Illinois Administrative Code
Title 14 - COMMERCE
Part 120 - MANUFACTURING ILLINOIS CHIPS FOR REAL OPPORTUNITY (MICRO) ACT
Subpart C - UTILITY TAX EXEMPTION
Section 120.150 - Application Approval Process

Universal Citation: 14 IL Admin Code ยง 120.150

Current through Register Vol. 48, No. 38, September 20, 2024

a) Application Approval Requirements. Applications shall be submitted to the Department and approved or denied in writing within 90 days after receipt. The Department will issue a certification of exemption to the Illinois Department of Revenue for approved applicants, with a copy to the approved applicant. The application shall be approved if it meets the following requirements:

1) The applicant has an executed MICRO Illinois agreement; and

2) The applicant eligibility criteria outlined in Section 120.130 are met.

b) 10-Year Exemption Period. All certified businesses shall receive a ten-year exemption from Section 2-4 of the Electricity Excise Tax Law, and Section 9-222 of the Public Utilities Act.

c) Use of Exemption and Failure to Comply. Applicant may utilize the exemption prior to achieving the capital investment and job creation requirements set forth in the MICRO Illinois agreement. However, the Applicant shall repay the exempted amount if the applicant fails to comply with the terms and conditions of the executed MICRO Illinois agreement. [35 ILCS 45/110-95]

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