Ill. Admin. Code tit. 14, § 120.80 – Determination of Amount and Term of the Credit | Midpage
§ 120.80
Ill. Admin. Code tit. 14, § 120.80
Determination of Amount and Term of the Credit
AUTHORITY: Implementing and authorized by the Manufacturing Illinois Chips for Real Opportunity (MICRO) Act [35 ILCS 45/110-15] and Section 605-55 of the Department of Commerce and Economic Opportunity Law [20 ILCS 605].DEPARTMENT OF COMMERCE AND ECONOMIC OPPORTUNITY
a) The Department shall determine the amount and duration of the MICRO Illinois credit awarded under the Act.
b) The credit may be stated as a percentage of the incremental income tax and training costs attributable to the applicant's project and may include a fixed dollar limitation.
c) For the credit term, a project that qualified under paragraph (1), (2), or (4) of subsection (c) of Section 110-20 of the Act, the duration of the credit may not exceed 15 taxable years, unless the agreement is renewed.
d) For project that qualified under paragraph (3) of subsection (c) of Section 110-20 of the Act, the duration of the credit may not exceed 10 taxable years, unless the agreement is renewed. [35 ILCS 45/110-40]