Available Incentives

Tax Incentives

Illinois EDGE Program
Economic Development for the Growing Economy is a tax abatement through the State Department of Commerce and Economic Opportunity (DCEO). The incentive provides a corporate income tax credit equal to jobs created times the average wage times the personal income tax rate times ten years. Currently, it looks something like this for 2013-2023: =(100*$35,000*0.05*2) + (100*$35,000*0.0375*8) since there is a sunset on the personal income tax rate of 5% at 2015.

Employer Training Investment Program (ETIP)
Employer Training Incentive Program is a state incentive to encourage employer investment in workforce training. It is a cash reimbursement of up to 50% of employer cost for training equipment and instruction. Illinois Department of Commerce and Economic Opportunity is the program management.

Illinois Small Business Job Creation Tax Credit
The entrepreneurial spirit is alive and well in Illinois and must be nurtured. That’s why the Illinois General Assembly passed the Illinois Small Business Job Creation Tax Credit. The tax credit gives small business owners an extra boost to grow their business. After creating one or more new, full time positions that meet the eligibility requirements, small businesses can register to receive a $2,500 per job tax credit.

Jacksonville/Morgan County Enterprise Zone
Established in 1990 to encompass downtown Jacksonville and the City’s northeast section, the Enterprise Zone was expanded in 2002 to include the industrial area along the Illinois River south of Meredosia. The Jacksonville/Morgan County Enterprise Zone provides property tax abatement on a seven-year sliding scale, exempts sales tax on building materials and offers several income tax incentives.

Western Illinois Economic Development Authority
WIEDA is a general development agency for the counties of Adams, Brown, Cass, Fulton, Hancock, Henderson, Mason, McDonough, Morgan, Pike, Schuyler, Scott and Warren. The Authority’s financial and supportive powers enable it, with the written approval of the Governor of the State of Illinois, to issue Taxable and Tax- Exempt Bonds for the purpose of developing, constructing, acquiring or improving properties or facilities for business entities locating in or expanding within the territorial jurisdiction of the Authority. The Authority has the ability to issue up to $250 million in bonds for economic development purposes. WIEDA is a general development agency for the counties located in the territory and is one of only ten such organizations within the State of Illinois. WIEDA also administers an Enterprise Zone within their 13 county jurisdiction.  Expansions to the Zone are granted on a project driven basis.

City of Jacksonville TIF District
Created in 2003, the TIF District is a geographic area centered around downtown Jacksonville with many areas falling within the City’s Enterprise Zone as well. The TIF provides funding for redevelopment project costs within its downtown district based on new incremental property tax revenue.

Village of South Jacksonville TIF District
Created in 2000, the TIF District is a geographic area along U.S. Route 267 and bordered by Interstate 72 within the Village’s limits. The TIF District utilizes new incremental property tax revenue to help pay for infrastructure necessary in hopes of stimulating additional private-sector investment.

City of Winchester TIF District
Developers may work with the City of Winchester to take advantage of property tax abatement for their Project.  Contact the City of Winchester (217) 742.3191

 

Low Interest Loans

City of Jacksonville Revolving Loan Fund
Provides gap financing for existing businesses locally, as well as, out of town businesses wanting to locate in Jacksonville. The RLF was established through funds recaptured from Community Development Assistance Program economic development loans.

Scott County Development Corporation, NFP Revolving Loan Fund
Provides gap financing and seed money for existing Scott County businesses, as well as, any company wanting to locate in the county. The RLF program was established in 1964 through local investments.

Tri-County Community Development Corporation

One of six CDC’s formed as part of the U.S. Department of Commerce & Economic Development Administration pilot program in December 1988. The Tri-County CDC was organized to provide gap financing and seed capital loans to retain and create employment in Morgan, Cass, and Scott counties. It is a for-profit corporation consisting of investors from 12 area banks throughout the region, the city of Jacksonville, the Jacksonville Area Chamber of Commerce, and Illinois Rural Electric Cooperative.

 

Grants

Ameren Act on Energy Grant
This is a private sector grant funded as an incentive for businesses and individuals to install more energy efficient lighting, HVAC and machinery. The max award is $600,000 and the program is in place at least until December 2011. Pre-approval is recommended for large projects. The award is on a reimbursement basis, pre-approval is getting a commitment from the grant program before materials are purchased. Applications can be found online at www.actonenergy.com/.

Renewable Energy Business Development Grant Program
This program is administered by DCEO through the Renewable Energy Resources Program (RERP). Up to $1,000,000 grant is focused on projects increasing the utilization of alternative energy technologies in Illinois. Grant application deadline is May 1.

DCEO Solar Energy Rebate Program
DCEO awards up to 30% of eligible system costs up to $10,000 for the purchase and installation of pv or solar thermal energy systems under $50,000 in total cost. Please see the DCEO web site for current program funding status.

Illinois CDAP Infrastructure Grant
Provides grants to local governments whose population is less than 50,000, to assist with improvements to public infrastructures and for low interest loans to companies which directly support an economic development project benefiting low to moderate income residents. The maximum grant available is $750,000.


Additional Resources

The following State and Federal financing/incentives are also available: