High Impact Business Designation
The Illinois Department of Commerce & Economic Opportunity (DCEO) administers the High Impact Business program. Lake County Partners can help interested businesses with the application process.
| Program Details |
| Purpose: |
To provide tax incentives that will stimulate large-scale investment and job creation or retention projects in Illinois. |
| Program Description: |
High Impact Business designation provides approved companies a sales tax exemption on building materials, an investment tax credit, an exemption from state gas and electric tax, and a state sales tax exemption on manufacturing repair and equipment repairs and replacement parts. |
| Eligibility: |
The designation as a High Impact Business is contingent on a company’s willingness to commit to a large scale investment and development project involving, at a minimum, the creation of 500 new full-time jobs and a $12 million capital investment (not including leases) or an investment of $30 million resulting in the retention of 1500 full-time jobs. |
| Ineligible Applicants: |
Businesses located within Enterprise Zones. |
| Term: |
20 years |
| Application Process: |
The Department will review the application within 30 days of receipt. If additional information is requested, the applicant will have an additional 30 days to submit it. DCEO will accept or deny the application within 30 days. |
| Job Criteria: |
Creation of 500 new, full-time jobs and a capital investment of $12 million or the retention of 1500 full-time jobs and a capital investment of $30 million. |
| Application: |
For assistance with the application process, contact Bill Whitmer, Vice President of Economic Development, Lake County Partners at (847)247-0137 or wwhitmer@lakecountypartners.com. |
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