Tax Incentives
Contact Workforce Network for information about tax incentives to employers in the State of Illinois. Below are brief explanations of each program and downloaded forms and PDF's.
Enterprise Zones
The Illinois Enterprise Zone Program is
designed to stimulate economic growth and neighborhood revitalization in
economically depressed areas of the state. This is accomplished through state
and local tax incentives, regulatory relief, and improved governmental
services.
Enterprise Zones Program Overview
Enterprise Zones FAQ
Enterprise Zone Voucher Form
HUBZones
The Historically Underutilized Business Zone (HUBZone) program encourages small businesses to locate in and hire from the nation's most blighted communities.
Small firms participating in the program can receive competitive advantages in winning federal contracts. Three percent of all federal contracting dollars should be awarded to HUBZone firms annually.
Tax Increment Financing (TIF)
The concept behind Tax Increment Financing (TIF) is to allow a political entity to capture a
share of new taxes generated by a new development to fund cost which the public
will incur or to financially assist the developer for a project in an area which
the political entity is promoting development. TIF encourages development of blighted, substandard
and economically underutilized areas that would not be developed without public
assistance.
Trade Adjustment Assistance for Firms (TAA)
Trade Adjustment Assistance for Firms (TAA), a federal
program, provides financial assistance to manufacturers affected by import
competition. Sponsored by the U.S. Department of Commerce, this cost sharing
federal assistance program pays for half the cost of consultants or
industry-specific experts for projects that improve a manufacturer's
competitiveness.
Work Opportunity Tax Credit (WOTC)
The Work Opportunity Tax Credit saves employers money and requires little paperwork. Helping those most in need find and retain jobs and gain on-the-job experience benefits all employers and increases America’s economic growth and productivity.
For more information, contact David Vaughn at 309-495-8942 or dvaughn@workforcenetwork.com.
