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. For more information, click here.
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. For more information, click here.
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. Contact our President & CEO, John Greuling at 815-774-6060 regarding this program.
The IL Enterprise Zone Act took effect 1982. An enterprise zone is a specific area designated by the State in cooperation with local government to receive various incentives and other benefits to stimulate economic activity and neighborhood revitalization.
Businesses located or expanding in an Illinois enterprise zone may be eligible for a number of incentives. Each zone has designated zone administrator who is responsible for zone compliance. To receive a Certificate of Eligibility for Sales Tax Exemption, you must contact the local zone administrator into which the purchased building materials will be incorporated.
The Enterprise Zone Program is administered at the state level by the Illinois Department of Commerce and Economic Opportunity. For general information, call 217-524-0165.
Current Enterprise Zones within Will County include:
Click Here for State of IL Enterprise Zone Information including Zone Administrator Contacts
Click Here for the Illinois Enterprise Zone Association
The DesPlaines River Valley Enterprise Zone
Since 1983, the DesPlaines River Valley Enterprise Zone has been an effective economic development incentive as part of Illinois’ economic development strategy and encompasses areas of Joliet, Lockport, Rockdale, Romeoville and Will County. Available incentives include a state tax exemption on building materials purchased locally, access to state and federal job training funds, access to state industrial revenue bonds and a waiver of the state added natural gas utility tax. Additional local municipality incentives may be available.
The Joliet Arsenal Enterprise Zone
The Joliet Arsenal Enterprise Zone (JAEZ) was created in 2002 by Will County to foster development in and around the former Joliet Army Ammunition Plant, known as the Joliet Arsenal, which was decommissioned by the US Army in 1993. The Zone has a successful history of creating employment and investment opportunities at the Elwood CenterPoint Intermodal Facility, the Local 150 training center, the Exxon Mobile refinery and other projects. The Zone has been expanded on multiple occasions in the past, most recently in 2010 with the RidgePort Logistics Center in Wilmington and in 2011 with the CenterPoint Intermodal Center in Joliet. The JAEZ is currently using the maximum allowable square footage.
Click Here for Joliet Arsenal Enterprise Zone Additional Information
Will Cook Enterprise Zone
The enterprise zone was formed in January 2016 and includes participating zone municipalities:
Matteson, Monee, Park Forest, University Park, unincorporated Cook and Will County.
Contact Information Coming Soon!
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 Small Business Job Creation Tax Credit creates a $2,500 tax credit (that can be carried forward) on withholding tax for employers who hire new, full-time Illinois employees between July 1, 2012 and June 30, 2016. 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. For more information, click here.
Nicor Gas (an AGL Resources Company) Energy Efficiency Program
Nicor Gas Energy Efficiency incentives help redevelop and revitalize communities through building upgrades. A new program through the Nicor Gas Energy Efficiency Program (EEP) makes investing in energy efficiency easy and affordable for owners of commercial, industrial, and multi-family buildings. The Nicor Gas EEP Economic Redevelopment Program focuses on serving communities that are in need of economic redevelopment, as well as businesses and organizations that create jobs, offer social services or provide affordable housing. The program offers financial incentives and extensive technical assistance, helping building owners with every step of the process from evaluating energy efficiency needs to applying for rebates and finding qualified contractors. Projects that complete the recommended energy efficiency upgrades can qualify to receive up to $100,000 in rebates. To see if you qualify for this program, please contact Nicor Gas Energy Efficiency Economic Redevelopment team at (773) 328-7040 or email at ERP@cntenergy.org or visit nicorgasrebates.com/programs/economic .
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.