Full Text of HB2421 98th General Assembly
HB2421 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB2421 Introduced , by Rep. Linda Chapa LaVia SYNOPSIS AS INTRODUCED: |
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Amends the River Edge Redevelopment Zone Act. Provides that reports required under this Section shall be due no later than April 30 of each year (currently March 30). Effective immediately.
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| | A BILL FOR |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The River Edge Redevelopment Zone Act is amended | 5 | | by changing Section 10-10.2 as follows: | 6 | | (65 ILCS 115/10-10.2) | 7 | | Sec. 10-10.2. Accounting. | 8 | | (a) Any business receiving tax incentives due to its | 9 | | location within a River Edge Redevelopment Zone must report the | 10 | | total tax benefits received by the business, broken down by | 11 | | incentive category, annually to the Department of Revenue. | 12 | | Reports will be due no later than April March 30 of each year | 13 | | and shall cover the previous calendar year. The first report | 14 | | will be for the 2012 calendar year and will be due no later | 15 | | than March 30, 2013. Failure to report data shall result in | 16 | | ineligibility to receive incentives. For the first offense, a | 17 | | business shall be given 60 days to comply. | 18 | | (b) Each person required to file a return under the Gas | 19 | | Revenue Tax Act, the Gas Use Tax Act, the Electricity Excise | 20 | | Tax Act, or the Telecommunications Excise Tax Act shall file, | 21 | | on or before March 30 of each year, a report with the | 22 | | Department of Revenue, in the manner and form required by the | 23 | | Department of Revenue, itemizing the amount of the deduction |
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| 1 | | taken under each Act, respectively, due to the location of a | 2 | | business in a River Edge Redevelopment Zone. The report shall | 3 | | be itemized by business and the business location address. | 4 | | (c) Employers shall report their job creation, retention, | 5 | | and capital investment numbers within the River Edge | 6 | | Redevelopment Zone annually to the administrator which will | 7 | | compile the information and report it to the Department of | 8 | | Revenue no later than March 30 of each calendar year. | 9 | | (d) The Department of Revenue will aggregate and collect | 10 | | the tax, job, and capital investment data by River Edge | 11 | | Redevelopment Zone and report this information, formatted to | 12 | | exclude company-specific proprietary information, to the | 13 | | Department by May 1, 2013, and by May 1 of every calendar year | 14 | | thereafter. The Department will include this information in | 15 | | their required reports under Section 6 of this Act. | 16 | | (e) The Department of Revenue, in its discretion, may | 17 | | require that the reports filed under this Section be submitted | 18 | | electronically. | 19 | | (f) The Department of Revenue shall have the authority to | 20 | | adopt rules as are reasonable and necessary to implement the | 21 | | provisions of this Section.
| 22 | | (Source: P.A. 97-905, eff. 8-7-12.)
| 23 | | Section 99. Effective date. This Act takes effect upon | 24 | | becoming law.
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