Enterprise Zone
SALES
TAX DEDUCTION ON BUILDING MATERIALS: Building materials used in projects in the
Enterprise Zone are exempt from sales tax if purchased from retailers located in
Sterling, Rock Falls, Morrison, Fulton, Prophetstown, Lyndon, Savanna, Thomson,
or in incorporated Whiteside or Carroll Counties.
PROPERTY TAX ABATEMENT: Improvements in the Whiteside County Enterprise Zone are eligible for 10 year tax abatements. Abatement in Prophetstown is approximately 80%. Abatement varies from year-to-year according to assessed values placed on improvements and tax rates. The Enterprise Zone Administrator will provide a tax abatement estimate upon request.
INVESTMENT TAX CREDIT: The Illinois Income Tax Act allows a .5% credit against state income tax for investments in qualified property place in service in the Enterprise Zone. This credit is in addition to any other investment tax credit allowed under Illinois statue.
JOBS TAX CREDIT: Employers in the Whiteside County Enterprise Zone are eligible for tax credit on Illinois income taxes for hiring certified economically disadvantaged or dislocated workers. Contact the Enterprise Zone Administrator for eligibility criteria.
DIVIDEND DEDUCTION: Taxpayers may deduct from their taxable income an amount equal to dividends paid to them by a corporation which conducts substantially all of its operations in an enterprise zone or zones.
UTILITY TAX EXEMPTION/MACHINERY AND EQUIPMENT DEDUCTION: Businesses which makes an investment in an Enterprise Zone which creates a minimum of 200 full-time equivalent jobs or retains 1,000 jobs is eligible for tax exception on utilities. Business which make an investment of $5 million or more which rates at least 200 jobs or retains 2,000 or 90% of existing jobs is eligible for sales tax exception on personal property used or consumed in the manufacturing process.
All Enterprise Zone projects must be certified by the zone administrator prior to start of construction. Building permits are required; there is an application fee. For more information about the Whiteside County Enterprise Zone, contact the Zone Administrator at 815-772-5175 or Courthouse, 200 E. Knox, Morrison, IL 61270.