SALT Report 2886 – Illinois recently enacted legislation that imposes an annual reporting requirement on any Illinois taxpayer that receives corporate income tax credits, personal income tax credits, sales tax exemptions, or a property tax abatement 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 these incentives will be required to provide the Department of Commerce and Economic Opportunity, on a quarterly basis, with:
- 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
These provisions were effective August 16, 2013.
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