Illinois § 50-35
Full text of Illinois Illinois Compiled Statutes § 50-35, with citation guidance and answers to common questions.
§ 50-35.
Issuance of tax credit award certificate. (a) In order to qualify for a tax credit award under this Act, an applicant must file an application for each qualified music company at each of the applicant's qualified facilities, on forms prescribed by the Department, providing information necessary to calculate the tax credit award and any additional information as reasonably required by the Department. (b) Upon satisfactory review of the application, the Department shall issue a tax credit award certificate stating the amount of the tax credit award to which the applicant is entitled for that tax year and shall contemporaneously notify the applicant and the Department of Revenue. (c) For tax years beginning on or after January 1, 2025, a taxpayer who has been awarded a tax credit under paragraph (b) of this Section is entitled to a credit against the taxes imposed under subsections (a) and (b) of Section 201 of the Illinois Income Tax Act. (Source: P.A. 103-592, eff. 6-7-24.)
Frequently Asked Questions About Illinois § 50-35
What does Illinois Compiled Statutes § 50-35 cover?
Section 50-35 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 50-35?
A common citation format is "Illinois Compiled Statutes § 50-35" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 50-35 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.