LOCAL INCENTIVES
Property Tax Abatement Program
Grundy County offers a pre-negotiated, three-year property tax abatement to qualifying companies. Eligible companies with qualifying projects can apply for a property tax abatement of up to five years.
Grundy County also offers four and five-year property tax abatements at 50% each year to qualifying high impact companies.
For more information, click the links below:
GEDC tax incentives
Tax Abatement Application
Economic Development Project Area (EDPA)
Offering a competitive advantage in the State of Illinois and Chicagoland market, the EDPA zones in Grundy County provide a mechanism for significant property tax relief for new industrial investors and existing businesses looking to reinvest in current facilities. Here is how the EDPA can work for you:
- Allows a company to negotiate its property tax bill with the County of Grundy by reimbursing eligible costs
- All ordinances and approvals are in place
- EDPA 1 – 12,000 acre zone
- EDPA 2 – 2,000 acre zone
For more information click the links below:
Tax Rebate Application
EDPA Flyer
For additional information contact the GEDC.
EDPA Map #1
EDPA Map #2
TIF Districts
TIF Districts Located in Grundy County
Tax Increment Financing (TIF) districts allow communities to capture the increases in local property taxes (the increment) that result from a redevelopment project. Increment can be used to pay for a variety of eligible costs such as public infrastructure, training, relocation expenses, and much more. To view the community TIF maps, click the links below:
Enterprise Zones
Enterprise Zones Located in Grundy County
Grundy County has two enterprise zones and the benefits include:
- Sales Tax Deduction
- Investment Tax Credit
- Machinery and Equipment Sales Tax Exemption
- Utility Tax Exemption
- Gas Use Tax Exemption
Enterprise zones were developed by the State of Illinois to stimulate industrial growth and retention in regional areas. The two zones serving Grundy County were established in 2016. The zones are powerful tools designed to mitigate costs related to private investment and job creation.
To see the Grundy County areas included in Enterprise Zones click the links below:
State Incentives
Several programs are available through the State of Illinois’ Department of Commerce & Economic Opportunity.
For an overview of state incentives, visit https://www.illinois.gov/dceo.
Financial Resources
SBA Info – Training, consulting, and counseling for small business owners is available through Joliet Junior College - EBC. To learn more, visit the website below.
Joliet Junior College – Entrepreneur & Business Center (EBC)
Email: [email protected]
Phone: 815-280-1252
Address: 1215 Houbolt Rd., Joliet IL, 60431
Financial – The Upper Illinois River Valley Development Authority is a general development agency that serves Grundy County. UIRVDA can issue low-cost bond financing for capital improvements that greatly reduce the interest rate for economic development projects. For more information visit: www.uirvda.com
