Elk Grove Tax Incentives
Cook County 6B and 7B
Property approved for Class 6B or 7B status allows the owner of industrial and commercial property to have the assessment level lowered for a period of twelve years. The assessment schedule is 10% of fair market value for ten years, then 15% in the eleventh year and 20% in the twelfth year. Industrial and commercial property is currently assessed at 25% of fair market value in Cook County.
Illinois Department of Commerce - Economic Development Tax Credits (EDGE)
If you are planning a project that will make a capital investment and create new jobs, the Illinois Department of Commerce and Economic Opportunity (DCEO) administers the Economic Development for a Growing Economy (EDGE) Tax Credit Program. Approved businesses can receive an annual state tax credit award each year for ten years on a percentage of the Illinois Income Tax withholding of each new employee. For more information, go to: https://dceo.illinois.gov/expandrelocate/incentives/edge.html
Tax Increment Financing (TIF)
TIF is a public financing method that is used to spur redevelopment, infrastructure, and other community-improvement projects. Through the use of TIF, municipalities can dedicate future tax revenues of a particular designated area for redevelopment projects.
Reimbursable costs may include:
• The administration of a TIF redevelopment project
• Land acquisition
• Rehabilitation or renovation of existing public or private buildings
• Construction of public works or improvements
• Job training
• Financing costs, including interest assistance
• Studies, surveys and plans
• Marketing sites within the TIF
• Professional services, such as architectural, engineering, legal and financial planning
• Demolition and site preparation
Illinois Finance Authority (IFA)
The IFA issues tax-exempt Industrial Development Revenue Bonds (IRB's) on behalf of manufacturing companies to finance the acquisition of fixed assets including land, buildings and equipment. Bond proceeds may be used for either new construction or renovation, and may be used to purchase new equipment.