Illinois State Senate District 48 issued the following announcement on Oct. 2.
In an effort to incentivize businesses into calling downstate home, Macoupin and Christian Counties have been designated an Illinois Enterprise Zone, State Senator Andy Manar (D-Bunker Hill) announced Friday.
“This is a time where we ought to be exploring every opportunity to rebuild local economies in rural areas. Making it easier to do business is a simple thing we can do to help when so many are struggling to make ends meet,” Manar said. “Approving Macoupin and Christian Counties' status as an enterprise zone is a necessary step toward improving the wellbeing of the business community in downstate Illinois.”
The Illinois Enterprise Zone Program encourages job growth and investment in economically depressed areas. Companies within a zone, or that agree to move into one, may qualify for tax incentives that include sales tax exemptions on purchases of building materials, an investment tax credit, and in some instances, an exemption for utility taxes. Each zone is administered by local officials under rules set by the State.
Incentives offered by the program also include:
An exemption on the state utility tax for electricity and natural gas
An exemption on the Illinois Commerce Commission’s administrative charge and telecommunication excise tax
“I’m thankful for the leadership of of Taylorville Mayor Bruce Barry, Pana Mayor Don Kroski, Christian County Chairwoman Becky Edwards, and Carlinville Mayor Deanna Demuzio," Manar said. "They came together and put in the necessary work to update their county's status as an enterprise zone, a vital step toward improving the wellbeing of their respective business communities."
The new zones will become effective January 1st, 20201. Once designated, an area may remain an Enterprise Zone for fifteen years, with a review by the Enterprise Zone Board after thirteen years for a possible ten-year extension of the zone designation.
Original source can be found here.
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