Illinois Enterprise Zone Tax Credit - Martin Hood LLC
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Illinois Enterprise Zone Tax Credit

If you have a business, did you know that you can take a tax credit for purchasing capital assets depending on where you are located and use those assets? The Illinois Enterprise Zone program was designed to stimulate economic growth in economically depressed areas of the state. The program consists of an exemption on retailers’ occupation tax paid on building materials, and an investment tax credit.


The investment tax credit is 0.5% of the cost of qualified property that you purchase if you are located in a designated enterprise zone. Qualified property is defined as tangible property, including buildings, structural components, and signs. Property that qualifies for the credit is subject to certain criteria, such as having a useful life of four or more years, having been acquired by purchase, and is used in the enterprise zone by the taxpayer.


A listing of designated enterprise zones and maps can be found here.


Please contact us if you have any questions about the tax credit or other planning opportunities.