The objective of the enterprise zone program is to provide state and city incentives and assistance to encourage the retention and expansion of businesses in the City of Chicago Enterprise Zones. Description: Enterprise zones are geographic areas designated by the City and certified by the State of Illinois to receive various tax incentives and other benefits. The objectives of the City of Chicago Enterprise Zones are to stimulate economic activity and revitalize declining neighborhoods. There are a variety of City and State incentives offered to firms located in Enterprise Zones. Some of these incentives include: - Sales Tax Exemption
- Property Tax Reduction
- Finance Assistance
- Real Estate Tax Exemption
- Investment Tax Credit
- State Jobs Creation Credit
- Machinery and Equipment Sales Tax Exemption
- Utility Tax Exemption.
- Qualifications/Restrictions and Parameters
The City presently has six designated Enterprise Zones within its corporate limits. Companies which are expanding or moving into the Enterprise Zones can take advantage of these incentives.
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