20 ILCS 715/1
Short title
Short title. This Act may be cited as the Corporate Accountability for Tax Expenditures Act. (Source: P.A. 93-552, eff. 8-20-03.)
Illinois Compiled Statutes 20 ILCS 715 — Corporate Accountability for Tax Expenditures Act.
Illinois · statute · 20 ILCS 715 · 7 active provisions
Provisions
20 ILCS 715/5
Definitions
Definitions. As used in this Act: "Base years" means the first 2 complete calendar years following the effective date of a recipient receiving development assistance. "Date of assistance" means the commencement date of the assistance agreement, which date triggers the period during which the recipient is obligated to c…
20 ILCS 715/10
Unified Economic Development Budget
Unified Economic Development Budget. (a) For each State fiscal year ending on or after June 30, 2005, the Department of Revenue shall submit an annual Unified Economic Development Budget to the General Assembly. The Unified Economic Development Budget shall be due within 3 months after the end of the fiscal year, and s…
20 ILCS 715/15
Standardized applications for State development assistance
Standardized applications for State development assistance. (a) All final applications submitted to the Department or any other State granting body requesting development assistance shall contain, at a minimum: (1) An application tracking number that is specific to both the State granting agency and to each application…
20 ILCS 715/20
State development assistance disclosure
State development assistance disclosure. (a) Beginning February 1, 2005 and each year thereafter, every State granting body shall submit to the Department copies of all development assistance agreements that it approved in the prior calendar year. (b) For each development assistance agreement for which the date of assi…
20 ILCS 715/25
Recapture
Recapture. (a) All development assistance agreements shall contain, at a minimum, the following recapture provisions: (1) The recipient must (i) make the level of capital investment in the economic development project specified in the development assistance agreement; (ii) create or retain, or both, the requisite numbe…
20 ILCS 715/99
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 93-552, eff. 8-20-03.)