Effingham Enterprise Zone
The Illinois Department of Commerce and Economic Opportunity awarded the City of Effingham a new Enterprise Zone on January 1, 2018. The Effingham Enterprise Zone has an initial life of 15 years, with the possibility of a 10 year extension. The original Enterprise Zone (1988-2017) generated over 475 projects, $700 million in investment, 4,000 new jobs and 2,500 jobs retained.
Incentives
Effingham's Enterprise Zone offers the following incentives:
Property Tax Abatement
- Three years for commercial projects
- Three years for new construction of multi-family housing
- Five years for new construction of single family homes
- Seven years for industrial projects
- Property located in one of Effingham's TIF Districts does not qualify for the property tax abatement.
Sales Tax Exemption on Building Materials
Full exemption of sales tax on building materials incorporated into real property for:
- Industrial and commercial projects
- Construction of single-family and multi-family homes
- Residential rehabilitation projects with a project cost of $50,000 or more
State incentives
- Investment Tax Credit
- State incentives structured for large projects of $5 million and 200 jobs created or $40 million and 2,000 jobs retained.
- Machinery and equipment sales tax exemption
- Utility tax exemption
- Investment tax credit