Enterprise Zone Program
Enterprise Zones offer a number
of state and local tax incentives to businesses
that make investments to create or retain jobs in
any of the 95 certified zones located in communities
throughout the state. Eligibility varies according
to specific incentive requirements.
High Impact Business Program
Provides investment tax credits,
a state sales tax exemption on building materials,
an exemption from state tax on utilities and an
expanded state sales tax exemption on purchases
of personal property used or consumed in the manufacturing
or assembly process or in the operation of a pollution
control facility. Businesses located within Enterprise
Zones are not eligible for this program.
Illinois EDGE (Economic Development
for a Growing Economy)
EDGE provides tax credits to qualifying
businesses that create new jobs and make capital
investments in Illinois. Credits are calculated
from the personal income tax collected on salaries
paid to employees in the new jobs created, which
may be taken as a non-refundable tax credit against
corporate income taxes over a period not to exceed
10 taxable years. To qualify, firms must make an
investment of at least $5 million in capital improvements
and create a minimum of 25 new jobs, although demonstrated
public benefit may result in waiver of these requirements.
Illinois Tax Increment Association
Visit the website of the Illinois
Tax Increment Association to learn more about the
organization and the Illinois communities it services.
Tax Increment Financing (TIF)
Link to the Department of Revenue
website to learn more about the tax increment financing
program. This program distributes state sales tax
collections to municipalities that have TIF districts
for state sales tax, state utility tax, or both
and produced an incremental growth in retail sales,
or gas and electricity consumption.
Manufacturer's Purchase Credit
This tax incentive was reinstated in 2004 and allows
manufacturer's to earn a credit on exempt purchases of
manufacturing machinery and equipment and graphic arts
machinery and equipment.
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