Incentives

Upper Mississippi River International Port District (Jo Daviess and Carroll Counties)

The Upper Mississippi River International Port District is a municipal corporation established as a political subdivision by and of the legislature of the State of Illinois (SB174). It's purpose is to promote and enhance commerce and economic development. The Port District has the authority to issue tax free bonds for long-term, fixed rate financing as an attractive incentive for new or existing businesses to relocate or expand within the Port District Authority of Jo Daviess and Carroll Counties.

Opportunity Zones

Opportunity Zones are an economic development tool designed to spur economic development and job creation in distressed communities by providing tax benefits to investors.

The zones selected in Jo Daviess County (Stockton, IL) and Carroll County (Savanna, IL) are two of 327 Opportunity Zones approved in the state.

Opportunity Zones present opportunities for private, tax-free investment in low-income areas with economic need, benefiting residents living in those areas, as well as private investors. The Opportunity Zone program encourages long-term investment by allowing investors to re-invest unrealized capital gains in designated zones.

  • Investors can defer tax on any prior gains until the earlier of the date on which an investment is sold or exchanged, or December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund.
  • If the investor holds the investment in the Opportunity Fund for at least ten years, the investor would be eligible for an increase in basis equal to the fair market value of the investment on the date that the investment is sold or exchanged.
  • Further rules and regulations can be found at Opportunity Zones Resource Center | Novogradac (novoco.com)

Read more here: NW Illinois Opportunity Zones Press Release

Foreign Trade Zone #271

Located at Savanna Depot Park (2,950 acres of land and buildings) operated by Illinois International Trade Centers - http://jo-carrollftz271.com

Foreign Trade Zones (FTZs) were created in the United States to provide special customs procedures to U.S. plants engaged in international trade-related activities. Duty-free treatment is accorded items that are processed in FTZs and then re-exported, and duty payment is deferred on items until they are brought out of the FTZ for sale in the U.S. market. This helps to offset customs advantages available to overseas producers who compete with domestic industry.

Goods entering FTZs are not subject to customs tariffs until the goods leave the zone and are formally entered into U.S. Customs Territory. Merchandise that is shipped to foreign countries from FTZs is exempt from duty payments. This provision is especially useful to firms that import components in order to manufacture finished products for export.

Enterprise Zones

An enterprise zone is a specific area designated by the State of Illinois in cooperation with a local government or region to receive various tax incentives and other benefits to stimulate economic activity and neighborhood revitalization.

All Enterprise Zone projects must be certified by the zone administrator prior to start of construction. Building permits are required; there is an application fee.

Emily Legel
Executive Director
(815) 297-7361
Email: elegel@nwiled.org
Website

Stephenson County/Freeport

Ron Kane
Enterprise Zone Administrator
Email: ezone@co.stephenson.il.us
Website

Whiteside - Carroll Enterprise Zone

Gary A. Camarano
Economic Development Director
Email: gcamarano@whiteside.org
Website

 

Local Incentives

Carroll County provides economic incentives which create new job opportunities and decrease unemployment, resulting in a better quality of life for its citizens. Property tax abatement on improvements are available in the enterprise zone. For more information, please click here, then click the Economic Development page.

The rolling hills of Jo Daviess County not only offer a great lifestyle adventure, but also many business opportunities. For more information and incentives for Jo Daviess County, please click here, then click the Applications & Forms page.

Tax Increment Finance (TIF) Districts

The following communities have established TIF districts:

  • Jo Daviess County - East Dubuque, Elizabeth, Stockton, Warren
  • Carroll County - Lanark, Milledgeville, Mt Carroll, Savanna