14 Ill. Adm. Code 125.60
Incentive Agreement
Section 125.60 Incentive Agreement
The Department and each taxpayer
whom the Department determines qualifies for an incentive under the Act shall
enter into an agreement that specifies terms and conditions regarding the
provision of the incentive and defines the rights and responsibilities of the
taxpayer and the Department. Provisions that the taxpayer will be contractually
bound to comply with include, but are not limited to, the following
:
a)
a detailed
description of the project that is the subject of the agreement;
b)
the
performance conditions that must be met to obtain the award, including, but not
limited to, the number of new jobs created or retained, the average salary
of the new jobs created
, and the total capital investment;
c)
the schedule of
payments;
d)
a
requirement that the
awardee
maintain operations at the project location
for a minimum number of years;
e)
a
specific method for determining the number of new employees and, if applicable,
the number of retained employees, to be employed during each taxable year
covered by the agreement;
f)
a
requirement that the
awardee
annually report to the Department the
number of new employees and any other information the Department deems
necessary and appropriate to perform its duties under this Act;
g)
a
detailed description of the number of new employees to be hired and the
occupation and payroll of full-time jobs to be created or retained because of
the project;
h)
the
minimum capital investment the
awardee
will make, the time period for
placing the property in service, and the designated location in Illinois for
the capital investment;
i)
a
requirement that the
awardee
provide written notice to the Director and
the Director's designee not more than 30 days after the
awardee
determines that the minimum job creation, job retention, employment payroll, or
capital investment is no longer or will no longer be achieved or maintained as
required in the agreement and include in that notice the number of layoffs, the
date of the layoffs, and the
awardee's
efforts to provide career and
training counseling to the impacted workers with industry-related
certifications and trainings;
j)
a
claw-back provision
, pursuant to Section 125.180,
to recapture
the
award, in whole or in part,
for failure to comply with the agreement; and
k)
a
provision that the agreement shall not take effect, nor may any funds be
expended or transferred under the agreement, if the Department fails to comply
with the notification requirements under Section 32
of the Act and under
Subpart E of these rules,
or if the Speaker of the House of Representatives
or the Senate President (or their designees, if applicable) submit a letter of
rejection
. [30 ILCS 751/30]