Investment Tax Credit
This program provides investment credits to growing companies or businesses that are new to Illinois.
| Program Details |
| Program Description: |
A state investment tax credit of .5% is allowed a taxpayer who invests in a qualified property. Qualified property includes machinery, equipment, and buildings. In addition to this, a taxpayer can qualify for an additional credit of up to .5% if that taxpayers Illinois base employment increased by 1% or more in the preceeding year, of if the taxpayer’s business is new to Illinois. |
| Eligibility: |
Qualifying companies must have placed qualifying property in service in Illinois within the tax year, continue to use the qualified property on the last day of the tax year, and are primarily (more than 50%) engaged in manufacturing or retailing. |
| Term: |
The credit can be carried forward for up to 5 years. |
| Application Process: |
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. |
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.
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