Chicago has been awarded one of six new enterprise zones by the Illinois Department of Commerce Enterprise Board, according to a recent announcement.
The zones, which go into effect at the start of 2018, are meant to promote economic growth in the areas by offering companies that operate in the zone a variety of potential tax credits, such as investment credits, sales tax exemptions and other local incentives.
The board announced the picks at its annual meeting on Sept. 6 and will choose up to three zones next year from applications received at its website by the end of this year.
A local official administers the zone under state-established guidelines for the 15 years that it remains an enterprise zone. After 13 years, the zoning board can give the zone a 10-year extension.
Besides the so-named Chicago VI zone, the other enterprise zones announced will be in Douglas County, Effingham/Effingham County, Jersey-Green Intermodal, Massac County and Whiteside Carroll.
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