Clark County Enterprise Zone
The following incentives are available if building or renovating within the Enterprise Zone: Sales Tax Exemption on Building Materials- Building materials are eligible for the sales tax exemption to include items that are permanently affixed to real property such as lumber, mortar, glue-down carpets, paint, wallpaper, and similar affixed items. Property Tax Abatement- the abatement applies only to taxes on the increase in assessed value attributable to the new construction, renovation, or rehabilitation. Taxes based on the assessed value of land and existing improvements continue to be collected. The property tax abatement is approximately an 85% abatement on improvements (not all taxing bodies participate such as Fire District, Townships, Park District, Lake Land College, etc.) for the first 5 years upon completion. In the 6th year, the owner pays 25%, 7th year the owner pays 50%, 8th year the owner pays 75%, and the 9th year the owner pays 100%. Applications and approval MUST be submitted to the Clark County Enterprise Zone Administrator (Nancy Smitley @ City Hall, City of Marshall) prior to the project in order to qualify for the incentives.
Specific areas of the following Clark County communities are within the Clark County Enterprise Zone:
City of Marshall New Construction Grant
The program is designed for new construction business within city limits. This grant is for 30″ culvert and backfill, electric meter box fees, water meter fees, sewer tap fees and gas line up to 2.25 per foot and meter fees. Must complete a New Business Construction Grant Application with the City and be approved through the Economic Development Committee.
City of Marshall Revitalizing Grant Program
Must complete a Revitalization Program Application with the City and be approved by the Economic Development Committee.
City of Marshall Utility Grant
Up to $1,200 rebate on utilities pro-rated over the course of one (1) year for new businesses or existing businesses who are expanding. Must complete an application with the City and be approved through the Economic Development Committee.
Marshall Main Street
Marshall Main Street Design Committee has instituted a grant program to aid in the preservation of historical building in the Main Street District. This grant may be used for the purchase and installation of awning doors, and signs for facade painting or for window, roof or structural repair. Certain requirements may apply as directed by the Preservation Commission of the City of Marshall and the Marshall Main Street Office. The amount of each preservation grant is one-half of the cost of the project, up to a maximum grant of $1000. Each downtown building is eligible for one grant per year with a three-grant per owner maximum. Main Street can be contacted at 217-826-9023.
The Federal Historic Preservation Tax Credit Program
Provides federal income-tax incentives for the rehabilitation of historic income-producing properties. The Illinois Historic Preservation Agency, Under the provisions of the Tax Reform Act of 1986, a 20% tax credit is available for the substantial rehabilitation of commercial, agricultural, industrial, or rental residential buildings that are certified as historic. The credit may be subtracted directly from federal income taxes owed by the owner. (Note: the U.S. Internal Revenue Service is the final judge of economic matters relative to certified rehabilitation. Therefore, it is advisable that you consult with a tax accountant or lawyer before completing your tax return.)
Department of Commerce and Economic Opportunity
The goal of DCEO is to raise Illinois profile as a premier global business destination; and to provide a foundation for the economic prosperity of all Illinoisans, through coordination of business retention and retention, provision of essential capital to small businesses, investment in infrastructure and job training for a 21st century economy, and administration of the and federal grant programs. The Department of Commerce and Economic Opportunity used an accountability program to take a customer-centered approach to grants management and monitoring. The agency, which administers and oversees nearly 10,000 grants each fiscal year, managers various economic, community and workforce development programs, services, and initiatives. DCEO partners with businesses, local governments, nonprofit organizations, workers, and families to enhance the state’s economy.