APPLYING FOR ENTERPRISE ZONE INCENTIVES
The incentives offered by the Loves Park-Machesney Park Enterprise Zone are administered by the State of Illinois Department of Commerce and through a local Enterprise Zone Administrators at The City of Loves Park and Village of Machesney Park.
INCENTIVES ADMINISTERED BY THE CITY OF LOVES PARK AND THE VILLAGE OF MACHESNEY PARK
Sales tax exemption
To be eligible for the sales tax exemption, applicants must complete the application form and submit it to the municipality in which the property that is being improved lies within. Visit our contacts page for information on the appropriate person to submit your application to.
Businesses, utilities and entities that have been issued sales tax exemption certificates for building materials may file their reports on-line at the Illinois Department of Revenue website.
Property tax exemption
The City of Loves Park and the Village of Machesney Park effectively do not issue corporate property taxes, and accordingly, this incentive is available, without application, to all businesses with the Enterprise Zone.
INCENTIVES ADMINISTERED BY THE STATE OF ILLINOIS
Businesses located or expanding in an Illinois enterprise zone may be eligible for the following incentives:
An Investment Tax Credit of .5 percent against the state income tax for investments in qualified property placed in service in an enterprise zone. Investors will need to file form 1299-D with their income taxes in order to take advantage of this incentive.
A Manufacturing Machinery and Equipment State Sales Tax Exemption on purchases of personal property used or consumed in the manufacturing process;
A Utilty Tax Exemption on the state utility tax for electricity, natural gas and the Illinois Commerce Commission’s administrative charge and telecommunication excise tax.
The Investment Tax Credit is processed by the Ilinois Department of Revenue. Income tax forms are available from the Illinios Department of Revenue (IDOR) at http://tax.illinois.gov/taxforms/.
The tax exemptions require a business to make application to, and be certified by, the Department of Commerce. Applications for these incentives can be made by contacting the Illinois Department of Commerce at (800) 252-2923.