SAVE MONEY IN THE ENTERPRISE ZONE
Business located within the Belvidere/Boone County (2016) Enterprise Zone can realize a significance savings when it comes to building, upgrading or expanding facilities. To learn if you are located in the Enterprise Zone or if you are looking to locate within the Entreprise Zone, view the map HERE.
Enterprise Zone Defined
The Illinois Enterprise Zone Program is designed to stimulate economic growth and neighborhood revitalization in economically depressed areas of the state through state and local tax incentives, regulatory relief and improved governmental services. Businesses located or expanding in an Illinois enterprise zone may be eligible for the following state and local incentives:
Belvidere/Boone County Incentives
PROPERTY TAX ABATEMENT
Property taxes are abated on improvements to commercial and industrial properties in increments of 8 0% the first year, 60% the second year, 40% the third year and 20% the fourth year. The abatement is for the portion of taxes on improvements to the property.
Additional property tax abatements are available for individual industrial taxpayers who construct further improvements beyond those that were abated in the above incentive or who cause their suppliers to construct new improvements. If the improvements total at least $2 million, property taxes are abated in increments of 80% the first year, 60% the second year, 40% the third year and 20% the fourth year. If improvements are a fraction of $2 million, the abatement will be adjusted proportionately.
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.
By state law, any time property is improved it must be reassessed.
BUILDING PERMIT FEE REDUCTION
50% of any building permit fee will be waived when certain information related to development activity within the Zone is provided at the time the permit is requested. Otherwise an applicant will be required to pay the full permit fee.
APPLY FOR A BUILDING PERMIT
1212 Locan Avenue Suite101
Belvidere, Illinois 61008
City of Belvidere
401 Whitney Boulevard Suite 300
Belvidere, Illinois 61008
Village of Poplar Grove
200 N. Hill Street
Poplar Grove, IL 61065
Village of Capron
250 W. Main Street
Capron, IL 61012
OTHER LOCAL BENEFITS
- No-cost assistance in identifying and applying for state and federal financing programs for business
- Specialized education and training programs offered through Rock Valley College, The Workforce Connection and/or the Illinois Department of Commerce & Economic Opportunity (DCEO)
- Site identification and procedures relating to the construction of a project in the Belvidere/Boone County Enterprise Zone
State Incentives and Exemptions
- Exemption on retailers’ occupation tax paid on building materials
- Expanded state sales tax exemptions on purchases of personal property used or consumed in the manufacturing process or in the operation of a pollution control facility
- An exemption on the state utility tax for electricity and natural gas
- An exemption on the Illinois Commerce Commission’s administrative charge and telecommunication excise tax
Exemptions are available for companies that make minimum statutory investments that either create or retain a certain number of jobs. These exemptions require a business to make application to, and be certified by, the Illinois Department of Commerce.
As of 2017, applicants are required to be filled out by both the owner and the contractor. All information must be filled out in order for applications to be processed. If your project does not require you to have a building permit, please notify Growth Dimensions when you are submitting your applications. Applications must be submitted with the application fee. No applications will be processed without payment and all required information filled. Applications may take 1 to 3 business days to complete, and will be processed in the order they are received. All applications must follow up with Growth Dimensions to complete project and give final projected costs.
Beginning July 1, 2013 the building materials exemption will be available only to those contractors or other entities with a certificate issued by the Illinois Department of Revenue. Construction contractors or other entities seeking exemption certificates must go through the Belvidere-Boone County Zone Administrator.
*Download the applicable form below, fill it out in its entirety (partially completed forms cannot be processed) and e-mail to email@example.com or mail/deliver to 401 Whitney Blvd., Belvidere, IL 61008.
*A Belvidere-Boone County Enterprise Zone Application and Administration Fee is now in effect. Approved Enterprise Zone projects requesting a sales tax exemption will be subject to a fee of ½ % of the total cost of construction materials included on the sales tax exemption application form. The maximum fee allowed by Public Act 97-905 is $50,000 per project. The fee will be due upon the issuance of the sales tax exemption certificate by the Zone Administrator, and a summary of construction materials costs must be provided to the Zone Administrator at the same time. Payment must accompany the application when submitted.
For more information, contact Growth Dimensions Economic Development at 815-547-4252 or email firstname.lastname@example.org.
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