Section 520.1230  Application Requirements

a)         To qualify for a High Impact Business construction jobs credit or an Enterprise Zone construction jobs credit under the Act, an applicant must adhere to the requirements established by the Department. The Department will provide interested applicants with information upon request. Submittal of a tax credit claimant application does not commit the Department to award a tax credit or to pay any costs incurred by the applicant in the preparation of an application. Applications are valid only for the calendar year quarter in which they are submitted to the Department.

b)         An application shall be submitted to the Department on a standard application form provided by the Department. An application shall, at a minimum, request the following:

1)         The name, address, email, and telephone number of applicants; key contact and title; applicant Social Security Number or Federal Employer Identification Number (FEIN);

2)         The total amount of investment the claimant has made in the Enterprise Zone construction jobs project if the applicant is applying for an Enterprise Zone construction jobs credit;

3)         The nature and the benefit of the project to the certified Enterprise Zone and its potential contributors, if the applicant is applying for an Enterprise Zone construction jobs credit;

4)         A copy of approval from the designating municipality or county for the Enterprise Zone construction jobs credit project, if the applicant is applying for an Enterprise Zone construction jobs credit;

5)         Identification of whether the project is located in an underserved area; and

6)         Any other information the Department determines necessary to facilitate the Department's evaluation.

c)         The applicant is responsible for the accuracy of all data, information, and documentation submitted to the Department.

d)         Any materials or data made available or received by any agent or employee of the Department from an applicant or a recipient of a tax credit under Section 201 of the Illinois Income Tax Act as amended by P.A. 101-009 shall not be disclosed, providing the contained information is exempt from disclosure under Section 7 of the Freedom of Information Act [5 ILCS 140/7].

(Source:  Added at 46 Ill. Reg. 1817, effective January 11, 2022)