Current through Register Vol. 48, No. 38, September 20, 2024
a) The
Department shall provide an application for eligible applicants interested in
applying for a New Construction EDGE credit. The Department will announce on
its website funding availability and any relevant information regarding the
application. The amount of funding available shall not exceed the total
aggregate amount of credits that can be possibly awarded under the Blue Collar
Jobs Act, which shall not exceed $20,000,000 in any fiscal year.
[35 ILCS
10/5-51(e)] The credit may not
reduce the taxpayer's liability to less than zero. If the amount of the credit
exceeds the tax liability, any excess may be carried forward and applied
against the tax liability of the five (5) taxable years following the excess
credit year. [35
ILCS 5/211(4)] The application shall
consist of the following:
1)
a
detailed description of the New Construction EDGE Project that is subject to
the New Construction EDGE Agreement, including the location and amount of the
investment and jobs created or retained;
2)
the duration of the New
Construction EDGE Credit and the first taxable year for which the Credit may be
claimed;
3)
the
New Construction EDGE Credit amount that will be allowed for each taxable
year;
4)
a
requirement that the Director is authorized to verify with the appropriate
State agencies the amount of the incremental income tax withheld by a Taxpayer,
and after doing so, shall issue a certificate to the Taxpayer stating that the
amounts have been verified;
5)
the amount of the capital
investment, which may, at no point, be less than $10,000,000, the time period
of placing the New Construction EDGE Project in service, and the designated
location in Illinois for the investment;
6)
a requirement that the Taxpayer
shall provide written notification to the Director not more than 30 days after
the Taxpayer determines that the capital investment of at least $10,000,000 is
not or will not be achieved or maintained as set forth in the terms and
conditions of the Agreement;
7)
a detailed provision that the
Taxpayer shall be awarded a New Construction EDGE Credit upon the verified
completion and occupancy of a New Construction EDGE Project;
8)
any other performance conditions,
including the ability to verify that a New Construction EDGE Project is built
and completed, or that contract provisions, as the Department determines, are
appropriate. [35 ILCS
10/5-51(b)] ; and
9) a request for any reasonable information
pertinent to verify information provided by the taxpayer in compliance with any
of the above listed provisions (i.e. documentation to substantiate the value of
the investment).
b)
The Department shall post on its website the terms of each New
Construction EDGE Agreement entered under the Act. The terms shall be posted
within 10 days after entering into the Agreement and must include the
following:
1)
The name of
the recipient business;
2)
The location of the project;
3)
The estimated value of the Credit;
and
4)
Whether the
project is in an underserved area. [35 ILCS
10/5-51(c)]
c)
Each contractor and subcontractor
engaged in, and that are executing, a New Construction EDGE Project
for a taxpayer for a New Construction EDGE Tax Credit shall
complete the following:
1)
make and keep, for a period of 5 years from the date of the last
payment made on or after June 5, 2019, [20
ILCS 655/5.5(j)(1)]
on a
contract or subcontract for a New Construction EDGE Project, records for all
laborers and other workers employed by the contractor or subcontractor on the
project. The records shall include the worker's:
A)
Name;
B)
Address;
C)
Telephone number, if
available;
D)
Social Security Number;
E)
Classification or
classifications;
F)
Gross and net wages paid in each pay period;
G)
Number of hours worked each
day;
H)
Starting
and ending times of work each day;
I)
Hourly wage rate;
and
J)
Hourly
overtime wage rate [35 ILCS
10/5-56(a)(1)] ; and
2)
no later than the 15th
day of each calendar month, provide a certified payroll for the immediately
preceding month to the taxpayer in charge of the New Construction EDGE Project.
The taxpayer shall file a copy of the certified payroll with the Department of
Labor and the Department of Commerce and Economic Opportunity within 5 business
days
after receiving the monthly
certified
payroll from all contractors and subcontractors engaged in and
executing a New Construction EDGE Project construction jobs project.
A
certified payroll shall be filed for only those calendar months during which
construction on a New Construction EDGE Project has occurred. The certified
payroll shall consist of a complete copy of the records identified in
subsection (c)(1)
, but may exclude the starting and ending times of
work each day. The certified payroll shall be accompanied by a statement signed
by the contractor or subcontractor, or an officer, employee, or agent of the
contractor or subcontractor, stating
that:
A)
the certified payroll
records have been examined and are true and accurate;
and
B)
the
contractor or subcontractor is aware that filing a certified payroll
that is known to be false is a Class A
misdemeanor.
d)
A general contractor is not
prohibited from relying on a certified payroll of a lower-tier subcontractor,
if the general contractor does not knowingly rely upon a subcontractor's false
certification. [35 ILCS
10/5-56(a)]
e)
The Taxpayer in charge of the
project shall maintain the records described in subsections (c)
through (f) for a period of 5 years from the date of the last payment
for work on a contract or subcontract for the project. The records submitted in
accordance with the certified payroll, except an employee's address, telephone
number, and Social Security Number, shall be considered public records, and
shall be made available in accordance with the Freedom of Information
Act [5 ILCS 140 ]. The Department will work in tandem with the
Department of Labor to ascertain all reasonable submissions by the contractor
that meet the requirements for a certified payroll in compliance with the
statutory requirements for a New Construction EDGE Credit. A contractor,
subcontractor, or public body may retain records in paper or electronic
format. [35 ILCS
10/5-56(a)]
f)
Upon written or
electronic notice, each contractor or subcontractor, within 7 business
days, shall make all documents required by subsection (c)(1)
available for inspection and copying, at a location within the
State, during regular business hours, to the following
entities:
1)
The taxpayer in
charge of the New Construction EDGE Project, its officers and
agents;
2)
The
Director of the Department of Labor or the Director's
designee; and
3)
Federal, State, or local law enforcement agencies and
prosecutors. [35 ILCS
10/5-56(a)]
