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Enterprise Zone Map

The Illinois Enterprise Zone Program is designed to stimulate economic growth and neighborhood revitalization in economically depressed areas. This is accomplished through state and local tax incentives, regulatory relief, and improved government services.

 

The Illinois Enterprise Zone Act was signed into law December 7, 1982. The purpose of the Act is to stimulate economic growth and neighborhood revitalization in economically depressed areas of the state. Businesses located (or those that choose to locate) in a designated enterprise zone can become eligible to obtain special state and local tax incentives, regulatory relief, and improved governmental services, thus providing an economic stimulus to an area that would otherwise be neglected. Businesses located or expanding in an Illinois enterprise zone may be eligible for the following incentives; an exemption on the retailers' occupation tax paid on building materials, an investment tax credit of .5 percent of qualified property, and an enterprise zone jobs tax credit for each job created in the zone for which a certified dislocated worker or economically disadvantaged individual is hired. Additional exemptions, such as an expanded state sales tax exemption on purchases of personal property used or consumed in the manufacturing process or in the operation of a pollution control facility and an exemption on the state utility tax for electricity, natural gas and the Illinois Commerce Commission's administrative charge and telecommunication excise tax are available for companies that make the minimum statutory investment that either creates or retains the necessary number of jobs. These exemptions require a business to make application to, and be certified by, the Department, In addition to the state incentives, each zone offers distinctive local incentives to enhance business development projects. Each enterprise zone has a designated zone administrator who is responsible for zone compliance and is available to answer questions regarding the zone. To receive a Certificate of Eligibility for Sales Tax Exemption, you must contact the local zone administrator of the zone into which the purchased building material will be incorporated. City of OLNEY Property Tax Abatement Schedule Property Tax Abatement for businesses locating or expanding in the Enterprise Zone, which fall in certain SIC codes, they shall receive a property tax abatement on the following schedule:

 

First Two Years 100% abatement 

Third Year 80% abatement 

Fourth Year 60% abatement 

Fifth Year 40% abatement 

Sixth Year 20% abatement 

Seventh Year 0% abatement