Sec. 75. Annual report.

208 words·~1 min read·/il/chapter-20/act-686/75

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)On or before July 1 each year, the Department shall submit a report on the tax credit program under this Act to the Governor and the General Assembly. The report shall include information on the number of agreements that were entered into under this Act during the preceding calendar year, a description of the project that is the subject of each agreement, an update on the status of projects under agreements entered into before the preceding calendar year, and the sum of the credits awarded under this Act. A copy of the report shall be delivered to the Governor and to each member of the General Assembly.

(b)The report must include, for each agreement:

(1)the original estimates of the value of the credit and the number of new employee

jobs to be created and, if applicable, the number of retained employee jobs;

(2)any relevant modifications to existing agreements;

(3)a statement of the progress made by each taxpayer in meeting the terms of the

original agreement;

(4)a statement of wages paid to new employees and, if applicable, retained employees in

the State; and

(5)a copy of the original agreement or link to the agreement on the Department's

website.