LOCAL INCENTIVES
For new and existing
businesses that employ or add more than fifteen full-time persons,
Taylorville provides free water not to exceed 15,000 cubic feet per
two-month period for two years. Additionally, for those businesses
not located in the enterprise zone, real estate tax abatement for
two years is available, as well as free building permits for a
period of two years and the Ameren Insite Program. Businesses
locating in the Taylorville Industrial park are eligible for the
Revolving Loan program and other state and federal programs.
ENTERPRISE ZONE MAPS
TAYLORVILLE
Enterprise Zones are among Illinois’ most important tools to
stimulate economic growth and neighborhood revitalization. The
Enterprise Zone program depends upon a creative partnership between
state and local government, businesses, labor and community groups
to encourage economic growth in the areas designated as Enterprise
Zones. In addition to state incentives, some local incentives
include abatement of property taxes on new improvements,
homesteading and shopsteading programs, waiver of business licensing
and permit fees, streamlined building code and zoning requirements,
and special local financing programs and resources.
Local incentive, Real Estate tax abatement is available.
STATE INCENTIVES
Sales Tax Exemption – A 6.25 percent state sales tax exemption is
permitted on building materials to be used in an Enterprise Zone.
Materials must be permanently affixed to the property and must be
purchased locally.
Enterprise Zone Machinery and Equipment Consumables/Pollution
Control Facilities Sales Tax Exemption – A 6.25 percent state sales
tax exemption on purchases of tangible personal property to be used
in the manufacturing or assembly process or in the operation of a
pollution control facility within an Enterprise Zone is available.
Eligibility is based on a business making an investment on an
Enterprise Zone of at least $5 million that creates a minimum of 200
full-time-equivalent jobs, a business investing at least $40 million
in a zone and retaining at least 2,000 jobs, or a business investing
at least $40 million in a zone which causes the retention of at
least 90 percent of the jobs existing on the date it is certified to
receive the exemption.
Enterprise Zone Utility Tax Exemption – A state utility tax
exemption on gas, electricity and the Illinois Commerce Commission’s
administrative charge is available to businesses located in
Enterprise Zones. Eligible businesses must make an investment of at
least $5 million that creates a minimum of 200 full-time-equivalent
jobs in Illinois, or an investment of $20 million that retains at
least 1,000 full-time-equivalent jobs in Illinois. The majority of
the jobs created must be located in the Enterprise Zone where the
investment occurs.
Enterprise Zone Investment Tax Credit – A state investment tax
credit of 0.5 percent is allowed to a taxpayer who invests in
qualified property in a Zone. Qualified property includes
machinery, equipment and buildings. The credit may be carried
forward for up to five years. This credit is in addition to the
regular 0.5 percent investment tax credit, which is available
throughout the state, and up to 0.5 percent credit for increased
employment over the previous year.
Dividend Income Deduction – Individuals, corporations, trusts and
estates are not taxed on dividend income from corporations doing
substantially all their business in an Enterprise Zone.
Jobs Tax Credit – The Enterprise Zone Jobs Tax Credit allows a
business a $500 credit on Illinois income taxes for each job created
in the Zone for which a certified eligible worker is hired. The
credit may be carried forward for up to five years. A minimum of
five workers must be hired to qualify for the credit. The credit is
effective for people hired on or after January 1, 1986.
Interest Deduction – Financial institutions are not taxed on the
interest received on loans for development within an Enterprise
Zone.
Contribution Deduction – Businesses may deduct double the value of a
cash or in-kind contribution to an approved project of a designated
Zone organization from taxable income.
