Incentives & Available Business Assistance Programs
Contact the CED at 815-774-6065 for information on specific programs that may fit your needs. We would be pleased to provide guidance and next steps on available programs below and others that might be available.
STATE OF ILLINOIS
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.
High Impact Business Program (HIB)
The HIB program supports large-scale economic development activities by providing tax incentives (similar to Enterprise Zones) to companies that make substantial capital investments in operations and create or retain an above average number of jobs.
Eligible projects must invest a minimum of $12 million and create 500 full-time jobs, or $30 million investment with the retention of 1,500 full-time jobs. Investments must take place at designated locations in Illinois outside of an Enterprise Zone.
Economic Development Program (EDP)
The program provides state assistance for roadway improvement or new construction that are necessary for access to new or expanding industrial, manufacturing or distribution type companies. Funding will include preliminary engineering, construction engineering and contingencies. The funding commitment is based on how many jobs will be created and/or retained. The company must commit to creating new employment and/or retaining employment in Illinois. Funding amounts for projects are based on both new and retained jobs. The EDP program uses state only funds and is designed to provide 50% state funding for eligible locally owned roadways and 100% state funding for roadway improvements on state owned routes. The remaining 50% match will be provided by local government entities or private sources.
The Advantage Illinois program is designed to provide Illinois businesses and entrepreneurs with access to the capital they need to start new companies and expand existing business. The program is comprised of multiple programs to spur institutional lending, including Capital Access Program, Participation Loan Program-which includes a component for Minority/Women/Disabled/Veteran-Owned businesses, and Collateral Support Program; and the Invest Illinois Venture Fund, which leverages private investments in start-ups and high-growth businesses.
Angel Investment Credit Program
The purpose of the Angel Investment Program is to attract and encourage the placement of investment dollars into early-stage, innovative companies throughout Illinois. The investment dollars provide these companies with much needed access to working capital to further their growth and success in our state. The Angel Program is allocated $10 million in tax credits annually, from 2011-2016. They are awarded on a first-come, first-served basis. The program offers a tax credit to qualifying claimants in an amount equal to 25% of the claimant’s investment made directly in a qualified new business venture. (*Ex: if an investor places $100,000 into an eligible program qualified business, they would receive a $25,000 tax credit.) While the tax credit may not exceed the taxpayer's Illinois income tax liability for the taxable year, the credit may be carried forward for up to 5 years following the excess credit year. The maximum amount of an investment that may be used toward the credit is $2,000,000 per investment and must remain in the business venture for minimum 3-years. An awarded tax credit may not be sold or otherwise transferred to another person or entity.
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!
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 Vice President of Economic Development at 815-774-6065 regarding this program.
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 .
Business Grants for Employee Training Program
Provided through the Workforce Investment Board of Will County, eligible industries can apply for training grants include: Finance/Insurance, Healthcare, Information Technology, Manufacturing, Professional/Scientific/Technical Services, and Transportation/Logistics. Applications and detailed information including anticipated costs/fees available through Mary Gajcak at email@example.com or 815-727-5679. www.willcountyworkforceboard.com.
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.