Multistate Tax Alert: Illinois Revises Enterprise Zone and High Impact Business Credits |
On August 7, 2012, Illinois Governor Quinn signed into law Senate Bill 3616 (P.A. 097-0695) amending the Illinois Enterprise Zone Act effective immediately. Under the Illinois Enterprise Zone (EZ) Act, businesses located within Illinois’ 95 designated enterprise zones may be eligible for a variety of incentives ranging from investment tax credits to sales tax exemptions. Businesses located near the boundary of an EZ may request an EZ expansion under certain circumstances. In addition, businesses not located in an EZ that create 500 jobs and invest $12 million or retain 1,500 jobs and invest $30 million may be eligible for High Impact Business (“HBI”) designation. The new law eliminates some credits, retains others, revises the rules for designating qualifying zones, and adds reporting requirements.
Multistate Tax Alert: Illinois revises enterprise zone and high impact business credits
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