Recapture of Benefits Must be Posted in Illinois

Illinois has enacted legislation requiring the Department of Commerce and Economic Opportunity to post information on its website regarding the recapture or claw back provisions relating to business exemptions and tax benefits available to businesses under the Corporate Accountability for Tax Expenditures Act. According to the legislation, the department must post the identity of each recipient from whom amounts were recaptured on or after the effective date of the Act; the date of the recapture; a summary of the reasons supporting the recapture; and the amount recaptured. (P.A. 97-721 (H.B. 1882), Laws 2012, effective June 29, 2012)

Posted on August 17, 2012