Section 520.1700  Definitions

The following definitions are applicable to this Subpart Q:

"Act" means Section 1o of the Retailers' Occupation Tax Act [35 ILCS 120/1o].

"Aircraft support center" means a support center operated by a carrier for hire that is used primarily for the maintenance, rebuilding, or repair of aircraft, aircraft parts, and auxiliary equipment.

"Contractually obligated" means the business enterprise has entered into a legally binding agreement with the Department to comply with Section 1o of the Retailers' Occupation Tax Act.

"Department" means the Department of Commerce and Community Affairs.

"Eligible investments" means a $30,000,000 investment in qualified property at a joint use military and civilian airport at a federal Air Force Base that will be placed in service at an airport support center located in a joint use military and  civilian airport at a federal Air Force Base.  Qualified properties are statutorily defined in Section 201(f) of the Illinois Income Tax Act [35 ILCS 5/201(f)] or are noncapital/nonroutine investments, and associated service costs (direct labor or contractual fees) that will be placed in service at an airport support center located in a joint use military and civilian airport at a federal Air Force Base and made for the improvement or renovation of qualified properties.  These activities are used primarily for the maintenance, rebuilding, or repair of aircraft, aircraft parts, and auxiliary equipment.

"Full-time employee" means a person employed by the taxpayer who works a minimum of 35 hours per week for 52 weeks for a minimum total of 1,820 hours per year.  Vacations, paid holidays, and sick time are included in this computation.  Overtime is not considered regular hours.

"Full-time equivalent job" means the number of employees required to equal one full-time employee employed at the aircraft support center.  For purposes of this definition, "employee" means a person employed by the taxpayer, irrespective of the number of hours per week or number of weeks per year worked by that person.

"Job creation" means at least 750 full-time equivalent employees have been hired at an airport support center located in a joint use military and civilian airport at a federal Air Force Base.  Job titles being filled or refilled as a result of strikes cannot be computed as job creation.

"Placed in service" means the state or condition of readiness and availability for a  specifically assigned function as defined in 26 CFR 1.46-3(d).  Eligible investments as defined in this Section shall be considered placed in service on the earlier of: the date the property is placed in a condition of readiness and availability for use or the date on which the depreciation period of that property begins.

(Source:  Added at 27 Ill. Reg. 6165, effective March 28, 2003)