- Illinois’ Data Center Investment Program provides new and existing, carbon neutral data centers making an aggregate investment of $250 M over a 60-month period with exemptions from state and local taxes (and a 20% credit towards wages paid for construction workers in underserved areas), and eligible centers must create at least 20 full-time equivalents in aggregate and meet or exceed compensation totaling 120% of the median wage paid to FTEs in the county where the center is located.
- Illinois Growing Economy Tax Credit Program provides annual, non-refundable, income tax credits to businesses supporting job creation equal to 50% of the income tax withholdings of new jobs created in Illinois (up to 75% if located within an underserved census area) employer eligibility depends upon its number of world-wide employees.
- Illinois High Impact Business Program supports tax credits for companies with a minimum investment of $12 M and create 500 FTE’s, or $30 M of investment with a retention of 1,500 FTEs. This program cannot be used in conjunction with the Enterprise Zone Program.
- Illinois Enterprise Zone Program awards a mix of state and local tax incentives for reductions in a retailers’ occupation tax, state utility tax, and purchases on personal property used in manufacturing process and local incentives such as Cook County industrial property EZs receives special consideration under the Class 6b – Industrial Program and is generally assessed at 25 percent of market value in the absence of any incentives. This program cannot be used in conjunction with the High Business Program.
- Illinois Small Business Emergency Loan Fund offers small businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 M in revenue in 2019 low interest loans of up to $50,000. This fund was created in response to the COVID-19 pandemic. It is not an ongoing incentive.
- Illinois Tax Increment Financing captures future property tax growth in a defined district for the redevelopment of substandard, obsolete, or vacant buildings, financing general public infrastructure improvements, including streets, sewer, water in declining areas, cleaning up polluted areas, administration of a TIF redevelopment project, property acquisition, rehabilitation or renovation of existing public or private buildings, construction of public works or improvements, job training, relocation, financing costs, including interest assistance, studies, surveys and plans, marketing sites within the TIF, professional services, such as architectural, engineering, legal and financial planning, and demolition and site preparation.
