Enterprise Zone Update!
Mattoon and Cole’s County have been awarded Enterprise Zone status. Coles Together has been working around the clock to obtain this highly competitive classification for our area. The zone takes effect on January 1, 2020. The initial term is 15 years with an additional 10 years awarded if the Zone is properly managed.
What this means…
Benefits for retail, commercial, and service sectors include
(1) a sales tax exemption on building materials and;
(2) a reduction of taxes on any real estate improvement as follows:
For taxes levied in the first year of abatement: 100%
For taxes levied in the second year of abatement: 75%
For taxes levied in the third year of the abatement: 50%
Abatement will cease after the third year.
Benefits for the manufacturing and industrial sector include
(1) a sales tax exemption on building materials and;
(2) an abatement of taxes on any real estate improvement as follows:
For taxes levied in years 1-10 of the abatement: 100%
Abatement will cease after the 10th year.
Please note if the property is also in a TIF, the real estate abatement benefit is not allowed by Illinois statute.
The new zone is excellent news for Mattoon and the surrounding area. If you know someone who wants to start a small business or grow their business, this is the place to be and now is the time to prepare.
The development has already started with the groundbreaking of the New Hilton Garden Inn and Coles-Moultrie Convention Center.
Are you interested in starting a new business?
Elevate CCIC, Inc. can help you start your new business and prepare you for the latest incentives along with Coles Together to supply you with the needed resources you need to succeed.
We want to thank everyone who is contributing to the development of the area and it’s citizens.
Together we can achieve more.