Illinois EDGE Program
Economic Development for the Growing Economy is a tax abatement through the State Department of Commerce and Economic Opportunity (DCEO). The incentive provides a corporate income tax credit equal to jobs created times the average wage times the personal income tax rate times ten years. Currently, it looks something like this for 2013-2023: =(100*$35,000*0.05*2) + (100*$35,000*0.0375*8) since there is a sunset on the personal income tax rate of 5% at 2015.
Category: Tax Incentives
More Tax Incentives
Created in 2003, the TIF District is a geographic area centered around downtown Jacksonville with many areas falling within the City’s Enterprise Zone as well. The TIF provides funding for redevelopment project costs within its downtown district based on new incremental property tax revenue.Learn More
Established in 1990 to encompass downtown Jacksonville and the City’s northeast section, the Enterprise Zone was expanded in 2002 to include the industrial area along the Illinois River south of Meredosia. The Jacksonville/Morgan County Enterprise Zone provides property tax abatement on a seven-year sliding scale, exempts sales tax on building materials and offers several income tax incentives.Learn More
Created in 2000, the TIF District is a geographic area along U.S. Route 267 and bordered by Interstate 72 within the Village’s limits. The TIF District utilizes new incremental property tax revenue to help pay for infrastructure necessary in hopes of stimulating additional private-sector investment.Learn More