Illinois General Assembly - Illinois Compiled Statutes

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20 ILCS 663/45

(20 ILCS 663/45)

Sec. 45. Examination and rulemaking.

(a)  The Department may conduct examinations to verify that the tax credits under this Act have been received and applied according to the requirements of this Act and to verify that no event has occurred that would result in a recapture of tax credits under Section 40.

(b)  Neither the Department nor the Department of Revenue shall have the authority to promulgate rules under the Act, but, with respect to qualified equity investments issued before January 1, 2024, the Department and the Department of Revenue shall have the authority to issue advisory letters to individual qualified community development entities and their investors that are limited to the specific facts outlined in an advisory letter request from a qualified community development entity.  Such rulings cannot be relied upon by any person or entity other than the qualified community development entity that requested the letter and the taxpayers that are entitled to any tax credits generated from investments in such entity. For purposes of this subsection, "rules" is given the meaning contained in Section 1-70 of the Illinois Administrative Procedure Act.

(c)  In rendering advisory letters and making other determinations under this Act prior to January 1, 2024, to the extent applicable, the Department and the Department of Revenue shall look for guidance to Section 45D of the Internal Revenue Code of 1986, as amended, and the rules and regulations issued thereunder.

(d) It is the intent of the General Assembly that qualified equity investment structures allowed pursuant to advisory letters and other determinations by the Department and the Department of Revenue prior to January 1, 2024 shall be allowed and that qualified community development entities may rely on the rules and regulations issued under Section 45D of the Internal Revenue Code of 1986, as amended, where applicable.

(Source: P.A. 103-9, eff. 6-7-23.)