State of Illinois EDGE Tax Credit Program
The State of Illinois EDGE (Economic Development for a Growing Economy) program is designed to offer a special tax incentive to encourage companies to locate or expand operations in Illinois when there is active consideration of a competing location in another State. The program can provide tax credits to qualifying companies, equal to the
amount of state income taxes withheld from the salaries of employees in the newly created jobs. The non- refundable credits can be used against corporate income taxes to be paid over a period not to exceed 10 years. To qualify a company must provide documentation that attests to the fact of competition among a competing state, and agree to make an investment of at least $5 million in capital improvements and create a minimum of 25 new full time jobs in Illinois.
State of Illinois Employee Training Investment Program
The State of Illinois Employer Training Investment Program (ETIP) helps keep Illinois workers' skills in pace with new technologies and business practices, which, in turn, helps businesses increase productivity, reduce costs, improve quality and boost competitiveness. ETIP grants can reimburse new or expanding companies for up to 50 percent of the cost
of training their employees. Trainees must be employed by the company prior to implementation of the training program. Instructors may be plant workers, public educators, private consultants, or others possessing the required expertise.
Will County Tax Abatement Program
Will County and many communities offer abatement of ad valorem real estate taxes as an incentive to new or retained business. Each community develops their specific abatement to the project request on a case-by-case basis. Will County’s tax abatement program is done on an application/weighted process. As a result of the application evaluation,
a project can receive 50% abatement on improvements for 3, 4 or 5 consecutive tax levy years. Abatement can only apply to improvements done to the property, based on the equalized assessed valuation of the property. The Will County Tax Abatement Incentive is administered by the Will County Center for Economic Development.
Enterprise Zones
Portions of the Cities of Joliet, Lockport and Wilmington, the Villages of Romeoville, Elwood, and Rockdale, and unincorporated Will County comprise local enterprise zones, which offer a variety of incentives to new and expanding businesses. Benefits include state sales tax exemption on building materials, machinery and equipment consumables exemption,
pollution control facilities consumables exemption, utility tax exemption, investment tax credit, jobs tax credit, etc.
Tax Increment Financing (TIF)
Tax increment financing is available in many locations throughout the county. TIF allows a community to capture the increase in local property taxes (the increment) that results from a redevelopment project to pay for a variety of eligible costs involved in the project.
Illinois Small Business Job Creation Tax Credit
The State of Illinois recently passed a new incentive for small businesses, the Illinois Small Business Job Creation Tax Credit. The law creates a $2,500 tax credit (that can be carried forward) on withholding tax for employers who hire new, full-time Illinois employees during the 12-month period beginning July 1, 2010. Only employers with 50 or fewer
total employees qualify. The total credit allowance under the legislation is $50 million. In other words, the program will provide a credit for the first 20,000 qualified jobs. An on-line system will allow employers to register their new hires and, in effect, reserve their place in line. Employers can begin claiming the credit after the job has been maintained for a year. The on-line system will be available beginning July 1, 2010. For more information, click here.
Will Kankakee Regional Development Authority (WKRDA)
The Authority's powers enable it to issue taxable or tax-exempt quasi-state guaranteed revenue bonds on behalf of the company for the purpose of developing, constructing, acquiring or improving properties or facilities locating in or expanding within the territory of the Authority.