On May 26, 2016 the Illinois Department of Commerce and Economic Opportunity (“DCEO”) issued guidance outlining its current plans regarding expiring Illinois Enterprise Zone Certificates of Exemption affecting a number of Illinois businesses.
Generally, the Illinois Enterprise Zone program allows for a specific geographic area (designated by the State of Illinois DCEO and local governments) to receive benefits intended to stimulate economic activity and revitalization in those communities. Some of the automatic benefits include investment tax credits and sales tax exemptions of building materials. Additional benefits may be available to companies meeting certain capital investment and job creation (or job retention) criteria. Upon successful application and approval, the DCEO will issue a Certificate of Exemption (for five years) for the supplementary benefits of a utility and/or expanded sales tax exemption.
For those companies qualifying for the additional DCEO Certificate of Exemption, the DCEO recently provided additional guidance as follows:
A list of zone termination dates can be found on the DCEO website: http://www.illinois.gov/dceo/ExpandRelocate/Incentives/taxassistance/Pages/EnterpriseZone.aspx
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True Partners Consulting’s Credits and Incentives Practice can assist your business with all aspects of incentives negotiations, including Illinois Enterprise Zone exemption certificate renewal applications. Our team of knowledgeable professionals provides advice and performs services to assist in all aspects of credits and incentives negotiation and compliance.
If you have any questions or need help in maximizing your incentives potential, please contact Minah Hall at Minah.Hall@TPCtax.com or Natalie Matwijiszyn at Natalie.Matwijiszyn@TPCtax.com.