In a concerted effort to attract and retain quality employers, Christian County and its incorporated cities have developed an impressive array of incentive programs. These incentives are designed to provide companies locating within the County a competitive edge by reducing both startup and long term operating costs. Ensuring the profitability of business is the foundation for a higher standard of living for all of Christian County's residents. The County also provides developmental assistance by qualified staff.
LOCAL INCENTIVES
PANA INCENTIVES:
Pana is committed to providing strong support for new businesses and current employers who wish to expand their facility and train a knowledgeable workforce. Businesses locating in the Pana Industrial Park may be eligible for substantial assistance programs provided through local and state incentive programs. Additionally, Illinois is known for favorable tax treatment of equipment and machinery and does not have an inventory tax.
Community programs designed to offer real estate tax abatements or the waiver of sales tax may be available to help reduce construction and business operating costs. Enterprise Zone benefits are another option businesses can explore.
Pana city and county government leaders partner with area financial institutions to aggressively help dynamic companies achieve business growth and success.
TAYLORVILLE INCENTIVES:
Taylorville is currently in the process of developing a new industrial park. For new and existing businesses that employ or add more than fifteen full-time persons, Taylorville provides free water not to exceed 15,000 cubic feet per two-month period for two years. Additionally, for those businesses not located in the enterprise zone, real estate tax abatement for two years is available, as well as free building permits for a period of two years and the Ameren Insite Program. Businesses locating in the Taylorville Industrial park are eligible for the Revolving Loan program and other state and federal programs.
ENTERPRISE ZONES
Enterprise Zones are among Illinois’ most important tools to stimulate economic growth and neighborhood revitalization. The Enterprise Zone program depends upon a creative partnership between state and local government, businesses, labor and community groups to encourage economic growth in the areas designated as Enterprise Zones. In addition to state incentives, some local incentives include abatement of property taxes on new improvements, homesteading and shopsteading programs, waiver of business licensing and permit fees, streamlined building code and zoning requirements, and special local financing programs and resources.
Local incentive, Real Estate tax abatement is available.
STATE INCENTIVES
Sales Tax Exemption – A 6.25 percent state sales tax exemption is permitted on building materials to be used in an Enterprise Zone. Materials must be permanently affixed to the property and must be purchased locally.
Enterprise Zone Machinery and Equipment Consumables/Pollution Control Facilities Sales Tax Exemption – A 6.25 percent state sales tax exemption on purchases of tangible personal property to be used in the manufacturing or assembly process or in the operation of a pollution control facility within an Enterprise Zone is available. Eligibility is based on a business making an investment on an Enterprise Zone of at least $5 million that creates a minimum of 200 full-time-equivalent jobs, a business investing at least $40 million in a zone and retaining at least 2,000 jobs, or a business investing at least $40 million in a zone which causes the retention of at least 90 percent of the jobs existing on the date it is certified to receive the exemption.
Enterprise Zone Utility Tax Exemption – A state utility tax exemption on gas, electricity and the Illinois Commerce Commission’s administrative charge is available to businesses located in Enterprise Zones. Eligible businesses must make an investment of at least $5 million that creates a minimum of 200 full-time-equivalent jobs in Illinois, or an investment of $20 million that retains at least 1,000 full-time-equivalent jobs in Illinois. The majority of the jobs created must be located in the Enterprise Zone where the investment occurs.
Enterprise Zone Investment Tax Credit – A state investment tax credit of 0.5 percent is allowed to a taxpayer who invests in qualified property in a Zone. Qualified property includes machinery, equipment and buildings. The credit may be carried forward for up to five years. This credit is in addition to the regular 0.5 percent investment tax credit, which is available throughout the state, and up to 0.5 percent credit for increased employment over the previous year.
Dividend Income Deduction – Individuals, corporations, trusts and estates are not taxed on dividend income from corporations doing substantially all their business in an Enterprise Zone.
Jobs Tax Credit – The Enterprise Zone Jobs Tax Credit allows a business a $500 credit on Illinois income taxes for each job created in the Zone for which a certified eligible worker is hired. The credit may be carried forward for up to five years. A minimum of five workers must be hired to qualify for the credit. The credit is effective for people hired on or after January 1, 1986.
Interest Deduction – Financial institutions are not taxed on the interest received on loans for development within an Enterprise Zone.
Contribution Deduction – Businesses may deduct double the value of a cash or in-kind contribution to an approved project of a designated Zone organization from taxable income.
