Illinois law (the TIF Act) allows units of local governments the ability to designate areas within their jurisdiction as TIF Districts. These specially designated districts are used by local governments as a way to spur economic growth by dedicating the new incremental property tax revenues generated within the TIF District for improvements within the district with the goal of encouraging new development and job creation. For a listing of TIF Districts in the City of Bloomington. 

More information can be found here. 

Illinois law allows units of local governments to abate all or a portion of its property tax revenue from an individual property or group of properties to spur investment and economic growth.

For more information, email Ellen Robertson, Sr. Economic Development Specialist. 

Illinois law allows units of local governments the ability to rebate sales taxes as a way to spur economic growth. In this manner, units of government can dedicate the new incremental sales tax revenue within the project area. 

The City hopes to encourage private investment in commercial buildings in the area through a façade program that offers financial incentives (up to $25,000) to businesses to improve the appearance, safety, structural integrity, and quality of their storefronts and buildings as a whole. More information can be found on the Historic Preservation Grants and Awards Page.

This program is designed to provide the owners of historic properties with financial assistance in the preservation, restoration, or rehabilitation of the exterior architectural features of buildings and structures on such properties. The program provides funding for up to 50% of the total cost of eligible exterior projects, with a maximum grant amount of $5,000 per project. More information can be found on the Historic Preservation Commission page.

This program is managed by the Bloomington-Normal Economic Development Council. All inquiries should be directed to the BN EDC. 

www.bnbiz.org | (309) 452-8437 | 200 W College Ave #402, Normal, IL 61761

Properties/projects located in the local Enterprise Zone can enjoy three key benefits:

1. Building materials sales tax exemption: Building materials used in the expansion of enterprise zone projects recognize a sales tax exemption from the State of Illinois.
2. Enterprise zone investment tax credit: Individuals and corporations are allowed a 0.5% tax credit against Illinois income tax due for investments in qualified property placed in service in an enterprise zone.
3. Exemption on the Illinois Natural Gas Tax: Natural gas used by business enterprises located in an Enterprise Zone is exempt from the state’s natural gas tax.

Programs managed by the Illinois Department of Commerce and Economic Opportunity:

www.illinois.gov/DCEO (800) 252-2923 | 500 E. Monroe Springfield, IL 62701 

ADVANTAGE ILLINOIS
This program is comprised of multiple programs to spur institutional lending, including Capital Access Program, Participation Loan Program-which includes a component for Minority/Women/Disabled/Veteran-Owned businesses, and Collateral Support Program; and the Invest Illinois Venture Fund, which leverages private investments in start-ups and high-growth businesses.

Economic Development for a Growing Economy Tax Credit Program (EDGE)

 The EDGE Program provides annual corporate tax credits to qualifying businesses to help create jobs, investment and training programs in Illinois.

ILLINOIS SMALL BUSINESS JOBS CREATION TAX CREDIT
The Illinois Small Business Jobs Creation Tax Credit program gives small business owners and non-profits an extra boost to grow their business over the next four years. After creating one or more new, full-time positions that meet the eligibility requirements, small businesses can register online to receive a $2,500 per job tax credit.

High Impact Business Program

Projects that invest $12 million and create 500 full-time jobs or invest $30 million and retain 1,500 full-time  jobs may be eligible for tax credits to help expedite their growth.

Other Incentive Programs:

Ameren Illinois Energy Efficiency Business Program
Ameren Illinois Energy Efficiency Business Program provides cash incentives to commercial businesses, non-profits and private schools to help offset the initial cost of an energy efficient project.  www.ameren.com

Corn Belt Energy New Construction Program
Applicants must be constructing a new building, addition or a major renovation which will be a non-residential member of Corn Belt Energy. Please visit the links below to get started.
www.cornbeltenergy.com or www.powermoves.com  
Justin Stuva, Energy Advisor | (309) 664-9235 | justin.stuva@cornbeltenergy.com

NICOR GAS ECONOMIC REDEVELOPMENT PROGRAM
The Nicor Gas Economic Redevelopment Program offers technical assistance and financial incentives for energy-efficient upgrades and renovations in existing commercial, industrial, and multifamily buildings. www.nicorgasrebates.com

PROPERTY TAX ASSESSMENT FREEZE
Managed by the Illinois Historic Preservation Agency, this program can freeze the assessed value of historic owner-occupied, principal residences for a period of 8 years, followed by a four-year period during which the property’s assessed value steps up to an amount based upon its current market value. This results in 12 years of reduced property taxes.