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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