Skip to main content

Possible online services disruption due to Internet related outage

A worldwide technology outage is causing disruption to some State of Illinois online systems.  We are aware of this issue and are diligently working on restoration.

Incentives and Tax Credits

Illinois Expands Business Incentives in 2024

In 2024, the State of Illinois continues to offer innovative business incentives in order to attract and retain job creators looking to locate or expand their business in Illinois. New changes include:

Additional funding of grant programs including Prime Sites and continued support for the Closing Fund.

 

Quantum Campus Enterprise Zone
New incentive program
  • Creation of the nation’s first ever Quantum Computing Campus 

  • $500 million capital appropriation for quantum technology 

  • Broad range of incentives including Building and Materials Tax Exemption (BMEC) and Utility Tax Exemption

  • Potential to increase incentive offering through participation in MICRO program including additional tax credits and construction job credits

Blue Collar Job Act, High Impact Business, River’s Edge Redevelopment Zone, Enterprise Zone, EDGE, MICRO, and REV Construction Job Credit
Simplified reporting process
  • Eliminate monthly Certified Payroll reporting

  • New process relies on annual progress reports and a third-party audit report performed at the conclusion of the project 

Reimagining Energy and Vehicles (REV)
Eligibility for new manufactures, companies engaged in R&D, and extension of the utility tax exemption
  • Expanded eligibility to include manufacturing of new products: green steel manufactures; eVTOL aircraft, hybrid-electric, and fully electric propulsion systems for airliners manufactures and component part makers; component part makers for renewable energy system

  • Research and Development (R&D) eligibility for companies working toward the innovation, introduction, and improvement of renewable energy systems, electric vehicles, electric or hybrid aircraft, and associated component part makers

  • Extension of Utility Tax Exemption for Tier II program participants – potential 30-year exemption (previously capped at 10 years)

Manufacturing Illinois Chips for Real Opportunity (MICRO)
Expanded eligibility to support quantum computing manufactures, companies engaged in R&D, and extension of the utility tax exemption
  • Clarification of eligibility to amplify incentive opportunities for quantum computer manufacturers and their component part manufactures 

  • R&D eligibility for companies engaged in innovation and improvements to the manufacturing of quantum computers, semiconductors, or microchips 

  • Extension of Utility Tax Exemption for Tier II program participants – potential 30-year exemption

Economic Development for a Growing Economy (EDGE)
New tier level for large projects
  • New Tier II program that will provide 15 years of program benefits for applicants who commit to a minimum $50 million in capital investment and 100 new jobs
Research and Development Tax Credit
Continued support for the R&D tax credit
  • 5-year extension of the Research and Development Tax Credit to 2032
Rivers Edge Redevelopment Zone expansion
New RERZ designations
  • The following cities are included as pilot sites for new RERZs: Moline, East Moline, Quincy, LaSalle, Ottawa, Peru, and Rock Island

Illinois offers tax-based incentives to help your business create jobs and invest in Illinois. For an overview of our programs and to discuss your options, contact us at https://dceo.illinois.gov/dceo-program-inquiry.html.

Information on Incentives and Programs