State Announces Creation Of Enterprise Zone In Chicago Heights

CHICAGO HEIGHTS, IL — The Illinois Department of Commerce & Economic Opportunity (DCEO) announced the designation of seven new enterprise zones, that will go into effect on Jan. 1, 2021. One of the zones is here in Chicago Heights.

According to the DCEO, as part of its annual review process, the Enterprise Zone Board evaluated applications submitted by municipalities and counties, giving their final approval at a meeting held in September. The applications that were approved reflected new terms for multiple existing enterprise zones. One of which is the Lincoln & 394 Corridor in Chicago Heights.

An enterprise zone is a geographic area that has been granted special tax breaks or other public assistance to promote economic development, according to Investopedia.

The DCEO said enterprise zones are one of several tools used by the state to encourage job growth and investment in economically underserved communities. An estimated 4,570 jobs were created and nearly 38,000 jobs were retained as a result of more than $657 million in investment attributable to the program in 2019 alone, according to the DCEO.

"Illinois remains open for business, and we are committed to supporting our economically depressed communities with tools proven to attract investment to all corners of our state," Erin B. Guthrie, Director of DCEO and Chair of the Enterprise Zone Board said. "With the renewal of these seven enterprise zones, we look forward to continuing our work with local officials to support new investments and economic growth across our downstate communities."

Other zones in the state that will be established include:

• Altamont/Effingham County
• Clark County
• Macoupin County
• Saline County
• Taylorville/Christian County
• Williamson County

DCEO said companies and organizations within a zone may qualify for various tax incentives, including sales tax exemptions for qualifying building materials, investment tax credits, utility tax exemptions or other various local incentives. Each zone is administered by a local official under rules established by the state.

A total of seven applications were received and evaluated based on 11 statutory criteria ranging from anticipated investment and job creation/retention to the communities’ commitment to diversity and inclusion, according to the DCEO.

DCEO said once designated, an enterprise zone remains for 15 years, and its boundaries may change based on the request of local officials. The board will review the zone after 13 years to determine a possible ten-year extension of the designation, if needed.

For more information about the Illinois Enterprise Zone program and resources about doing business in Illinois, visit the website.