(35 ILCS 18/40-15) Sec. 40-15. Application for local journalism certificate. (a) In order to qualify for a tax credit award under this Act, an applicant must apply with the Department, in the form and manner required by the Department, for each award cycle for which a credit under this Act is sought, providing information necessary to calculate the tax credit award and any additional information as reasonably required by the Department. A separate application shall be filed for each local news organization. The tax credit award shall be calculated based upon the filing by the applicant on forms prescribed by the Department. The Department shall cooperate with the Department of Revenue as needed in order to determine credit amount and eligibility. (b) Upon satisfactory review of the application, the Department shall issue a local journalism certificate stating the amount of the tax credit award to which the applicant is entitled for the credit period and shall contemporaneously notify the applicant and Department of Revenue upon issuance of the certificate.(Source: P.A. 103-592, eff. 6-7-24.) |