Tax Assistance

Economic Development For a Growing Economy Tax Credit Program (EDGE) The EDGE program is designed to offer a special tax incentive to encourage companies to locate or expand operations in Illinois when there is active consideration of a competing location in another State. 
Authorization
The program is authorized by statute 35 ILCS 5/211.
How the Program Works
The program can provide tax credits to qualifying companies, equal to the amount of state income taxes withheld from the salaries of employees in the newly created jobs. The non- refundable credits can be used against corporate income taxes to be paid over a period not to exceed 10 years.  To qualify a company must provide documentation that attests to the fact of competition among a competing state, and agree to make an investment of at least $5 million in capital improvements and create a minimum of 25 new full time jobs in Illinois.  For a company with 100 or fewer employees, the company must agree to make a capital investment of $1million and create at least 5 new full time jobs in Illinois.

High Impact Business Program (HIB) The HIB program is designed to encourage large-scale economic development activities, by providing tax incentives (similar to those offered within an enterprise zone) to companies that propose to make a substantial capital investment in operations and will create or retain above average number of jobs.  
Authorization
The High Impact Business Program is managed by DCEO and authorized by statute 20 ILCS 605.
How the Program Works
Businesses may qualify for: investment tax credits, a state sales tax exemption on building materials, an exemption from state sales tax on utilities, a state sales tax exemption on manufacturing equipment purchases, repair and replacement parts.  The project must involve a minimum of $12 million investment causing the creation of 500 full-time jobs or an investment of $30 million causing the retention of 1500 full-time jobs. . The investment must take place at a designated location in Illinois outside of an Enterprise Zone. The program has been expanded to include projects involving coal-fueled electric generating plants and new, reopened or expanded coal mine that result in the creation of 150 new coal mining jobs

Tax Increment Financing District (TIF) Illinois law allows units of local governments the ability to designate areas within their jurisdiction as TIF districts. 
Authorization
The Tax Increment Financing is found in statute 20 ILCS 620.
How the Program Works
These specially designated districts are used by local governments as a way to spur economic growth by dedicating the sales tax revenues and additional property tax revenues generated with in the TIF for improvements within the district with the hope of encouraging new economic development and jobs.