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 businesses. 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 offers 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 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.