Comparison - the Rivers Edge Redevelopment Zone versus the Enterprise Zone. The Warehouse District and downtown Peoria will be taken out of the Enterprise Zone and placed in the Rivers Edge Redevelopment Zone which provides great incentives for redevelopment, including a 25% State of Illinois historic tax credit on the costs of rehabilitating historic structures.
| RERZ | Enterprise Zone |
Investment Tax Credits
- Allow business in RERZ to claim additional .5% credit on IL Personal Property Tax Replacement Tax for qualified depreciable property.
| Investment Tax Credits
- .5% against state income tax for qualified properties.*
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| Jobs Tax Credit – repealed | Job Tax Credit - Not available in EZ |
Environmental Remediate Tax Credit
- State Income Tax credit of 25% on some non-reimbursed eligible costs for remediation work, approved by the IEPA in excess of $100,000.
- Credit is limited to $40,000 per year; and $150,000 per project.
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Dividend Income Deduction
- Available to Individuals, corporations, trusts and estates.
- Income tax deduction equal to the amount of dividends received from businesses with substantially all of their operations in the RERZ.
| Dividend Income Deduction
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Interest Income Deduction
- Available to financial corporations, may deduct amount equal to interest received for a loan for development in an RERZ from their corporate State Income Tax.
| Interest Income Deduction
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Building Materials Sales Tax Exemption
- Sales tax exemption on construction materials for non-residential projects within the RERZ.
| Building Materials Sales Tax Exemption
- Sales tax exemption on construction materials for non-residential projects within the EZ.
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Property Tax Abatement
- May be offered on a local basis. Not currently proposed within Peoria; cannot apply in TIF.
| Property Tax Abatement
- City of Peoria abates their taxes for up to 5 years. May increase in the future when other taxing bodies are added on.
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Illinois Tax Credit
- Amount equal to 25% qualified expenditures for the restoration and preservation of a qualified historic structure per a qualified plan in a RERZ may be deducted from taxes.
- Minimum project costs is $5000, and must exceed 50% of purchase price of the property.
- Eligibility is determined by DCEO and the IL Historic Preservation Agency.
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Illinois Tax Credit
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| N/A | EZ Machinery and Equipment Sales Tax Exemption
- 6.25% Sales tax exemption on all personal property which is used or consumed in EZ in process of manufacturing or assembly of tangible personal property for wholesale or retail sale or lease. *
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| N/A | Utility Tax Exemption
- 5% state tax exemption on gas, electricity and IL Commerce Commision.1% administrative charge and excise taxes on the act or privilege of originating or receiving telecummincations.*
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| N/A | Corporate Contribution Deduction
- Double state tax deduction on contributions made to a qualified DZO project.
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