Sec. 5-56. Annual report.
205 words·~1 min read·
/il/chapter-35/act-10/5-56A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5-56. Annual report. Annually, until construction is completed, a company seeking New Construction EDGE Credits shall submit a report that, at a minimum, describes the projected project scope, timeline, and anticipated budget. Once the project has commenced, the annual report shall include actual data for the prior year as well as projections for each additional year through completion of the project. The Department shall issue detailed reporting guidelines prescribing the requirements of construction-related reports. In order to receive credit for construction expenses, the company must provide the Department with evidence that a certified third-party executed an Agreed-Upon Procedure
(AUP)verifying the construction expenses or accept the standard construction wage expense estimated by the Department.
Upon review of the final project scope, timeline, budget, and AUP, the Department shall issue a tax credit certificate reflecting a percentage of the total construction job wages paid throughout the completion of the project.
Upon 7 business days' notice, the taxpayer shall make available for inspection and copying at a location within this State during reasonable hours, the records identified in paragraph
(1)of this Section to the taxpayer in charge of the project, its officers and agents, and to federal, State, or local law enforcement agencies and prosecutors.