(35 ILCS 19/50-45)
Sec. 50-45. Qualified music program evaluation and reports. (a) The Department's qualified music program tax credit award evaluation must include: (1) an assessment of the effectiveness of the program |
| in creating and retaining new jobs in Illinois;
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(2) an assessment of the revenue impact of the
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(3) in the discretion of the Department, a review of
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| the practices and experiences of other states or nations with similar programs; and
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(4) an assessment of the overall success of the
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The Department may make a recommendation to extend, modify,
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| or not extend the program based on the evaluation.
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(b) At the end of each fiscal quarter, the Department shall submit to the General Assembly a report that includes, without limitation:
(1) an assessment of the economic impact of the
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| program, including the number of jobs created and retained, and whether the job positions are entry level, management, vendor, or production related;
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(2) the amount of qualified music company spending
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| brought to Illinois, including the amount of spending and type of Illinois vendors hired in connection with a qualified music company; and
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(3) a determination of whether those receiving
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| qualifying Illinois labor expenditure salaries or wages reflect the geographic, racial and ethnic, gender, and income level diversity of the State of Illinois.
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(c) At the end of each fiscal year, the Department shall submit to the General Assembly a report that includes, without limitation:
(1) the identification of each vendor that provided
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| goods or services that were included in a qualified music company's Illinois spending;
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(2) a statement of the amount paid to each identified
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| vendor by the qualified music program and whether the vendor is a minority-owned or women-owned business as defined in Section 2 of the Business Enterprise for Minorities, Women, and Persons with Disabilities Act; and
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(3) a description of the steps taken by the
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| Department to encourage qualified music company to use vendors who are minority-owned or women-owned businesses.
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(Source: P.A. 103-592, eff. 6-7-24.)
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