Our incentive programs can lower the cost of doing business in Sterling.
Contact your Greater Sterling Development Corporation representative for complete information about our programs and estimated savings before planning begins. Companies cannot receive the following benefits retroactively.
- 0.5% investment tax credits on machinery, equipment, and existing buildings.
- 5% state sales tax exemption for construction materials purchased from a qualified retailer with a Enterprise Zone Sales Tax Certificate.
- 1.25% – 1.75% local sales tax exemption for building materials purchased from retailers with a Enterprise Zone Sales Tax Certificate
- 5% sales tax exemption on machinery used or consumed in operation of pollution control facilities to qualifying companies.
- $500 state income tax credit for each job created (minimum of 5 jobs) for which a certified dislocated worker is hired.
- 5% state utility tax exemption plus the 0.10% administrative fee.
- State income tax deductions including dividend, income, interest, and contribution deductions.
- State of Illinois business-financing programs are available to companies locating, expanding, or retaining jobs in the Enterprise Zone
- Five-year property tax abatement for qualifying new construction/renovation (property can not be located in a Tax Increment Financing District (TIF)). Abatements vary from 35% to 94%.
- Ten-year property tax abatement for qualifying new construction/renovation (property can not be located in a Tax Increment Financing District (TIF)). Projects must create 500 full-time jobs and invest at least $25,000,000.
- Some training funds available through the Illinois Department of Commerce and Economic Opportunity, http://www.commerce.state.il.us/dceo/.
- Your Greater Sterling Development Corporation contact can help you determine if your company qualifies for these resources.
- Local, state and federal grant money may be available in the form of capital development grant funds (for water, sewer and similar) and payroll tax credits.
- Ask your Greater Sterling Development Corporation contact for more information about potential financial assistance.
NorthWest Regional Entrepreneur Center Challenge Grants
- Regional hub that coordinates small business development, entrepreneurship training and development
- Award program helps entrepreneurs and small businesses obtain professional services needed to start up, expand or support their business
For more information, go to www.nwrec.org