Bill Text: IL SB1408 | 2013-2014 | 98th General Assembly | Introduced

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Bill Title: Amends the River Edge Redevelopment Zone Act. Provides that specified reports required shall be due no later than April 30 of each year (currently March 30). Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2015-01-13 - Session Sine Die [SB1408 Detail]

Download: Illinois-2013-SB1408-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 SB1408 Introduced 2/6/2013, by Sen. James F. Clayborne, Jr. SYNOPSIS AS INTRODUCED:
65 ILCS 115/10-10.2
Amends the River Edge Redevelopment Zone Act. Provides that reports required under this Section shall be due no later than April 30 of each year (currently March 30). Effective immediately.
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A BILL FOR
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AN ACT concerning local government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The River Edge Redevelopment Zone Act is amended
by changing Section 10-10.2 as follows:
(65 ILCS 115/10-10.2)
Sec. 10-10.2. Accounting.
(a) Any business receiving tax incentives due to its
location within a River Edge Redevelopment Zone must report the
total tax benefits received by the business, broken down by
incentive category, annually to the Department of Revenue.
Reports will be due no later than April March 30 of each year
and shall cover the previous calendar year. The first report
will be for the 2012 calendar year and will be due no later
than March 30, 2013. Failure to report data shall result in
ineligibility to receive incentives. For the first offense, a
business shall be given 60 days to comply.
(b) Each person required to file a return under the Gas
Revenue Tax Act, the Gas Use Tax Act, the Electricity Excise
Tax Act, or the Telecommunications Excise Tax Act shall file,
on or before March 30 of each year, a report with the
Department of Revenue, in the manner and form required by the
Department of Revenue, itemizing the amount of the deduction

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taken under each Act, respectively, due to the location of a
business in a River Edge Redevelopment Zone. The report shall
be itemized by business and the business location address.
(c) Employers shall report their job creation, retention,
and capital investment numbers within the River Edge
Redevelopment Zone annually to the administrator which will
compile the information and report it to the Department of
Revenue no later than March 30 of each calendar year.
(d) The Department of Revenue will aggregate and collect
the tax, job, and capital investment data by River Edge
Redevelopment Zone and report this information, formatted to
exclude company-specific proprietary information, to the
Department by May 1, 2013, and by May 1 of every calendar year
thereafter. The Department will include this information in
their required reports under Section 6 of this Act.
(e) The Department of Revenue, in its discretion, may
require that the reports filed under this Section be submitted
electronically.
(f) The Department of Revenue shall have the authority to
adopt rules as are reasonable and necessary to implement the
provisions of this Section.
(Source: P.A. 97-905, eff. 8-7-12.)
Section 99. Effective date. This Act takes effect upon
becoming law.