A prior FR Alert concerning economic development and tax incentives focused on two programs in the news recently: the Economic Development for a Growing Economy Tax Credit Act (EDGE) and the Economic Development Area Tax Increment Allocation Act (EDA). Those two programs are far from the only economic development and tax incentive programs offered by the State. Because of the high level of interest in these programs, the following summarizes additional economic development and tax incentive programs local government officials may encounter.
Illinois Enterprise Zone Act [20 ILCS 655/1 et seq.]
Once designated by a county or municipality, and approved by the Illinois Department of Revenue, as a depressed area at least one-half square mile in size, businesses in an enterprise zone may receive reductions in income and sales taxes, easing of government regulations, and enhanced government services.
High Impact Businesses (Illinois Enterprise Zone Act) [20 ILCS 655/5.5]
Qualifying businesses (e.g., those that intend to make a minimum of $12 million in investments and create 500 jobs) are exempt from Electricity Excise Taxes, Income Taxes, Sales Taxes, etc.
Employer Training Investment Program (ETIP) (Department of Commerce and Economic Opportunity Law) [20 ILCS 605/605-800]
Please see full article below for further information.
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Tax Law Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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