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Illinois Enacts Credit Reporting Requirements


Credits and Incentives

Illinois has enacted legislation that imposes an annual reporting requirement on Illinois taxpayers that receive corporate or personal income tax credits, sales tax exemptions, or the abatement of property tax under the Economic Development for a Growing Economy Tax Credit Act, the River Edge Redevelopment Zone Act, or the Enterprise Zone Act, including the High Impact Business program. Recipients of any of the above incentives must provide the Department of Commerce and Economic Opportunity a detailed list of the occupation or job classifications and number of new employees or retained employees to be hired in full-time, permanent jobs; a schedule of anticipated starting dates for new hires and the actual average wage by occupation or job classification; and the total payroll to be created as a result of the incentives. Select data must be provided quarterly while other information is required annually.(P.A. 98-0397 (H.B. 1544), Laws 2013, effective August 16, 2013)

(05/06/2014)
(New)
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