Governor Quinn Signs Enterprise Zone Extension Legislation
[share]Governor Quinn signed Senate Bill 3616 on Tuesday, August 7, 2012, “providing stable and predictable job creation and retention incentives for the long term” via the Illinois Enterprise Zone legislation, according to Craig Coil, President of the Illinois Enterprise Zone Association.
Coil went on to say in a press release, “More importantly, it also gives communities with existing zones the opportunity to renew for up to 25 years, thereby stabilizing their long term economic development strategies and giving employers of all sizes and types a measure of predictability in planning for future job development and capital project opportunities.”
Championed by the Illinois Manufacturers Association (IMA) with significant technical assistance and support provided by the Illinois Enterprise Zone Association (IEZA) and the Taxpayers Federation of Illinois (TFI), Senate Bill 3616 represents a true collaboration of ideas and opinions. Illinois employers as well as media and local government leaders, Chambers of Commerce and Economic Development Organizations throughout the state helped promote the merits of the bill as well, reaching out to their respective legislators about the importance of remaining competitive for the long term.
After nearly three years of discussion and negotiation, the Illinois General Assembly unanimously passed Enterprise Zone extension legislation on May 31st. The bill awaits Governor Quinn’s signature.
According to an email from Craig Coil, president of the Illinois Enterprise Zone Association, “Senate Bill 3616 will provide stable and predictable job creation and retention incentives for the long term, more transparency and performance reporting and revised qualification criteria which may give communities not currently designated as Enterprise Zones the chance to be considered for designation. It also gives communities with existing zones the opportunity to renew for up to 25 years.”
The Quincy & Adams County Illinois Enterprise Zone was established in 1984 under state legislation. The Enterprise Zone is considered one of the most effective economic development tools available. Enterprise Zone incentives help grow our economy by encouraging job creation, retention and investments in our communities.
- Property tax abatement
- Building materials sales tax exemption
- Reduced permit fees
- Jobs tax credit
- Investment tax credit
- Income tax reductions
- Machinery and equipment state sales tax exemption
- Utility tax exemption
Last year the program is credited with creating 8,980 jobs and nearly $2.5 billion in investments throughout the state. In the Quincy/Adams County Zone alone, (which includes portions of Brown County) 61 projects resulted in over $41 million in investments and 423 jobs being created or retained. This does not include the short term construction and other jobs further benefiting local businesses and the economy.
Visit our Incentives Page for details about current incentives available under the Quincy/Adams County Enterprise Zone or contact Cathy Schluckebier (217.228.4515 or email@example.com) with the City of Quincy Department of Planning and Development for more information.