which the project was located; and (14) any other performance conditions or contract provisions the Department determines are necessary or appropriate. (b) The Department shall post on its website the terms of each agreement entered into under this Act. The information shall be posted within 10 days after entering into the agreement and must include the following: (1) the name of the taxpayer; (2) the location of the project; (3) the estimated value of the credit; (4) the number of new employee jobs and, if applicable, number of retained employee jobs at the project; and (5) whether or not the project is in an underserved area or energy transition area.

Legislative History

(Source: P.A. 104-6, eff. 6-16-25.)