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1.4Million
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BUSINESS AND ECONOMIC INCENTIVE PROGRAMS Illinois Economic Development for a Growing Economy Illinois High Impact Business Program Illinois Large Business Development Program Small Business Job Creation Tax Credit Illinois Economic Development for a Growing Economy Common Name: EDGE Statutory Citation: 35 ILCS 10/5-15 Type of Benefits: Tax Credit. Description of Benefits: The EDGE 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. Allowed Uses of Benefits: The project must be an expansion of an existing operation or a new location. Eligible Business Types: All Links: Illinois High Impact Business Program Common Name: HIB Statutory Citation: 20 ILCS 655/5.5 Type of Benefits: Tax Credit. Description of Benefits: The HIB program is designed to encourage large-scale economic development activities by providing tax incentives. Allowed Uses of Benefits: Tax exemptions and tax credits for eligible materials. Eligible Business Types: Businesses doing large-scale economic development activities. Links: Illinois Large Business Development Program Common Name: LBDP Statutory Citation: 30 ILCS 750/10 Type of Benefits: Grants. Description of Benefits: The LBDP program is designed to provide grants to businesses undertaking a major expansion or relocation project that will result in substantial private investment and the creation and/or retention of a large number of Illinois jobs. Grant eligibility and amounts are determined by the amount of investment and job creation or retention involved. Allowed Uses of Benefits: Funds available through the program may be used by large businesses for bondable business activities, including financing the purchase of land or buildings, building construction or renovation, and certain types of machinery and equipment. Eligible Business Types: Businesses undertaking major expansion or relocation. Links: Small Business Job Creation Tax Credit Statutory Citation: 35 ILCS 25/10 Type of Benefits: Tax Credit. Description of Benefits: The Illinois Small Business Job Creation Tax Credit Act has been amended to provide tax credits to businesses expanding employment. Small businesses, with 50 or fewer employees, and all businesses that hire participants from the “Put Illinois To Work” program quality for the credit. Jobs created between 7/1/10 and 6/30/11 and paying $10.00 per hour or more for at least one year are eligible. Links: |
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