Economic Development for a Growing Economy (EDGE)
This program is provided by the Illinois Department of Commerce and Economic Opportunity
The Illinois Economic Development for a Growing Economy Program (EDGE) offers special tax incentives for companies to locate or expand their operations in Illinois. EDGE allows companies to reduce their costs of doing business compared to related costs in other states. Tax credits are available for qualifying businesses making capital investments and creating new jobs in Illinois: • Tax credits are calculated on Illinois income taxes paid by employees’ in newly-created and/or retained jobs • Used to offset corporate income taxes over 10 years • Non-refundable, carried forward up to five years, and cannot be larger than a company’s annual state income tax liability
Companies are required to meet the following conditions: • Demonstrate an active competition for a competing location in another state, illustrate other available options to locate outside the state, or verify credits are essential to creating jobs in Illinois • Project must be an expansion of an existing operation or a new location (relocation within Illinois only considered with well documented business reason) • Adds to Illinois’ export potential; manufacturing or services exported out of state are acceptable, retail trade and personal services are not considered eligible • Companies over 100 employees must invest $5 million in capital improvements and create 25 new full time jobs in Illinois; companies under 100 must invest $1 million and create 5 new full time jobs • Maintain jobs created and/or retained, as well as capital investments, during period credits are claimed
Availability & Application
Process Requests for tax credits are based on reviews of applications submitted by interested firms. Tax credit amounts are calculated on a case-by-case basis and can be as high as the tax receipt amounts collected from Illinois income taxes paid by newly hired and/or retained employees related to the project.
For more information or to request an application, contact your Regional Outreach office. Contact information is provided below:
Northeast Senior Account Manager