The Illinois Department of Commerce has announced the decision to certify six Enterprise Zones. The Enterprise Zone Board evaluated applications submitted by interested parties and made their final recommendations at their annual meeting held on September 6, 2017.
Enterprise Zone designations, effective January 1, 2018, are awarded to the following:
Enterprise Zones encourage job growth and investment in economically depressed areas. Companies and organizations within a zone may qualify for various tax incentives like sales tax exemptions on qualifying building materials, investment tax credits, utility tax exemptions and various local incentives. Each zone is administered by a local official under rules established by the state.
Once designated, an Enterprise Zone maintains its designation for 15 years. The Enterprise Zone Board will review the zone after 13 years to determine a possible ten year extension of the designation.
Up to three zones will be considered by the Enterprise Zone Board in 2018 for designation. Applications are available here and are due by December 31, 2017.
For more information about the Illinois Enterprise Zone program and additional resources about doing business in Illinois, please visit www.illinois.gov/dceo.