Current through Register Vol. 48, No. 38, September 20, 2024
a)
Any taxpayer that:
1)
operates a business in Illinois as a semiconductor manufacturer, a
microchip manufacturer, or a manufacturer of semiconductor or microchip
component parts; or
2)
is planning to locate a business within the State of Illinois as a
semiconductor manufacturer, a microchip manufacturer, or a manufacturer of
semiconductor or microchip component parts. [35 ILCS
45/110-10]
b)
In order to qualify for credits
under the MICRO Program, an applicant must:
1)
for a semiconductor manufacturer
or microchip manufacturer:
A)
make an investment of at least $1,500,000,000 in capital improvements
at the project site;
B)
to be placed in service within the State within a 60-month period after
approval of the application; and
C)
create at least 500 new full-time
employee jobs; or
2)
for a semiconductor or microchip
component parts manufacturer:A)
make an investment of at least $300,000,000 in capital improvements at
the project site;
B)
manufacture one or more parts that are primarily used for the
manufacture of semiconductors or microchips;
C)
to be placed in service within the
State within a 60-month period after approval of the application;
and
D)
create at
least 150 new full-time employee jobs; or
3)
for a semiconductor manufacturer
or microchip manufacturer or a semiconductor or microchip component parts
manufacturer that does not qualify under subsection (b)(2):
A)
make an investment of at least
$20,000,000 in capital improvements at the project site;
B)
to be placed in service within the
State within a 48-month period after approval of the application;
and
C)
create at
least 50 new full-time employee jobs; or
4)
for a semiconductor manufacturer
or microchip manufacturer or a semiconductor or microchip component parts
manufacturer with existing operations within Illinois that intends to convert
or expand, in whole or in part, the existing facility from traditional
manufacturing to a semiconductor manufacturing or microchip manufacturing or
semiconductor or microchip component parts manufacturing:
A)
make an investment of at least
$100,000,000 in capital improvements at the project site;
B)
to be placed in service within the
State within a 60-month period after approval of the application;
and
C)
create the
lesser of 75 new full-time employee jobs or new full-time employee jobs
equivalent to 10% of the statewide baseline applicable to the taxpayer and any
related member at the time of application. [35 ILCS
45/110-20(c)]
c)
For any applicant
creating the full-time employee jobs noted in subsection
(b), applicants shall receive credit for those
jobs with compensation equal to or greater than 120% of the
average wage paid to full-time employees in a similar position within
an occupational group in the county where the project is
located, and the Department shall utilize the occupational group data
provided by the U.S. Bureau of Labor Statistics, the Illinois Department of
Employment Security, or other reliable date source. [35 ILCS
45/110-20(d)]
d) Not have entered into another agreement
under the Act with respect to a single address or
location for the same period of time. Also, a taxpayer may not enter into an
agreement under the Act with respect to a single address or
location for the same period of time for which the taxpayer currently holds an
active agreement under the Economic Development for a Growing Economy Tax
Credit Act [35 ILCS 10/5-1] unless:
1) The previous agreement under this Act or
EDGE expired or was voluntarily terminated to the extent that the
taxpayer's application otherwise satisfies the terms and conditions of
the Act and is approved by the Department.
2) The provision in
subsection (d) does not preclude the applicant from entering into an
additional agreement after the expiration or voluntary termination of an
earlier agreement under the Act or under the Economic
Development for a Growing Economy Tax Credit Act to the extent that the
taxpayer's application otherwise satisfies the terms and conditions of
the Act and is approved by the Department. An applicant with an
existing agreement under the Economic Development for a Growing Economy Tax
Credit Act may submit an application for an agreement under the Act
after it terminates any existing agreement under the Economic
Development for Growing Economy Tax Credit Act with respect to the same
addresses or location. [35 ILCS
45/110-20(f)]
e)
A taxpayer is not entitled to
claim a credit provided by the Act with respect to any jobs
that the taxpayer relocates from one site in Illinois to another site in
Illinois. Any full-time employee relocated to Illinois in connection with a
qualifying project is deemed to be a new employee for purposes of the
Act. Determinations under Section 35 of the Act shall
be made by the Department. [35 ILCS
45/110-35]
