Business Incentives

Business Assistance in Will County, Illinois

We Want Your Business in Will County!
Learn how to get support for a new or expanding business through programs available in Will County, Illinois

Photo: Project Lion – Courtesty of WJOL

Support for New and Expanding Businesses in Will County, Illinois

The State of Illinois, Will County, and a number of our municipalities offer support for new and expanding businesses. Whether you are in the initial planning stage of relocation or guiding an established business through growth or transformation, programs can be customized to address your specific business goals.

Available Business Assistance Programs in Will County

State of Illinois Business Assistance Programs

EDGE (Economic Development for a Growing Economy) Tax Credit Program

The EDGE program offers incentive to locate or expand operations in Illinois; requires active consideration of a competing location in another state. Provides tax credits to qualifying companies equal to the 50% of the State income taxes withheld from the salaries of employees of newly created jobs (75% in underserved areas), and 10% of eligible training costs of new full-time employees positions at the project.

If company has fewer than 100 worldwide employees, requires minimum new jobs of 5% of worldwide employment and no minimum investment. If more than 100 worldwide employees, requires the lesser of 10% of worldwide employment or 50 new FT jobs and $2.5 million minimum investment.

Enterprise Zones Program

The Illinois Enterprise Zone Program is designed to stimulate economic growth and neighborhood revitalization in economically depressed areas of the State through State and local tax incentives, regulatory relief and improved governmental services. Businesses located or expanding in an Illinois enterprise zone may be eligible for the following state and local tax incentives:

  • Exemption on retailers’ occupation tax paid on building materials
  • Expanded state sales tax exemptions on purchases of personal property used or consumed in the manufacturing process or in the operation of a pollution control facility
  • An exemption on the state utility tax for electricity and natural gas
  • An exemption on the Illinois Commerce Commission’s administrative charge and telecommunication excise tax

Exemptions are available for companies that make minimum statutory investments that either create or retain a certain number of jobs. These exemptions require a business to make application to, and be certified by, the Illinois Department of Commerce.

Find out more about the programs and benefits here.

IDOT Economic Development Program (EDP)

The Illinois Department of Transportation Economic Development Program provides state assistance for roadway improvement or new construction that are necessary for access to new or expanding industrial, manufacturing or distribution type companies. The funding commitment is based on how many jobs will be created and/or retained; Applicants will receive a contributed portion from the State of $30,000 for every new job created and $10,000 for every job retained up to a maximum CAP of $2 million. The company must commit to creating new employment and/or retaining employment in Illinois. Funding will include preliminary engineering, construction engineering and contingencies.

The EDP program uses state only funds and is designed to provide 50% state funding for eligible locally owned roadways and 100% state funding for roadway improvements on state owned routes. The remaining 50% match will be provided by local government entities or private sources.

Data Centers Investment Program

The Data Centers Investment Program provides owners and operators with exemptions from a variety of state and local taxes for qualifying Illinois data centers. The program also provides data center owners and operators with a tax credit of 20% of wages paid for construction workers for projects located in underserved areas.

Requires $250 million capital investment over a 60-month period in a carbon neutral or green building standard data center that creates at least 20 FTE permanent jobs.

High Impact Business Program (HIB)

The HIB program supports large-scale economic development activities by providing tax incentives (similar to Enterprise Zones) to companies that make substantial capital investments in operations and create or retain an above average number of jobs.
Eligible projects must invest a minimum of $12 million and create 500 full-time jobs, or $30 million investment with the retention of 1,500 full-time jobs. Investments must take place at designated locations in Illinois outside of an Enterprise Zone.

Advantage Illinois

The Advantage Illinois program enhances access to capital for Illinois businesses. Under the Participant Loan Program, financial institutions identify potential opportunities for state participation:

  • Standard Participation Loan Program (PLP) – designed to enable small businesses to obtain medium to long-term financing, to help grow and expand their businesses.
  • Minority/Women/Disabled/Veteran-Owned Businesses – similar to Standard PLP; however, the amount of financial support may range depending on loan term, MWDV control/ownership.
  • Revolving Line of Credit (RLOC PLP) – similar to Standard PLP except in the form of a revolving line of credit. Maximum term is two years and further support requires reapplication.

Funding may be used for many purposes, including but not limited to start-up costs, working capital, business procurement, franchise fees, equipment, inventory, as well as the purchase, construction, renovation, or tenant improvements of an eligible place of business that is not for passive real estate investment purposes.

