Section 125.20  Definitions

The following definitions are applicable to this Part.

"Act" means the Invest in Illinois Act [30 ILCS 751].

"Agreement" means an agreement between an applicant and the Department pursuant to this Part and Section 30 of the Act.

"Applicant" means a taxpayer that operates or plans to operate an eligible business in the State.

"Business" means a sole proprietorship, partnership, corporation, or limited liability company.

"Capital improvement" means:

i)          the purchase, renovation, rehabilitation, or construction, at an approved project site in the State, of land, buildings, structures, equipment, or furnishings; and

ii)         goods or services that are normally capitalized, including organizational costs and research and development costs incurred in Illinois. "Capital improvement" does not include land, buildings, structures, and equipment that are leased, unless the term of the lease equals or exceeds the term of the agreement. For land, buildings, structures, and equipment that are leased and are considered capital improvements, the cost of the property shall be determined from the present value of the lease payments, using the corporate interest rate prevailing at the time of the application.

"Capital investment" means the expenditure of money for capital improvements.

"Department" means the Department of Commerce and Economic Opportunity. [30 ILCS 751]

"Domestic bank" shall mean any branch or office within the United States of any of the following which is not a national of a designated foreign country; any bank or trust company incorporated under the banking laws of the United States or any State, territory, or district of the United States, or any private bank or banker subject to supervision and examination under the banking laws of the United States or of any State, territory or district of the United States.

"Director" means the Director of the Department of Commerce and Economic Opportunity.

"Full-time employee" means an individual who is employed for consideration for at least 35 hours each week or who renders any other standard of service generally accepted by industry custom or practice as full-time employment. Annually scheduled periods for inventory or repairs, vacations, holidays, and paid time for sick leave, vacation, or other leave shall be included in this computation of full-time employment. An individual for whom a W-2 is issued by a Professional Employer Organization is a full-time employee if employed in the service of the applicant for consideration for at least 35 hours each week. [30 ILCS 751]

"Performance Condition" means any term, provision, or clause of the agreement that the awardee must comply with before receiving an award.

"Project" means for-profit economic development activity or activities at a single site. For-profit economic development activity or activities of one or more taxpayers at multiple sites may be considered a project if the economic activities are vertically integrated and designated by the Department as a project and as the subject of an agreement that includes capital improvement requirements and job creation requirements and, if applicable, job retention requirements for the project location or locations. The employees subject to the agreement must be assigned to a specific project location and work there as their primary location.

"Taxpayer" means a business that is subject to any tax or fee collected by the Department of Revenue or that will be subject to any tax or fee collected by the Department of Revenue upon the location of the business in the State. [30 ILCS 751]