Economic Development for a Growing Economy Tax Credit Program (Illinois)
Last modified on February 12, 2015.
|Applies to States or Provinces||Illinois|
|Name||Economic Development for a Growing Economy Tax Credit Program (Illinois)|
|Policy Category||Financial Incentive|
|Policy Type||Corporate Tax Incentive|
|Affected Technologies||Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Wind energy|
|Program Administrator||Illinois Department of Commerce and Economic Opportunity|
| Last Substantive Modification
The Economic Development for a Growing Economy Tax Credit Program encourages companies to remain, expand, or locate in Illinois. The program provides tax credits to qualifying companies equal to the amount of state income taxes withheld from salaries for newly created jobs. A company must make a capital investment of $5 million and create a minimum of 25 jobs to be eligible. A company must also demonstrate that it had considered locating out-of-state.
|Department||Illinois Department of Commerce and Economic Opportunity|
|Division||Bureau of Business Development|
|Address||500 East Monroe St., Springfield, Illinois, 62701|
Authorities (Please contact the if there are any file problems.)
|Authority 1:||Economic Development For A Growing Economy Tax Credit Program|