Here you will find information on available local incentives in the Knox County Area. Please note that most incentive packages are discretionary and negotiated on a case-by-case basis. The information below is intended to convey the different types of incentive programs presently available in the Knox County Area.
Enterprise Zone: The 2016 Enterprise Zone is a contiguous geographic boundary within which businesses are eligible for a defined package of state and local incentives. These state incentives include a sales tax exemption on building materials purchased for incorporation into Enterprise Zone real estate, an investment tax credit on depreciable property and an exemption on the Illinois Natural Gas Tax. Local incentives include a ten-year property tax abatement on improvements made to real property in the zone and waived fees for certain local permits.
Revolving Loans: The City of Galesburg offers CDAP revolving loan fund products to fill gaps in eligible commercial projects in the City of Galesburg on a case-by-case basis. With a private-sector lender in the lead position, the city can support deals that may not be financeable conventionally.
In addition to these local incentives, the State of Illinois has a robust set of state-level incentives available. This link will take you to the Department of Commerce and Economic Opportunity’s incentives webpage, where you can find information on the various state-level offerings currently available.