98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB1408
 
Introduced 2/6/2013, by Sen. James F. Clayborne, Jr.
 
SYNOPSIS AS INTRODUCED:
 

 
65 ILCS 115/10-10.2

     Amends the River Edge Redevelopment Zone Act. Provides that reports required under this Section shall be due no later than April 30 of each year (currently March 30). Effective immediately.
  


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A BILL FOR
 

  
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1    AN ACT concerning local government.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The River Edge Redevelopment Zone Act is amended  
5by changing Section 10-10.2 as follows:
 
6    (65 ILCS 115/10-10.2)
7    Sec. 10-10.2. Accounting.
8    (a)  Any business receiving tax incentives due to its 
9location within a River Edge Redevelopment Zone must report the 
10total tax benefits received by the business, broken down by 
11incentive category, annually to the Department of Revenue. 
12Reports will be due no later than April March 30 of each year 
13and shall cover the previous calendar year. The first report 
14will be for the 2012 calendar year and will be due no later 
15than March 30, 2013. Failure to report data shall result in 
16ineligibility to receive incentives. For the first offense, a 
17business shall be given 60 days to comply.
18    (b)  Each person required to file a return under the Gas 
19Revenue Tax Act, the Gas Use Tax Act, the Electricity Excise 
20Tax Act, or the Telecommunications Excise Tax Act shall file, 
21on or before March 30 of each year, a report with the 
22Department of Revenue, in the manner and form required by the 
23Department of Revenue, itemizing the amount of the deduction 
 
 
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1taken under each Act, respectively, due to the location of a 
2business in a River Edge Redevelopment Zone. The report shall 
3be itemized by business and the business location address. 
4    (c)  Employers shall report their job creation, retention, 
5and capital investment numbers within the River Edge 
6Redevelopment Zone annually to the administrator which will 
7compile the information and report it to the Department of 
8Revenue no later than March 30 of each calendar year.
9    (d) The Department of Revenue will aggregate and collect 
10the tax, job,  and capital investment data by River Edge 
11Redevelopment Zone and report this information, formatted to 
12exclude company-specific proprietary information, to the 
13Department by May 1, 2013, and by May 1 of every calendar year 
14thereafter. The Department will include this information in 
15their required reports under Section 6 of this Act. 
16    (e)  The Department of Revenue, in its discretion, may 
17require that the reports filed under this Section be submitted 
18electronically. 
19    (f)  The Department of Revenue shall have the authority to 
20adopt rules as are reasonable and necessary to implement the 
21provisions of this Section. 

22(Source: P.A. 97-905, eff. 8-7-12.)
 
 
23    Section 99. Effective date. This Act takes effect upon 
24becoming law.