For New Construction, Expansion, Renovations, and Remodeling
Property Tax Abatements are available for commercial or industrial real property located within the zone for projects which have a building permit and constitute new construction, renovation, or remodeling. Within Livingston and LaSalle Counties, certified projects shall be eligible for a four-year abatement of approximately 50% of the real property taxes attributed to the improvements.
Investment Tax Credit: Equal to 1/2 of 1% (.5) against state income tax for investment in “qualified” property (machinery, equipment, real property) placed in service within the zone.
Jobs Tax Credit: A $500 per employee tax credit on Illinois Income Tax for hiring employees who are certified as a dislocated worker or economically disadvantaged.
Sales Tax Exemption: Exemption of the 7.5% sales tax on building materials used for new construction.
The City of Streator established an Enterprise Zone to encourage industrial and commercial development.
Streator Enterprise Zone
For additional details on the City of Streator’s Economic Development Programs, visit their web site by CLICKING HERE.