Section 125.60  Incentive Agreement

The Department and each taxpayer whom the Department determines qualifies for an incentive under the Act shall enter into an agreement that specifies terms and conditions regarding the provision of the incentive and defines the rights and responsibilities of the taxpayer and the Department. Provisions that the taxpayer will be contractually bound to comply with include, but are not limited to, the following:

a)         a detailed description of the project that is the subject of the agreement;

b)         the performance conditions that must be met to obtain the award, including, but not limited to, the number of new jobs created or retained, the average salary of the new jobs created, and the total capital investment;

c)         the schedule of payments;

d)         a requirement that the awardee maintain operations at the project location for a minimum number of years;

e)         a specific method for determining the number of new employees and, if applicable, the number of retained employees, to be employed during each taxable year covered by the agreement;

f)         a requirement that the awardee annually report to the Department the number of new employees and any other information the Department deems necessary and appropriate to perform its duties under this Act;

g)         a detailed description of the number of new employees to be hired and the occupation and payroll of full-time jobs to be created or retained because of the project;

h)         the minimum capital investment the awardee will make, the time period for placing the property in service, and the designated location in Illinois for the capital investment;

i)          a requirement that the awardee provide written notice to the Director and the Director's designee not more than 30 days after the awardee determines that the minimum job creation, job retention, employment payroll, or capital investment is no longer or will no longer be achieved or maintained as required in the agreement and include in that notice the number of layoffs, the date of the layoffs, and the awardee's efforts to provide career and training counseling to the impacted workers with industry-related certifications and trainings;

j)          a claw-back provision, pursuant to Section 125.180, to recapture the award, in whole or in part, for failure to comply with the agreement; and

k)         a provision that the agreement shall not take effect, nor may any funds be expended or transferred under the agreement, if the Department fails to comply with the notification requirements under Section 32 of the Act and under Subpart E of these rules, or if the Speaker of the House of Representatives or the Senate President (or their designees, if applicable) submit a letter of rejection. [30 ILCS 751/30]