The program supports large-scale economic development activities by providing tax incentives (similar to Enterprise Zones) to companies that make substantial capital investments in operations and create or retain an above average number of jobs. Businesses may qualify for: investment tax credits, a state sales tax exemption on building materials and/or utilities, a 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.
Eligible projects must invest a minimum of $12 million and create 500 full-time jobs, or $30 million investment with the retention of 1,500 full-time jobs. Investments must take place at designated locations in Illinois outside of an Enterprise Zone. The program has been expanded to include:
- Qualified new electric generating facility
- Production operations at a new coal mine
- New or upgraded transmission facility that supports creation of 150 Illinois coal-mining jobs, or a newly constructed gasification facility as a "Coal/Energy High Impact Business"
- Wind energy facilities contingent upon the business constructing a new electric generation facility or expanding an existing wind power facility (additional requirements also apply)
Once eligible, the Department will provide an application and provide assistance. Must apply and be certified for HIB designation before project commencement, including purchase of building materials. Illinois Department of Revenue rules outline the process for building material sales tax exemption at: http://www.ilga.gov/commission/jcar/admincode/086/086001300S19520R.html
For more information contact:
Assistant Deputy Director