Illinois Enterprise Zone
Some exciting news from the State of Illinois this week! New
legislation (SB 3616) amends the Illinois enterprise zone program by
extending the sunset date to 2016. There are 97 Illinois
enterprise zones statewide which will expire at different times based on when they
were created. Those about to expire can apply for a 25-year extension.
One interesting change to the program is the elimination the IL Enterprise Zone Job Tax
Credit Program. This program provided a $500 tax credit for each certified economically
disadvantaged (minimum 5) individual that the company hired. Businesses
in Enterprise Zones can still take advantage of the remaining tax incentives including
the Illinois Enterprise Zone Investment Tax Credit.
For those TALX clients that participate in the IL EZ Jobs Tax Credit Program, please be
aware that we will no longer be calculating this credit due to these legislative changes.
This weblog is sponsored by TALX.