Sec. 55. Annual report.

314 words·~1 min read·/il/chapter-20/act-663/55

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Sec. 55. Annual report. Each qualified community development entity shall submit an annual report to the Department within 45 days after the beginning of each calendar year during the compliance period. No annual report shall be due prior to the first anniversary of the initial credit allowance date. The report shall include, but is not limited to, the following:

(1)an attestation from an authorized officer of the qualified community development

entity that the entity has not been the subject of any investigation by a government agency relating to tax credits or financial services during the preceding calendar year;

(2)information with respect to all qualified low-income community investments made by

the qualified community development entity, including:

(A)the date and amount of, and bank statements or wire transfer reports

documenting, such qualified low-income community investments;

(B)the name, address, and EIN of each qualified active low-income community

business funded by the qualified community development entity, the number of persons employed by such business at the time of the initial investment, and a brief description of the business, the financing, and community benefits of the financing; and

(C)the number of employment positions maintained by each qualified active

low-income community business as of the date of report or the end of the preceding calendar year and the average annual salaries of such positions; and

(D)the total number of employment positions created and retained as a result of

qualified low-income community investments and the average annual salaries of those positions; and

(3)any changes with respect to the taxpayers entitled to claim tax credits with respect

to qualified equity investments issued by the qualified community development entity since its last report pursuant to this Section.

The qualified community development entity is not required to provide the annual report set forth in this Section for qualified low-income community investments that have been redeemed or repaid.