Montgomery County Gets Zone Designation Approval

Posted

The Illinois Enterprise Zone Board approved fourteen applications to establish or renew enterprise zones received for evaluation this year.

The following Enterprise Zones were recently approved by the Enterprise Zone Board and will go into effect on Wednesday, Jan. 1, 2020: American Bottoms, Carbondale/Murphysboro/Jackson County, Coles County, Franklin County I-57, Hamilton-Wayne County, Jacksonville Regional, Monroe-Randolph County, Montgomery County, Northwest Illinois, Robinson-Crawford County, Salem and Marion County, West Regional, Western Hoffman Estates and Zion Benton.

Enterprise Zones encourage job growth and investment in economically depressed areas. Companies within a zone, or that agree to move into one, may qualify for tax incentives, including sales tax exemptions on purchases of building materials, an investment tax credit and in some instances on utility taxes. Each zone is administered by a local official under rules set by the state.

“Enterprise Zones offer economically-depressed communities the opportunity to attract corporate investment and create much-needed earning opportunities for residents. With the addition of these new enterprise zones, fourteen more communities have access to economic development opportunities,” said Acting Director of the Department of Commerce and Economic Opportunity Erin Guthrie. 

There are currently 97 enterprise zones located across the state of Illinois. Once designated, an area may remain an Enterprise Zone for fifteen years. The Enterprise Zone Board will review the designation after thirteen years for a possible ten-year extension of the zone designation.

More information about the Illinois Enterprise Zone program may be found online at www.illinois.gov/dceo.

Comments

No comments on this story | Please log in to comment by clicking here
Please log in or register to add your comment