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High Impact Business Program

 

Overview:

The High Impact Business Program (HIB) is designed to encourage large-scale economic development activities, by providing tax incentives to companies that propose to make a substantial capital investment in operations and will create or retain above average number of jobs. Businesses may qualify for: investment tax credits, a state sales tax exemption on building materials, an exemption from state sales tax on utilities, and/or a state sales tax exemption on manufacturing equipment purchases, repair and replacement parts. 


Contact:            

Illinois Department of Commerce and Economic Opportunity
Bureau of Business Development
620 E. Adams
Springfield, IL 62701
(217) 482-6145
TTY: (800) 785-6055

 

Website:  

   

http://www.ildceo.net/dceo/Bureaus/Business_Development/Tax+
Assistance/HIB.htm

 

Eligibility:

  • The project must involve a minimum of $12 million investment causing the creation of 500 full-time jobs or an investment of $30 million causing the retention of 1500 full-time jobs.
  • The investment must take place at a designated location in Illinois outside of an Enterprise Zone
  • The program has been expanded to include qualified new electric generating facility, production operations at a new coal mine or, a new or upgraded transmission facility that supports the creation of 150 Illinois coal-mining jobs, or a newly constructed gasification facility as a "Coal/Energy High Impact Businesses"

Employer Benefits:

  • A qualifying High Impact Business may be eligible to receive the following: sales tax exemption on building materials, an investment tax credit, an exemption from state gas and electric tax, and a state sales tax exemption on manufacturing repair and equipment repairs and replacement parts
  • The Coal/Energy High Impact Business may qualify for sales tax exemption on building materials, an investment tax credit, an exemption from state gas tax on utilities and excise tax on electricity
  • A designated High Impact Business located in a foreign trade zone or sub-zone is eligible for additional incentives including an income tax credit for a minimum of five new eligible hires, an exemption from municipal tax on utilities, an exemption from the telecommunications excise tax, and an income tax deduction for financial institutions receiving interest from loans secured by property eligible for the High Impact Business Investment Tax Credit