On Thursday, Oct. 25, a brief public hearing was held at the Red Bud City Hall on the Monroe/Randolph County Enterprise Zone.
Leading the discussion was Keith Moran, president of Moran Economic Development. He noted that he was hired by the two counties to work on the proposed enterprise zone.
Moran stated that the Illinois Enterprise Zone Act was signed into law on Dec. 7, 1982. The act was designed to stimulate economic growth and neighborhood revitalization in economically depressed areas of the state. Businesses located in, or choosing to locate to, a designated enterprise zone can become eligible to obtain special state and local tax incentives, regulatory relief and improved governmental services, thus providing an economic stimulus.
Incentives for businesses inside of an enterprise zone can include: 6.25 percent sales tax exemption on building materials; a one percent investment tax credit on machinery, equipment and buildings; a 0.5 percent investment tax credit for firms that increase their employment in Illinois by one percent; deductions from state income tax on dividends paid by corporations doing substantial business within the zone; low interest business financing program; employment training assistance programs; and a utility tax exemption.
To learn more, please see this week’s print edition.