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Incentives For Development
Local Incentives
Real Estate Tax Abatement - Commercial Projects
Upon completion of improvements to the property and reassessment by the Township Assessor, the City, County and Park District will abate 100% of the taxes on the increase in assessment resulting from the improvement. The abatement is for a 5 year period, beginning with the tax year in which the total new assessment is in effect.
Real Estate Tax Abatement - Industrial Projects
Upon completion of improvements to the property, and reassessment by the Township assessor, eligible industrial projects will receive an abatement of 50% of the increased tax amount levied by the City and the County on that parcel for a 10-year beginning with the tax year in which real property taxes on the new, full amount of the increased assessment amount is levied. Additionally, projects which generate new, permanent full-time or full-time equivalent (FTE) jobs will receive an additional abatement of up to 50% of the total increased tax amount levied by the City and the County on that parcel for the same period.
Sales Tax Exemption
All projects located within the Enterprise Zone qualify for exemption of sales tax for building materials to be incorporated into real estate located within the Zone. In order to receive this exemption, the following criteria must be met:
a) the building materials must be purchased with the City of Champaign or the unincorporated area of the County through a legitimate building materials retailer or distributor;
b) the building materials must be affixed to the real estate.
To receive this exemption, qualifying parties must notify the retailer at the time of purchase that they are in the Enterprise Zone.
Targeting of Funds
To the extent they are available and appropriate, the City will target local, state and federal funds to portions of the Enterprise Zone in conjunction with any targeted areas and program which may be established.
State Incentives for Commercial Projects
Investment Tax Credit
The State Enterprise Zone Act allows one-half percent credit against the state income tax for investments in qualified property which is placed in service in an Enterprise Zone. This is in addition to the existing one-half percent investment tax credit allowed state-wide against the personal property replacement corporate income tax.
Jobs Tax Credit
The Enterprise Zone Jobs Tax Credit offers employers a tax credit on their Illinois income tax for hiring individuals who are certified as dislocated workers. An employer who conducts a business in the Enterprise Zone is allowed a credit of $500 per eligible employee hired to work in a Zone business during the taxable year. To qualify, a minimum of five eligible employees must be hired during the taxable year, and the taxpayer's total employment within the Zone must increase by five or more full-time employees beyond the total employed in the Zone at the end of the previous tax year for which a Jobs Tax Credit was taken.
Income Tax Deduction for Financial Institutions
Financial institutions in Illinois, such as banks and savings and loan institutions, are eligible for a special deduction from their Illinois corporate income tax return. Such institutions may deduct from their taxable income an amount equal to the interest received from a loan for a development in the Zone. This is limited to the interest earned on loans or portions of loans secured by property which is eligible for the Enterprise Zone Investment Tax Credit.
Dividend Deduction
Taxpayers may deduct from their taxable income an amount equal to those dividends which were paid to them by a corporation which conducts substantially all of its operations in an Enterprise Zone.
Corporate Contribution Deduction
Corporations may make donations to Designated Zone Organizations for projects approved by the Illinois Department of Commerce and Community Affairs (DCCA) and claim an income tax deduction at double the value of the contribution; to the extent that the contribution qualifies as a charitable contribution under the Internal Revenue Code, and DCCA approves the amount and type of contribution which may be claimed as a deduction.
Utility Tax Exemption
For a business certified by DCCA as making an investment in the Enterprise Zone that creates a minimum of 200 full-time equivalent jobs or retains a minimum of 1000 full-time jobs, a state tax exemption is available on gas, electricity, messages, and the Illinois Commerce Commission's .08 percent administrative charge.
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