Economic development in Illinois could get a boost if a bill extending “enterprise zones” becomes law. The incentives business can enjoy include breaks on property taxes, energy costs, and sales taxes on building materials. The bill allows for larger zones and more.
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Sen. Mike Frerichs (D-Champaign) explains the bill would “extend the life of enterprise zones from a maximum of 30 years to 55 years. It would allow 10 more enterprise zones in the next 10 years, with no more than two zones certified per year.”
Local communities in Illinois have enacted almost 100 enterprise zones.