Economic Development For A Growing Economy (EDGE) Tax Credit
To level the playing field with other states competing for economic development projects, EDGE provides tax credits to qualified businesses for the creation of jobs and new investment.
| Program Details |
| Program Description: |
Tax Credits are calculated from the personal income tax collected on salaries paid to employees in the new jobs created, which may be taken as a non-refundable credit against corporate income taxes over a period not to exceed 10 taxable years. |
| Eligibility: |
The applicant must demonstrate “that if not for the Credit”, the Project would not occur in Illinois by providing documentation evidencing that:
- The applicant has multi-state location options and could reasonably and efficiently locate outside of the state; or
- At least one state is being considered for the project; or
- Receipt of the Credit is a major factor in the Applicant’s decision and that, without the Credit, the Applicant likely would not create and/or retain jobs in Illinois.
|
| Ineligible Projects (not all inclusive): |
Retail, Health and Professional Services |
| Term: |
Up to 10 years |
| Application Process: |
The application is submitted to the program manager. The program manager reviews the application and will notify the applicant if further information is needed. Applicants will be notified in writing as to the Department’s evaluation. |
| Job Criteria: |
For companies with an employment over 100, creation of 25 new, full-time jobs and a capital investment of $5 million, or the creation of 50 new, full-time jobs and a capital investment of $2.5 million. For companies less than an 100, creation of 5 new jobs along with a $1.0 million capital investment. |
| Application: |
Call Bill Whitmer, Vice President of Economic Development, Lake County Partners at (847) 247-0137 or wwhitmer@lakecountypartners.com. |
Note: This program overview is intended as a reference only. Some details may have changed since publication and/or not be reflected in the description. For specific application of this program, please contact Lake County Partners at (847) 247-0137.
|
