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Friday, November 22, 2019

ILLINOIS DEPARTMENT OF COMMERCE AND ECONOMIC OPPORTUNITY: Illinois Enterprise Zone Board Approves 14 Enterprise Zones to go into Effect in 2020

Business

By Press release submission | Aug 27, 2019

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Illinois Department of Commerce and Economic Opportunity issued the following announcement on Aug. 27.

The Illinois Enterprise Zone Board approved fourteen applications to establish or renew enterprise zones received for evaluation this year. Enterprise Zones encourage job growth and investment in economically depressed areas. Companies within a zone, or that agree to move into one, may qualify for tax incentives that include sales tax exemptions on purchases of building materials, an investment tax credit, and in some instances on utility taxes. Each zone is administered by a local official under rules set by the State.

"Enterprise Zones offer economically-depressed communities the opportunity to attract corporate investment and create much-needed earning opportunities for residents. With the addition of these new enterprise zones, fourteen more communities have access to economic development opportunities." said Erin Guthrie, Acting Director of the Department of Commerce and Economic Opportunity.  

There are 97 enterprise zones located across the state. Once designated, an area may remain an Enterprise Zone for fifteen years, with a review by the Enterprise Zone Board after thirteen years for a possible ten-year extension of the zone designation. The following Enterprise Zones were recently approved by the Enterprise Zone Board and will go into effect on January 1, 2020:

1. American Bottoms

2. Carbondale/Murphysboro/Jackson County

3. Coles County

4. Franklin County I-57

5. Hamilton-Wayne County

6. Jacksonville Regional

7. Monroe-Randolph County

8. Montgomery County

9. Northwest Illinois

10. Robinson-Crawford County

11. Salem and Marion County

12. West Regional

13. Western Hoffman Estates

14. Zion Benton

For more information about the Illinois Enterprise Zone program, please visit www.illinois.gov/dceo.

Original source can be found here.

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Illinois Department of Commerce and Economic Opportunity

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