Morton Enterprise Zone
What is an Enterprise Zone?
An enterprise zone is a special area designated by the Village of Morton in which tax incentives and direct financial assistance can be provided to companies locating or expanding commercial or industrial businesses. The purpose of providing these incentives and benefits is to encourage economic development in the Zone and to increase employment opportunities.
What Benefits are Available Through the Morton Enterprise Zone?
Currently, the Illinois Enterprise Zone Program offers numerous state incentives to encourage companies to locate or expand in enterprise zones, including the following:
Sales Tax Exemptions on Building Materials, Some Machinery and Pollution Control Equipment
Utility Tax Exemption
Investment Tax Credit
Jobs Tax Credit
Dividend Income Deduction
Interest Deduction
Contribution Deduction
In addition, the Morton Enterprise Zone offers the following local incentives:
Local sales tax relief on building materials purchased
Waiver of one-half of building permit fees
Expedited plan review process and zoning, variance and special use process with respect to any improvement within the Zone
What Should a Person Do to Take Advantage of the Benefits?
Determine if your property, or the property you are looking at acquiring, is in Morton’s enterprise zone. View Morton Enterprise Zone Map
Contact the Morton Economic Development Council to confirm eligibility ofproject for enterprise zone benefits.
Contact your legal and/or tax advisor(s) to find out if you would be eligible for some or all of the tax benefits.
Discuss the enterprise zone benefits with your contractor and make sure they are not charged any sales tax onpurchase of building materials and equipment. You will be given a certificate to show retailers for the sales tax exemption when you successfully obtain your building permit from the Village of Morton Planning and Zoning Department.
Review everything on a periodic basis with your legal and/or tax advisors.
Other Resources:
Illinois Enterprise Zone Association
Illinois Department of Commerce and Economic Opportunity
