Illinois Administrative Code
Title 14 - COMMERCE
Part 520 - ENTERPRISE ZONE AND HIGH IMPACT BUSINESS PROGRAMS
Subpart E - ENTERPRISE ZON DESIGNATED ZONE ORGANIZATIONS
Section 520.510 - Project Eligibility and Approval
Current through Register Vol. 47, No. 38, September 22, 2023
A business entity may receive a deduction against income subject to State taxes for a contribution to a DZO if the project for which the contribution is made has been specifically approved by the designating municipality or county, and by the Department. Any DZO seeking to have a project approved for contribution must submit an application to the Department describing the nature and benefit of the project and its potential contributors.
a) Standard Applications. The Department shall provide a standard application to any DZO seeking to qualify a project for contributions eligible for tax deductions in accordance with Section 11 of the Act. The applications shall be processed in accordance with Section 11(e) of the Act.
b) Project Approval Period. Applications shall be approved for a period of one project fiscal year. Continuation of project approval and eligibility for contributions in future years shall require a new application and current documentation including:
c) Renewal Applications. All renewal applications shall be submitted at least 90 days prior to the start of the budget fiscal year or program year for which approval is requested.
d) Written Endorsement Requirement. In no case shall a project be approved by the Department that does not have the written endorsement of the designating units of government.
e) Project Proposal. A proposed project shall enhance the Enterprise Zone in accordance with Section 11(c) of the Act. In describing how the proposed project will enhance the Enterprise Zone, the DZO shall address the following:
f) Project Modifications. Project modifications, either programmatic or budgetary, require the prior approval of the Department.
g) DZO Project Administrative Responsibility. The DZO shall furnish the Department an annual status report on each project. The report must be submitted no later than 30 calendar days following the anniversary, and shall consist of the following information:
Amended at 36 Ill. Reg. 16067, effective October 26, 2012