Illinois State Incentives

 

Illinois Community Development Assistance Program

Type: Tax Abatement

Administrator: DCEO

Program Description:

Firms can apply for funds on a project by project basis. Loan amounts are typically based on $15,000 per job created or retained. Up to $750,000 may be borrowed with fixed low interest rates set by the Illinois Department of Commerce and Economic Opportunity. Grants can also be obtained for public infrastructure improvements based on $15,000 per job created up to $750,000.

 

Illinois Job Training Programs

Type: Job Training

Administrator: Lake Land College and DCEO

Program Description:

The State of Illinois has several training programs available. Among the various programs is the Illinois Training Program, which is a local program coordinated by Lake Land College and the Illinois Manufacturers Association. Another program is the Industrial Training Program. This program is available through the Illinois Department of Commerce and Economic Opportunity and has been used by numerous companies in Effingham.

 

 

 

 

Illinois Edge Program

Type: Tax Credit

Administrator: State of Illinois

Program Description:

This program allows for a tax credit against corporate state income taxes assessed over a period not to exceed 10 taxable years. The credit is calculated on the personal income tax collected on salaries paid for the new or retained jobs. Eligibility requirements include at least a $5 million investment and a minimum of 25 new jobs.