Current through Register Vol. 47, No. 38, September 22, 2023
a)
Amount of Contributions. The Department is authorized under Section 11(d) of
the Act to specify the amount of contributions a DZO is eligible to receive for
a project. The Department will deny amounts requested if:
1) Excessive/Inappropriate Items. The amount
requested or the items sought are excessive or inappropriate to the project
goals and objectives; or
2)
Exceeding Contribution Limit. Approval of the project would, in total, with all
other project amounts approved in any calendar year, exceed the contribution
limitation set or established in Section 11(g) of the Act.
b) Eligibility of a Contribution for a Tax
Deduction. The DZO shall provide to the Department information necessary to
determine the eligibility of a contribution for a tax deduction in accordance
with Section 203(b)(2)(N) of the Illinois Income Tax Act [35
ILCS 5/203(b)(2)(N) ] and Section
170(c) of the Internal Revenue Code (
26 USC
170(c) ).
c) Claim for Tax Deduction. In order to
determine and certify the amount of contribution, a taxpayer may file a claim
for a tax deduction.
1) Request for
Contribution Approval. The taxpayer shall submit to the Department a request
for contribution approval that shall include:
A) Taxpayer Information. The name of the
taxpayer, the taxpayer's address, and the Federal Employer Identification
Number (FEIN);
B) Name of Zone,
DZO, and Project. The name of the Enterprise Zone, the DZO, and the
project;
C) Amount of Contribution.
The amount of cash or the value of the in-kind contribution as determined in
accordance with Section 170(c) of the Internal Revenue Code; and
D) In-Kind Contribution. In the case of an
in-kind contribution, the DZO must maintain documentation sufficient to support
the claim, such as appraisals of fair market value.
2) Receipt to Taxpayer. The DZO shall issue a
receipt to the taxpayer when a contribution is made. The receipt shall include:
A) Taxpayer Information. The exact name of
the taxpayer, the address, and the Federal Employer Identification Number
(FEIN);
B) Date of Contribution.
The date the contribution was made;
C) Name of DZO and Project. The name of the
DZO and of the project to which the contribution has been made; and
D) Amount of Contribution. The amount and a
description of the contribution made to the project.
3) Verification of Contribution Value. The
DZO shall forward a copy of such receipt to the Department and verification of
the contribution value as determined under Section 170(c) of the Internal
Revenue Code and the most recent Accounting Standards of the Financial
Accounting Standards Board of the American Institute of Certified Public
Accountants (AICPA).
Amended at 27 Ill. Reg. 3282, effective February 14,
2003
