Tax Increment Financing

Illinois communities have been utilizing tax increment financing (TIF) districts for development projects that improve towns and aid in encouraging economic activity.

Typical projects include the redevelopment of buildings including historic structures, infrastructure improvements or providing infrastructure for new industrial or commercial use, development of residential housing, and improving downtown business districts.

TIF can aid communities in attracting private development and business without increasing taxes or reducing services. The activity translates into job creation, an increase in customers, and additional private investment. TIF can also retain business and industry that may be considering relocation.

Illinois Tax Increment Association
Department of Community and Economic Opportunity
Illinois Department of Revenue

Enterprise Zones

Enterprise Zones strengthen development efforts throughout Illinois. The state has over 100 designated enterprise zones where business is stimulated and where jobs are retained and created.

The Illinois Enterprise Zone Act, signed into law in the early-1980s, was designed to stimulate economic growth and revitalize neighborhoods. State and local tax incentives, regulatory relief, and government services are among the tolls utilized. The efforts provide an economic boost to areas that may otherwise be neglected.

Franklin County has Enterprise Zones in Benton and in West Frankfort.

Illinois Enterprise Association
Department of Commerce and Economic Opportunity

DCEO Grant Programs

The Department of Community and Economic Opportunity has various programs available to groups from small business to large industry. The DCEO is also the link to other Illinois economic assistance programs.

The list includes DCEO's Business Development Public Infrastructure Program, the Community Development Assistance Program for Economic Development, the Employer Training Investment Program, and the Large Business Development Program

Other Illinois programs include the Illinois Department of Agriculture's AgriFIRST Grant Program, and the Illinois Department of Transportation's Economic Development Program, Rail Freight Program, and Truck Access Route Program.

Department of Commerce and Economic Opportunity Grant Programs
State of Illinois Business Portal