Mt. Carmel Local Incentives:

• Tax Increment Financing: 2 Economic Development TIF’s/ 3 Residential TIF’s

• Enterprise Zone Benefits:

5 year 100% property tax abatement on improved property in EZ

State Sales Tax Deduction on permanent building materials & machinery

Job Tax Credit- Program offered to business that locate in the enterprise zone and hire disadvantaged workers to work a minimum of 180 consecutive days for 30 hours or more per week.

Income Tax Deduction for Financial Institutions-Financial Institutions are eligible for a special deduction from their Illinois Corporate Income Tax Return.  Such Institutions may deduct from their taxable income an amount equal to the interest received from a loan for development in an enterprise zone.

• Revolving Loan Fund: A low-interest loan program that is based on job creation with a lending rate of 10,000 per full-time job created or retained.   

• Free Land*  (negotiable with city)

• Established Business Support Leadership Organization: The Area Industrial Development Committee (AIDC) was established to assist the local Economic Development Director with business recruitment and development support.