Full Text of SB3242 100th General Assembly
SB3242ham001 100TH GENERAL ASSEMBLY | Rep. Jehan Gordon-Booth Filed: 11/26/2018
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| 1 | | AMENDMENT TO SENATE BILL 3242
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3242 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Income Tax Act is amended by | 5 | | changing Section 228 as follows: | 6 | | (35 ILCS 5/228) | 7 | | Sec. 228 227 . Historic preservation credit. For
tax years | 8 | | beginning on or after January 1, 2019 and ending on
or before | 9 | | December 31, 2023, a taxpayer who qualifies for a
credit under | 10 | | the Historic Preservation Tax Credit Act is entitled to a | 11 | | credit against the taxes
imposed under subsections (a) and (b) | 12 | | of Section 201 of this
Act as provided in that Act. If the | 13 | | taxpayer is a partnership ,
or Subchapter S corporation, or a | 14 | | limited liability company, the credit shall be allowed to the
| 15 | | partners or shareholders in accordance with the determination
| 16 | | of income and distributive share of income under Sections 702
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| 1 | | and 704 and Subchapter S of the Internal Revenue Code , provided | 2 | | that credits granted to a partnership, a limited liability | 3 | | company taxed as a partnership, or other multiple owners of | 4 | | property shall be passed through to the partners, members, or | 5 | | owners respectively on a pro rata basis or pursuant to an | 6 | | executed agreement among the partners, members, or owners | 7 | | documenting any alternate distribution method .
If the amount of | 8 | | any tax credit awarded under this Section
exceeds the qualified | 9 | | taxpayer's income tax liability for the
year in which the | 10 | | qualified rehabilitation plan was placed in
service, the excess | 11 | | amount may be carried forward as
provided in the Historic | 12 | | Preservation Tax Credit Act.
| 13 | | (Source: P.A. 100-629, eff. 1-1-19; revised 10-9-18.) | 14 | | Section 10. The Historic Preservation Tax Credit Act is | 15 | | amended by changing Sections 5, 10, 20, and 25 as follows: | 16 | | (35 ILCS 31/5) | 17 | | (This Section may contain text from a Public Act with a | 18 | | delayed effective date )
| 19 | | Sec. 5. Definitions. As used in this Act, unless the | 20 | | context clearly indicates otherwise: | 21 | | "Director" means the Director of Natural Resources or his | 22 | | or her designee. | 23 | | "Division" means the State Historic Preservation Office | 24 | | within the Department of Natural Resources. |
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| 1 | | "Phased rehabilitation" means a project that is completed | 2 | | in phases, as defined under Section 47 of the federal Internal | 3 | | Revenue Code and pursuant to National Park Service regulations | 4 | | at 36 C.F.R. 67. | 5 | | "Placed in service" means the date when the property is | 6 | | placed in a condition or state of readiness and availability | 7 | | for a specifically assigned function as defined under Section | 8 | | 47 of the federal Internal Revenue Code and federal Treasury | 9 | | Regulation Sections 1.46 and 1.48. | 10 | | "Qualified expenditures" means all the costs and expenses | 11 | | defined as qualified rehabilitation expenditures under Section | 12 | | 47 of the federal Internal Revenue Code that were incurred in | 13 | | connection with a qualified rehabilitation plan historic | 14 | | structure . | 15 | | "Qualified historic structure" means any structure that is | 16 | | located in Illinois and is defined as a certified historic | 17 | | structure under Section 47(c)(3) of the federal Internal | 18 | | Revenue Code. | 19 | | "Qualified rehabilitation plan" means a project that is | 20 | | approved by the Department of Natural Resources and the | 21 | | National Park Service as being consistent with the United | 22 | | States Secretary of the Interior's Standards for | 23 | | Rehabilitation. | 24 | | "Qualified taxpayer" means the owner of the qualified | 25 | | historic structure or any other person or entity who may | 26 | | qualify for the federal rehabilitation credit allowed by |