Angel Investment Credit Program

The Illinois Angel Investment Tax Credit Program attracts and encourages investment dollars into early-stage, innovative companies throughout Illinois. Investments provide these companies with much needed access to working capital to further their growth and success in Illinois. Tax credits are allocated on a quarterly basis throughout the year and are awarded on a first-come, first-served basis to qualifying companies.

Illinois Apprenticeship Education Expense Tax Credit Program

The Illinois Apprenticeship Education Expense Tax Credit Program allows employers a tax credit for qualified educational expenses associated with qualifying apprentices. Employers may receive a credit of up to $3,500 per apprentice. An additional credit of up to $1,500 for each apprentice may be applied if the apprentice resides in or the employer’s principal place of business is located in an underserved area.

Other Programs

REV Reimagining Electric Vehicles Program
Film Production Tax Credit
Illinois Opportunity Zones
River Edge Redevelopment Zone Program
Illinois Historic Preservation Tax Credit Program
Prime Sites Capital Grant Program

Complete details on all IL DCEO Business Assistance Programs Here:
Incentives and Tax Credits – Assistance for Businesses (illinois.gov)

Will County Business Assistance Programs

Tax Abatement Program

The Will County Tax Abatement Program can provide for a three, four, or five-year, 50% abatement for qualifying projects on new increment generated by new or expanded facilities.

The property tax abatement process begins with submitting the abatement application to the Will County Center for Economic Development. The review, scoring, and approval process generally takes 60 days. Each individual taxing body is required to approve the request to abate their portion of the real estate taxes.

Business Grants for Employee Training Program

Incumbent worker training grants are available through the Workforce Investment Board of Will County. Companies with Will County sites in Healthcare, Manufacturing, Professional/Financial/Information Technology Services, and Transportation/Distribution/Logistics (TDL) industries are eligible to apply.

Applications and detailed information including anticipated costs/fees available through Mary Gajcak at mgajcak@willcountyillinois.com or 815-727-5679.

On the Job Training Grants

The Workforce Services Division of Will County partners with Employment and & Employer Services to provide on the job training grants. This program will subsidize up to 50% of an eligible new hire wages while learning their new skill. Covered industries include healthcare, information technology, manufacturing, and transportation, warehousing and logistics.

OJT services are funded through federal Workforce Innovation and Opportunity Act. For more information, contact Cleopatra Cook at Cleopatra.Cook@eesforjobs.com or 815-723-3981.

 

Local/Municipal Business Assistance Programs

Tax Increment Financing (TIF) Districts

Will County is home to 42 different TIF districts in 18 communities. Illinois law allows units of local governments the ability to designate areas within their jurisdiction as TIF districts. These specially designated districts are used by local governments as a way to spur economic growth by dedicating the sales tax revenues and additional property tax revenues generated within the TIF for improvements within the district with the hope of encouraging new economic development and jobs.

Other Local Business Incentives

Municipalities may offer local incentives such as permit and impact fee waivers, accelerated permit review and approval, building façade and other improvement grants, sales tax sharing, and other options. Business assistance is dependent upon project qualifications and each municipality must approve projects.

Energy Business Assistance Programs

ComEd Energy Efficiency Program

The ComEd Energy Efficiency Program is about improving the value you receive from your electric energy dollars and in the process, saving money and protecting the environment. ComEd has programs to fit a variety of business needs, from small business to heavy industrial. Whether you are just starting out and need input on construction, or are seeking incentives for building optimization or equipment, visit comed.com/WaysToSave/ForYourBusiness for more information before you begin.

Nicor Energy Smart Program

Nicor offers a variety of incentives to improve efficiency and generate savings through the Energy Smart Program. The program includes assessments, rebates, free products, and even custom incentive programs designed around energy savings.

Smart Energy Design Assistance (SEDAC)

Provides technical assistance services through the Smart Energy Design Assistance Center (SEDAC), which is staffed with engineers and energy professionals from the University of Illinois at Urbana-Champaign, School of Architecture. SEDAC provides free technical assistance services to businesses, state and local government facilities, public schools, community colleges, universities and colleges to assist clients who are considering energy efficiency improvements at existing facilities or to enhance baseline design of new facilities.

SEDAC services include free technical design assistance services, education and training, information on Illinois building energy codes, and a network of energy service providers

Ready to Learn More About Business Incentives in Will County?

To learn more about the incentives available to you with a focus on businesses growth and job creation contact:

Pete Kelly
Vice President, Economic Development
815-774-6060

We are here to guide and assist you in meeting your business goals.