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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB1704 Introduced 2/26/2021, by Sen. Cristina Castro SYNOPSIS AS INTRODUCED:
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Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that the Department of Commerce and Economic Opportunity shall not issue a tax certificate to any taxpayer under this Act unless the taxpayer first submits a supplier diversity report. Provides that the Department of Commerce and Economic Opportunity shall publish on its website all supplier diversity reports filed by taxpayers under this Act and maintain those reports for at least 5 years.
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| | A BILL FOR |
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| | SB1704 | | LRB102 17043 HLH 22470 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Economic Development for a Growing Economy |
| 5 | | Tax Credit Act is amended by changing Section 5-57 as follows:
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| 6 | | (35 ILCS 10/5-57) |
| 7 | | Sec. 5-57. Supplier diversity goals; reports. Each |
| 8 | | taxpayer claiming a credit under this Act shall, no later than |
| 9 | | April 15 of each taxable year for which the taxpayer claims a |
| 10 | | credit under this Act, submit to the Department of Commerce |
| 11 | | and Economic Opportunity an annual report containing the |
| 12 | | information described in subsections (b), (c), (d), and (e) of |
| 13 | | Section 5-117 of the Public Utilities Act. Those reports shall |
| 14 | | be submitted in the form and manner required by the Department |
| 15 | | of Commerce and Economic Opportunity.
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| 16 | | The Department shall not issue a tax certificate to any |
| 17 | | taxpayer under this Act unless the taxpayer first submits a |
| 18 | | supplier diversity report to the Department as required by |
| 19 | | this Act. Failure to file a supplier diversity report as |
| 20 | | required by this Act renders a taxpayer non-responsive to any |
| 21 | | Agreement with the Department and ineligible to receive a tax |
| 22 | | certificate or file a tax credit for that year. The Department |
| 23 | | shall publish on its website all supplier diversity reports |