Cronus Chemicals will start losing part of its nearly $40 million in state tax incentives if its proposed $1.9 billion ammonia fertilizer plant in Tuscola is not operating by July 2, according to tax credit agreements.
 
A review of company filings with the state of Illinois shows the project must be “in service” within 24 months of July 2, 2015.  According to the documents, “in service” means “the state or condition of readiness and availability for specifically assigned functions.”
 
And if the plant is not complete and operating within five years of July 2, 2015, the company will lose out on all $40 million of its tax incentives from the Illinois Department of Commerce, said department spokeswoman Jacquelyn Reineke.
 
Construction beginning this year would put the opening of the plant in 2020, around the same time the credits would expire if the plant is not operational. An opening in 2020 is several years behind the company’s original schedule and the schedule Cronus gave the state as recently as last summer.
 
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