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| 1 | | Section 47 of the federal Internal Revenue Code. | 2 | | "Recapture event" means any of the following events | 3 | | occurring during the recapture period: | 4 | | (1) failure to place in service the rehabilitated | 5 | | portions of the qualified historic structure, or failure to | 6 | | maintain the rehabilitated portions of the qualified | 7 | | historic structure in service after they are placed in | 8 | | service; provided that a recapture event under this | 9 | | paragraph (1) shall not include a removal from service for | 10 | | a reasonable period of time to conduct maintenance and | 11 | | repairs that are reasonably necessary to protect the health | 12 | | and safety of the public or to protect the structural | 13 | | integrity of the qualified historic structure or a | 14 | | neighboring structure; | 15 | | (2) demolition or other alteration of the qualified | 16 | | historic structure in a manner that is inconsistent with | 17 | | the qualified rehabilitation plan or the Secretary of the | 18 | | Interior's Standards for Rehabilitation; | 19 | | (3) disposition of the rehabilitated qualified | 20 | | historic structure in whole or a proportional disposition | 21 | | of a partnership interest therein, except as otherwise | 22 | | permitted by this Section; or | 23 | | (4) use of the qualified historic structure in a manner | 24 | | that is inconsistent with the qualified rehabilitation | 25 | | plan or that is otherwise inconsistent with the provisions | 26 | | and intent of this Section. |
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| 1 | | A recapture event occurring in one taxable year shall be | 2 | | deemed continuing to subsequent taxable years unless and until | 3 | | corrected. | 4 | | The following dispositions of a qualified historic | 5 | | structure shall not be deemed to be a recapture event for | 6 | | purposes of this Section: | 7 | | (1) a transfer by reason of death; | 8 | | (2) a transfer between spouses incident to divorce; | 9 | | (3) a sale by and leaseback to an entity that, when the | 10 | | rehabilitated portions of the qualified historic structure | 11 | | are placed in service, will be a lessee of the qualified | 12 | | historic structure, but only for so long as the entity | 13 | | continues to be a lessee; and | 14 | | (4) a mere change in the form of conducting the trade | 15 | | or business by the owner (or, if applicable, the lessee) of | 16 | | the qualified historic structure, so long as the property | 17 | | interest in such qualified historic structure is retained | 18 | | in such trade or business and the owner or lessee retains a | 19 | | substantial interest in such trade or business. | 20 | | "Recapture period" means the 5-year period beginning on the | 21 | | date that the qualified historic structure or rehabilitated | 22 | | portions of the qualified historic structure are placed in | 23 | | service. | 24 | | "Substantial rehabilitation" means that the qualified | 25 | | rehabilitation expenditures during the 24-month period | 26 | | selected by the taxpayer at the time and in the manner |
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| 1 | | prescribed by rule and ending with or within the taxable year | 2 | | exceed the greater of (i) the adjusted basis of the building | 3 | | and its structural components or (ii) $5,000. The adjusted | 4 | | basis of the building and its structural components shall be | 5 | | determined as of the beginning of the first day of such | 6 | | 24-month period or as of the beginning of the first day of the | 7 | | holding period of the building, whichever is later. For | 8 | | purposes of determining the adjusted basis, the determination | 9 | | of the beginning of the holding period shall be made without | 10 | | regard to any reconstruction by the taxpayer in connection with | 11 | | the rehabilitation. In the case of any phased rehabilitation, | 12 | | with phases set forth in architectural plans and specifications | 13 | | completed before the rehabilitation begins, this definition | 14 | | shall be applied by substituting "60-month period" for | 15 | | "24-month period" wherever that term occurs in the definition.
