Section 528.86 Illinois Production Workforce Development Fund

TITLE 14: COMMERCE

CHAPTER I: DEPARTMENT OF COMMERCE AND ECONOMIC OPPORTUNITY

PART 528 ILLINOIS FILM PRODUCTION SERVICES TAX CREDIT PROGRAM

SECTION 528.86 ILLINOIS PRODUCTION WORKFORCE DEVELOPMENT FUND

Section 528.86  Illinois Production Workforce Development

Fund

a)

The

Illinois Production Workforce Development Fund is created as a special fund in

the State Treasury. Beginning July 1, 2023, amounts paid to the Department of

Commerce and Economic Opportunity pursuant to Section 213 of the Illinois

Income Tax Act shall be deposited into the Fund. The Fund shall be used

exclusively to provide grants to community-based organizations, labor

organizations, private and public universities, community colleges, and other

organizations and institutions that may be deemed appropriate by the Department

to administer workforce training programs that support efforts to recruit,

hire, promote, retain, develop, and train a diverse and inclusive workforce in

the film industry.

b)         Beginning

July 1, 2024, taxpayers who have been awarded a tax credit under the Act shall

pay to the Department, after determination of the tax credit amount but prior

to the issuance of a tax credit certificate, a fee equal to 2.5% of the credit

amount awarded to the taxpayer under the Act that is attributable to wages

paid to nonresidents, as described in Section 10 of the Act, and an additional

fee equal to 0.25% of the amount generated by subtracting the credit amount

awarded to the taxpayer under the Act is attributable to wages paid to

nonresidents from the total credit amount awarded to the taxpayer under the

Act.  All fees collected under this subsection shall be deposited into the

Illinois Production Workforce Development Fund.  No tax credit certificate

shall be issued by the Department of Commerce and Economic Opportunity  until

the total fees owed according to this subsection have been received by the

Department

d to

nonresidents from the total credit amount awarded to the taxpayer under the

Act.  All fees collected under this subsection shall be deposited into the

Illinois Production Workforce Development Fund.  No tax credit certificate

shall be issued by the Department of Commerce and Economic Opportunity  until

the total fees owed according to this subsection have been received by the

Department.  [35 ILCS 16/46]

c)         The

Department may request that the State Comptroller and the State Treasurer

advance amounts to the Fund on an annual basis not to exceed $1,000,000 in any

fiscal year. The Department shall reimburse the fund from which the moneys are

advanced in the same fiscal year for any such advance payments via statutory

transfer.  [35 ILCS 16/46]

d)

Of

the appropriated funds in a given fiscal year, 50% of the appropriated funds

shall be reserved for organizations that meet one of the following criteria.

The organization is:

1)

a

minority-owned business, as defined by the Business Enterprise for Minorities,

Women, and Persons with Disabilities Act;

2)

located

in an underserved area, as defined by the Economic Development for a Growing

Economy Tax Credit Act; or

3)

on

an annual basis, training a cohort of program participants where at least 50%

of the program participants are either a minority person, as defined by the

Business Enterprise for Minorities, Women, and Persons with Disabilities Act,

or reside in an underserved area, as defined by the Economic Development for a

Growing Economy Tax Credit Act.

[35 ILCS 16/46]