Illinois Enterprise Zone Frequently Asked Questions
The following article summarizes the most often asked questions on the tax benefits offered through the Illinois Enterprise Zone Program.
What's Happening in WIEDA?
Illinois Enterprise Zone Changes 2022
Illinois Enterprise Zone Changes 2022. Please take note of the following changes to take effect on January 1st, 2022. P.A. 102-0108 clarifies that the Illinois Enterprise Zone Act authorizes a total of 97 enterprise zones to be in existence at any given time under the Act, other than those authorized.
EXPLAINED: Tax-Free Bonds for Economic Development
Tax-free Bonds for Economic Development: A Complex Topic Simplified.
Industrial Revenue Bond: Rules of Eligibility
An industrial revenue bond financing cannot exceed $10 million per issue and $10 million per jurisdiction. The $10 million limitation applies..
Rules for Purchasing Bonds
Although the AMT was designed to assure that taxpayers who realized real economic gains paid taxes on those gains, the interest income from municipal bonds was historically exempt.
Industrial Revenue Bond Rules for Borrowers
95% or more of the net proceeds of the bonds must be used to acquire, construct, reconstruct or improve land or depreciable property.
Six Steps of Administering Bond Financing in Illinois
The bonds issued by WKRDA will be paid off by revenues available from the borrower. Bond buyers include insurance companies, banks, mutual funds or brokerage houses on behalf of individuals.
Frequently Asked Questions
WIEDA can issue: industrial revenue bonds for manufacturing firms, senior housing bond for developers; taxable revenue bonds; local government bonds; non- profit bonds and environmental bonds.