| 16 | | (Source: P.A. 100-629, eff. 1-1-19.) | 17 | | (35 ILCS 31/10)
| 18 | | Sec. 10. Allowable credit. | 19 | | (a) To the extent authorized by this Act, for taxable years | 20 | | beginning on or after January 1, 2019 and ending on or before | 21 | | December 31, 2023, there shall be allowed a tax credit to the | 22 | | qualified taxpayer against the tax imposed by subsections (a) | 23 | | and (b) of Section 201 of the Illinois Income Tax Act in an | 24 | | aggregate amount equal to the lesser of (i) 25% of qualified | 25 | | expenditures incurred in by a qualified taxpayer undertaking a |
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| 1 | | qualified rehabilitation plan or (ii) $3,000,000 of a qualified | 2 | | historic structure , provided that the total amount of such | 3 | | expenditures must (i) equal $5,000 or more and or (ii) exceed | 4 | | the adjusted basis of the qualified historic structure on the | 5 | | first day the qualified rehabilitation plan commenced. If the | 6 | | qualified rehabilitation plan spans multiple years, the | 7 | | aggregate credit for the entire project shall be allowed in the | 8 | | last taxable year. | 9 | | (b) To obtain a tax credit certificate pursuant to this | 10 | | Section, the qualified taxpayer must apply with the Division. | 11 | | The Division shall determine the amount of eligible | 12 | | rehabilitation expenditures within 45 days after receipt of a | 13 | | complete application. The taxpayer must provide to the Division | 14 | | a third-party cost certification conducted by a certified | 15 | | public accountant verifying (i) the qualified and | 16 | | non-qualified rehabilitation expenses and (ii) that the | 17 | | qualified expenditures exceed the adjusted basis of the | 18 | | qualified historic structure on the first day the qualified | 19 | | rehabilitation plan commenced. The accountant shall provide | 20 | | appropriate review and testing of invoices. The Division is | 21 | | authorized, but not required, to accept this third-party cost | 22 | | certification to determine the amount of qualified | 23 | | expenditures. The Division and the National Park Service shall | 24 | | determine whether the rehabilitation is consistent with the | 25 | | Standards of the Secretary of the United States Department of | 26 | | the Interior. |
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| 1 | | (c) If the amount of any tax credit awarded under this Act | 2 | | exceeds the qualified taxpayer's income tax liability for the | 3 | | year in which the qualified rehabilitation plan was placed in | 4 | | service, the excess amount may be carried forward for deduction | 5 | | from the taxpayer's income tax liability in the next succeeding | 6 | | year or years until the total amount of the credit has been | 7 | | used, except that a credit may not be carried forward for | 8 | | deduction after the tenth taxable year after the taxable year | 9 | | in which the qualified rehabilitation plan was placed in | 10 | | service. Upon completion and review of the project and approval | 11 | | of the complete application , the Division shall issue a single | 12 | | certificate in the amount of the
eligible credits equal to 25% | 13 | | of the qualified expenditures incurred during the eligible | 14 | | taxable years , not to exceed the lesser of the allocated amount | 15 | | or $3,000,000 per single qualified rehabilitation plan. Prior | 16 | | to the issuance of the tax credit certificate, the qualified | 17 | | taxpayer must provide to the Division verification that the | 18 | | rehabilitated structure is a qualified historic structure . At | 19 | | the time the certificate is issued, an issuance fee up to the | 20 | | maximum amount of 2% of the amount of the credits issued by the | 21 | | certificate may be collected from the qualified taxpayer | 22 | | applicant to administer the Act. If collected, this issuance | 23 | | fee shall be directed to the Division Historic Property | 24 | | Administrative Fund or other such fund as appropriate for use | 25 | | of the Division in the administration of the Historic | 26 | | Preservation Tax Credit Program. The taxpayer must attach the |
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| 1 | | certificate or legal documentation of her or his proportional | 2 | | share of the certificate to the tax
return on which the credits | 3 | | are to be claimed. The tax credit under this Section may not | 4 | | reduce the taxpayer's liability to less than zero. If the | 5 | | amount of the credit exceeds the tax liability for the year, | 6 | | the excess credit may be carried forward and applied to the tax | 7 | | liability of the 10 taxable years following the first excess | 8 | | credit year.
