Illinois § 10

§ 10.

Definitions. As used in this Act: "Agreement" means an agreement between an applicant and the Department under Section 30 of this Act. "Applicant" means a taxpayer that operates or plans to operate an eligible business in the State. "Business" means a sole proprietorship, partnership, corporation, or limited liability company. "Capital improvement" means (i) the purchase, renovation, rehabilitation, or construction, at an approved project site in the State, of land, buildings, structures, equipment, or furnishings and (ii) goods or services that are normally capitalized, including organizational costs and research and development costs incurred in Illinois. "Capital improvement" does not include land, buildings, structures, and equipment that are leased, unless the term of the lease equals or exceeds the term of the agreement. For land, buildings, structures, and equipment that are leased and are considered capital improvements, the cost of the property shall be determined from the present value of the lease payments, using the corporate interest rate prevailing at the time of the application. "Capital investment" means the expenditure of money for capital improvements. "Department" means the Department of Commerce and Economic Opportunity. "Director" means the Director of Commerce and Economic Opportunity. "Eligible business" means a business that is engaged in manufacturing, processing, assembling, warehousing, or distributing products, conducting research and development, providing tourism services, or providing commercial services in office industries or agricultural processing. "Eligible business" does not include a retailer or a provider of health services or professional services. "Full-time employee" means an individual who is employed for consideration for at least 35 hours each week or who renders any other standard of service generally accepted by industry custom or practice as full-time employment. Annually scheduled periods for inventory or repairs, vacations, holidays, and paid time for sick leave, vacation, or other leave shall be included in this computation of full-time employment. An individual for whom a W-2 is issued by a Professional Employer Organization is a full-time employee if employed in the service of the applicant for consideration for at least 35 hours each week. "Project" means for-profit economic development activity or activities at a single site. For-profit economic development activity or activities of one or more taxpayers at multiple sites may be considered a project if the economic activities are vertically integrated and designated by the Department as a project and as the subject of an agreement that includes capital improvement requirements and job creation requirements and, if applicable, job retention requirements for the project location or locations. The employees subject to the agreement must be assigned to a specific project location and work there as their primary location. "Qualified investment" means investment in this State related to a project subject to an agreement under this Act. "Taxpayer" means a business that is subject to any tax or fee collected by the Department of Revenue or that will be subject to any tax or fee collected by the Department of Revenue upon the location of the business in the State. (Source: P.A. 102-1125, eff. 2-3-23.)