Illinois General Assembly - Illinois Compiled Statutes

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65 ILCS 115/10-10.3

    (65 ILCS 115/10-10.3)
    Sec. 10-10.3. River Edge Construction Jobs Credit.

(a) Beginning on January 1, 2021, a business entity may receive a tax credit against the tax imposed under subsections (a) and (b) of Section 201 in an amount equal to 50% (or 75% if the project is located in an underserved area) of the amount of the incremental income tax attributable to River Edge construction jobs employees employed in the course of completing a River Edge construction jobs project. The credit allowed under this Section shall apply only to taxpayers that make a capital investment of at least $1,000,000 in a qualified rehabilitation plan.

(b) A business entity seeking a credit under this Section must submit an application to the Department describing the nature and benefit of the River Edge construction jobs project to the qualified rehabilitation project and the River Edge Redevelopment Zone. The Department may adopt any necessary rules in order to administer the provisions of this Section.

(c) Within 45 days after the receipt of an application, the Department shall give notice to the applicant as to whether the application has been approved or disapproved. If the Department disapproves the application, it shall specify the reasons for this decision and allow 60 days for the applicant to amend and resubmit its application. The Department shall provide assistance upon request to applicants. Resubmitted applications shall receive the Department's approval or disapproval within 30 days of resubmission. Those resubmitted applications satisfying initial Department objectives shall be approved unless reasonable circumstances warrant disapproval.

(d) On an annual basis, the designated zone organization shall furnish a statement to the Department on the programmatic and financial status of any approved project and an audited financial statement of the project.

(e) The Department shall certify to the Department of Revenue the identity of the taxpayers who are eligible for River Edge construction jobs credits and the amounts of River Edge construction jobs credits awarded in each taxable year.

(f) The Department, in collaboration with the Department of Labor, shall require certified payroll reporting, pursuant to Section 10-10.4 of this Act, be completed in order to verify the wages and any other necessary information which the Department may deem necessary to ascertain and certify the total number of River Edge construction jobs employees and determine the amount of a River Edge construction jobs credit.

(g) The total aggregate amount of credits awarded under the Blue Collar Jobs Act (Article 20 of this amendatory Act of the 101st General Assembly) shall not exceed $20,000,000 in any State fiscal year.

(Source: P.A. 101-9, eff. 6-5-19.)