The taxpayer may not receive credits under this | 9 | | Section and Section 221 of the Illinois Income Tax Act for the | 10 | | same qualified expenditures or qualified rehabilitation plan. | 11 | | (d) If the taxpayer is (i) a corporation having an election | 12 | | in effect under Subchapter S of the federal Internal Revenue | 13 | | Code, (ii) a partnership, or (iii) a limited liability company, | 14 | | the credit provided under this Act may be claimed by the | 15 | | shareholders of the corporation, the partners of the | 16 | | partnership, or the members of the limited liability company in | 17 | | the same manner as those shareholders, partners, or members | 18 | | account for their proportionate shares of the income or losses | 19 | | of the corporation, partnership, or limited liability company, | 20 | | or as provided in the bylaws or other executed agreement of the | 21 | | corporation, partnership, or limited liability company. | 22 | | Credits granted to a partnership, a limited liability company | 23 | | taxed as a partnership, or other multiple owners of property | 24 | | shall be passed through to the partners, members, or owners | 25 | | respectively on a pro rata basis or pursuant to an executed | 26 | | agreement among the partners, members, or owners documenting |
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| 1 | | any alternate distribution method. | 2 | | (e) If a recapture event occurs during the recapture period | 3 | | with respect to a qualified historic structure, then for any | 4 | | taxable year in which the credits are allowed as specified in | 5 | | this Act, the tax under the applicable Section of this Act | 6 | | shall be increased by applying the recapture percentage set | 7 | | forth below to the tax decrease resulting from the allocation | 8 | | application of credits allowed under this Act to the taxable | 9 | | year in question. | 10 | | For the purposes of this subsection, the recapture | 11 | | percentage shall be determined as follows: | 12 | | (1) if the recapture event occurs within the first year | 13 | | after commencement of the recapture period, then the | 14 | | recapture percentage is 100%; | 15 | | (2) if the recapture event occurs within the second | 16 | | year after commencement of the recapture period, then the | 17 | | recapture percentage is 80%; | 18 | | (3) if the recapture event occurs within the third year | 19 | | after commencement of the recapture period, then the | 20 | | recapture percentage is 60%; | 21 | | (4) if the recapture event occurs within the fourth | 22 | | year after commencement of the recapture period, then the | 23 | | recapture percentage is 40%; and | 24 | | (5) if the recapture event occurs within the fifth year | 25 | | after commencement of the recapture period, then the | 26 | | recapture percentage is 20%.
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| 1 | | In the case of any recapture event, the carryforwards under | 2 | | this Act shall be adjusted by reason of such event. | 3 | | (f) (d) The Division may adopt rules to implement this | 4 | | Section in addition to the rules expressly authorized herein.
| 5 | | (Source: P.A. 100-629, eff. 1-1-19; revised 10-1-18.) | 6 | | (35 ILCS 31/20) | 7 | | (This Section may contain text from a Public Act with a | 8 | | delayed effective date )
| 9 | | Sec. 20. Limitations, reporting, and monitoring. | 10 | | (a) In every calendar year that this program is in effect, | 11 | | the Division is authorized to allocate $15,000,000 worth of tax | 12 | | credits in addition to any unallocated, returned, or rescinded | 13 | | allocations from previous years, pursuant to qualified | 14 | | rehabilitation plans. The Division shall award not more than an | 15 | | aggregate of $15,000,000 in total annual tax credits pursuant | 16 | | to qualified rehabilitation plans for qualified historic | 17 | | structures. The Division shall allocate and award not more than | 18 | | $3,000,000 in tax credits with regard to a single qualified | 19 | | rehabilitation plan. In allocating awarding tax credits under | 20 | | this Act, the Division must prioritize applications projects | 21 | | that meet one or more of the following: | 22 | | (1) the qualified historic structure is located in a | 23 | | county that borders a State with a historic | 24 | | income-producing property rehabilitation credit; | 25 | | (2) the qualified historic structure was previously |
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| 1 | | owned by a federal, state, or local governmental entity for | 2 | | no less than 6 months ; | 3 | | (3) the qualified historic structure is located in a | 4 | | census tract that has a median family income at or below | 5 | | the State median family income; data from the most recent | 6 | | 5-year estimate from the American Community Survey (ACS), | 7 | | published by the U.S. Census Bureau, shall be used to | 8 | | determine eligibility; | 9 | | (4) the qualified rehabilitation plan includes in the | 10 | | development partnership a Community Development Entity or | 11 | | a low-profit (B Corporation) or not-for-profit | 12 | | organization, as defined by Section 501(c)(3) of the | 13 | | Internal Revenue Code; or | 14 | | (5) the qualified historic structure is located in an | 15 | | area declared under an Emergency Declaration or Major | 16 | | Disaster Declaration under the federal Robert T. Stafford | 17 | | Disaster Relief and Emergency Assistance Act. The | 18 | | declaration must be no older than 3 years old at the time | 19 | | of application. | 20 | | (b) The annual aggregate authorization program allocation | 21 | | of $15,000,000 set forth in subsection (a) shall be allocated | 22 | | by the Division, in such proportion as determined by the | 23 | | Director Department, on a per calendar basis twice in each | 24 | | calendar year that the program is in effect, provided that : (i) | 25 | | the amount initially allocated by the Division for the first | 26 | | any one calendar year application period shall not exceed 65% |
