Section 35 ILCS 19/50-45 - Qualified music program evaluation and reports(a) The Department's qualified music program tax credit award evaluation must include: (1) an assessment of the effectiveness of the program in creating and retaining new jobs in Illinois;(2) an assessment of the revenue impact of the program;(3) in the discretion of the Department, a review of the practices and experiences of other states or nations with similar programs; and(4) an assessment of the overall success of the program. The Department may make a recommendation to extend, modify, or not extend the program based on the evaluation.
(b) At the end of each fiscal quarter, the Department shall submit to the General Assembly a report that includes, without limitation: (1) an assessment of the economic impact of the program, including the number of jobs created and retained, and whether the job positions are entry level, management, vendor, or production related;(2) the amount of qualified music company spending brought to Illinois, including the amount of spending and type of Illinois vendors hired in connection with a qualified music company; and(3) a determination of whether those receiving qualifying Illinois labor expenditure salaries or wages reflect the geographic, racial and ethnic, gender, and income level diversity of the State of Illinois. (c) At the end of each fiscal year, the Department shall submit to the General Assembly a report that includes, without limitation: (1) the identification of each vendor that provided goods or services that were included in a qualified music company's Illinois spending;(2) a statement of the amount paid to each identified vendor by the qualified music program and whether the vendor is a minority-owned or women-owned business as defined in Section 2 of the Business Enterprise for Minorities, Women, and Persons with Disabilities Act; and(3) a description of the steps taken by the Department to encourage qualified music company to use vendors who are minority-owned or women-owned businesses.Added by P.A. 103-0592,§ 50-45, eff. 6/7/2024.