| State: |
IL |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Other Tax Credits |
| Description: |
HIGH IMPACT BUSINESS PROGRAM - The purpose of the program is to provide incentives to companies making large scale investment for the creation and retention of jobs outside of an enterprise zone. The incentives are similar to those of an enterprise zone. The following incentives are available: 1) investment tax credits; 2) state sales tax exemption on building materials; 3) sales tax exemption on natural gas and electricity; 4)state sales tax exemption on manufacturing equipment purchases, repair and replacement parts. |
| Eligibility Requirements: |
The business must invest a minimum of $12,000,000 and create 500 new full-time jobs. Or, it may also involve the retention of 1500 full-time jobs and an investment of $30,000,000. The business must also be designated a "high impact business" by the IL Dept. of Commerce and Economic Opportunity. The project must also be located outside of an enterprise zone. |
| Geographic Restrictions: |
Statewide (Enterprise Zones excluded) |
| Granting Authority: |
IL Department of Commerce and Economic Opportunity |
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