The location of Enterprise Zones has long been a part of our Incentives Checker: Every time you look up an address in Illinois, Incentives Checker will check if there's an overlapping Enterprise Zone.
Common to all EZs is the incentive to waive state sales tax (6.25%) on building materials for new and rehab construction. This can be a huge savings!
In conversation with one of our members last week about a new project they were trying to close soon, we asked if they had checked for incentives. Thinking that the location probably wasn't eligible for any due to the higher-value market activity there, I advised them to check because Enterprise Zones cover a very large proportion of Chicago and include areas with lower-cost as well as higher-cost properties.
They checked, and indeed, the property is in an EZ. Based on the project cost this has the potential to save them tens of thousands just in state sales tax. This savings assumes that they source their construction materials from Illinois retailers.
We launched a new Enterprise Zones map to show all 102 EZs across Illinois and to better inform our members of the incentives. In Chicago, for example, the application process is simple and approved within a few weeks.
The map is for members only. If you're not a member you'll be invited to start a free trial (no credit card needed).