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| 1 | | of the total allowable amount available for allocation. Any | 2 | | unallocated and (ii) any portion of the allocated allowable | 3 | | amount remaining unused as of the end of any of the second | 4 | | calendar application period of a given calendar year shall be | 5 | | rolled over into and added to the total authorized allocated | 6 | | amount for the next available calendar year. The qualified | 7 | | rehabilitation plan must meet a readiness test, as defined in | 8 | | the rules created by the Division, in order for the application | 9 | | Applicant to qualify. In any given application period, | 10 | | applications Applicants that qualify under this Act and are | 11 | | prioritized as set forth in subsection (a) will be placed in a | 12 | | queue based on the date and time the application is received | 13 | | until such time as the application period total allowable | 14 | | amount is reached . Applications that qualify but do not receive | 15 | | an allocation Applicants must reapply to be considered in | 16 | | subsequent for each application periods period . | 17 | | (c) Subject On or before December 31, 2019,
and on or | 18 | | before December 31 of each odd-numbered year thereafter through
| 19 | | 2023, subject to appropriation and prior to equal disbursement | 20 | | to the Division, moneys in the Historic Property Administrative | 21 | | Fund shall be used, on a biennial basis beginning at the end of | 22 | | the second first fiscal year after the effective date of this | 23 | | Act, to hire a qualified third party to prepare a biennial | 24 | | report to assess the overall impact effectiveness of this Act | 25 | | from the qualified rehabilitation plans projects under this Act | 26 | | completed in that year and in previous years. Baseline data of |
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| 1 | | the metrics in the report shall be collected at the initiation | 2 | | of a qualified rehabilitation plan project . The overall | 3 | | economic impact shall include at least: | 4 | | (1) the number of applications, project locations, and | 5 | | proposed use of qualified historic structures; | 6 | | (2) the amount of credits awarded and the number and | 7 | | location of projects receiving credit allocations; | 8 | | (3) the status of ongoing projects and projected | 9 | | qualifying expenditures for ongoing projects;
| 10 | | (4) for completed projects, the total amount of | 11 | | qualifying rehabilitation expenditures and non-qualifying | 12 | | expenditures, the number of housing units created and the | 13 | | number of housing units that qualify as affordable, and the | 14 | | total square footage rehabilitated and developed; | 15 | | (5) direct, indirect, and induced economic impacts; | 16 | | (6) temporary, permanent, and construction jobs | 17 | | created; and | 18 | | (7) sales, income, and property tax generation before | 19 | | construction, during construction, and after completion. | 20 | | The report to the General Assembly shall be filed with the | 21 | | Clerk of the House of Representatives and the Secretary of the | 22 | | Senate in electronic form only, in the manner that the Clerk | 23 | | and the Secretary shall direct. | 24 | | (d) Any time prior to issuance of a tax credit certificate, | 25 | | the Director of the Division, the State Historic Preservation | 26 | | Officer, or staff of the Division may, upon reasonable notice |
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| 1 | | to the project owner of not less than 3 business days, conduct | 2 | | a site visit to the project to inspect and evaluate the | 3 | | project. | 4 | | (e) Any time prior to the issuance of a tax credit | 5 | | certificate and for a period of 4 years following the effective | 6 | | date of a project tax credit certificate , the Director may, | 7 | | upon reasonable notice of not less than 30 calendar days, | 8 | | request a status report from the Applicant consisting of | 9 | | information and updates relevant to the status of the project. | 10 | | Status reports shall not be requested more than twice yearly. | 11 | | (f) In order to demonstrate sufficient evidence of | 12 | | reviewable progress within 12 months after the date the | 13 | | Applicant received notification of allocation approval from | 14 | | the Division, the Director may require the Applicant to shall | 15 | | provide all of the following: | 16 | | (1) a viable financial plan which demonstrates by way | 17 | | of an executed agreement that all financing has been | 18 | | secured for the project; such financing shall include, but | 19 | | not be limited to, equity investment as demonstrated by | 20 | | letters of commitment from the owner of the property, | 21 | | investment partners, and equity investors; | 22 | | (2) (blank); final construction drawings or approved | 23 | | building permits that demonstrate the complete | 24 | | rehabilitation of the full scope of the application; and | 25 | | (3) all historic approvals, including all federal and | 26 | | State rehabilitation documents required by the Division. |
