February 17, 2022

Feb. 17, 2022

Illinois adopted regulations that implement corporate and personal income tax credits for creating jobs in the state from:

  • High Impact Business construction projects;
  • Enterprise Zone construction projects;
  • River Edge Redevelopment Zone construction projects; and
  • Economic Development for a Growing Economy (EDGE) construction projects.

What Do the Regulations Cover?

The new and amended regulations cover:

  • how taxpayers can qualify and apply for the credits;
  • the amount of the credits and the state fiscal-year cap on total credits;
  • credit application review and approval procedures; and
  • reporting and recordkeeping requirements, including penalties for violations of those requirements.

When Are the Regulations Effective?

The regulations took effect on January 11, 2022.


86 Ill. Adm. Code Secs. 520.700, 520.1200, 520.1210-520.1280, 524.20, 524.510, 524.530, 527.20, 527.30, 527.50, 527.85, Illinois Department of Revenue, effective as noted.

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The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ashmore Consulting LLC to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader’s specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact Ashmore Consulting LLC or other tax professional prior to taking any action based upon this information. Ashmore Consulting LLC assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.