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| 1 | | The Director shall review the submitted evidence and may | 2 | | request additional documentation from the Applicant if | 3 | | necessary. The Applicant will have 30 calendar days to provide | 4 | | the information requested, otherwise the allocation approval | 5 | | may be rescinded at the discretion of the Director. | 6 | | (g) In order to demonstrate sufficient evidence of | 7 | | reviewable progress within 24 18 months after the date the | 8 | | application received notification of approval from the | 9 | | Division, the Director may require the Applicant is required to | 10 | | provide detailed evidence that the Applicant has secured and | 11 | | closed on financing for the complete scope of rehabilitation | 12 | | for the project. To demonstrate evidence that the Applicant has | 13 | | secured and closed on financing, the Applicant will need to | 14 | | provide signed and processed loan agreements, bank financing | 15 | | documents or other legal and contractual evidence to | 16 | | demonstrate that adequate financing is available to complete | 17 | | the project. The Director shall review the submitted evidence | 18 | | and may request additional documentation from the Applicant if | 19 | | necessary. The Applicant will have 30 calendar days to provide | 20 | | the information requested, otherwise the allocation approval | 21 | | may be rescinded at the discretion of the Director. | 22 | | If the Applicant fails to document reviewable progress | 23 | | within 24 18 months of approval, the Director may notify the | 24 | | Applicant that the allocation application is rescinded. | 25 | | However, should financing and construction be imminent, the | 26 | | Director may elect to grant the Applicant no more than 5 months |
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| 1 | | to close on financing and commence construction. If the | 2 | | Applicant fails to meet these conditions in the required | 3 | | timeframe, the Director shall notify the Applicant that the | 4 | | allocation application is rescinded. Any such rescinded | 5 | | allocation shall be added to the aggregate amount of credits | 6 | | available for allocation for the year in which the forfeiture | 7 | | occurred. | 8 | | The amount of the qualified expenditures identified in the | 9 | | qualified taxpayer's Applicant's certification of completion | 10 | | and reflected on the Historic Preservation Tax Credit | 11 | | certificate issued by the Director is subject to inspection, | 12 | | examination, and audit by the Department of Revenue. | 13 | | The qualified taxpayer Applicant shall establish and | 14 | | maintain for a period of 4 years following the effective date | 15 | | on a project tax credit certificate such records as required by | 16 | | the Director. Such records include, but are not limited to, | 17 | | records documenting project expenditures and compliance with | 18 | | the U.S. Secretary of the Interior's Standards. The qualified | 19 | | taxpayer Applicant shall make such records available for review | 20 | | and verification by the Director, the State Historic | 21 | | Preservation Officer, the Department of Revenue, or | 22 | | appropriate staff, as well as other appropriate State agencies. | 23 | | In the event the Director determines an Applicant has submitted | 24 | | a status an annual report containing erroneous information or | 25 | | data not supported by records established and maintained under | 26 | | this Act, the Director may, after providing notice, require the |
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| 1 | | Applicant to resubmit corrected reports.
| 2 | | (Source: P.A. 100-629, eff. 1-1-19.) | 3 | | (35 ILCS 31/25) | 4 | | (This Section may contain text from a Public Act with a | 5 | | delayed effective date )
| 6 | | Sec. 25. Powers. The Division may shall adopt rules for the | 7 | | administration of this Act. The Division may enter into an | 8 | | intergovernmental agreement with the Department of Commerce | 9 | | and Economic Opportunity, the Department of Revenue, or both, | 10 | | for the administration of this Act. Such intergovernmental | 11 | | agreement may allow for the distribution of all or a portion of | 12 | | the issuance fee imposed under Section 10 to the Department of | 13 | | Commerce and Economic Opportunity or the Department of Revenue, | 14 | | as applicable.
| 15 | | (Source: P.A. 100-629, eff. 1-1-19.)
| 16 | | Section 99. Effective date. This Act takes effect upon | 17 | | becoming law.".
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