Incentives

In a concerted effort to attract and retain quality employers, Christian County and its incorporated cities have developed an impressive array of incentive programs.  These incentives are designed to provide companies locating within the County a competitive edge by reducing both startup and long term operating costs.  Ensuring the profitability of business is the foundation for a higher standard of living for all of Christian County's residents. The County also provides developmental assistance by qualified staff.

Pana is committed to providing  strong support for new businesses and current employers who wish to expand their facility and train a knowledgeable workforce. Businesses locating in the Pana  may be eligible for substantial assistance programs provided  through local and state incentive programs. Depending upon the specific location of your business in Pana incentives may be available through  a variety of programs including Tax Increment Financing (TIF),  Business Development District (BDD).. As of January 2021, Pana will also be included in the Taylorville Christian County Enterprise Zone..

Pana also includes a federal Opportunity Zone. For a map of the Pana OZ go the following: 

https://opportunitydb.com/cities/illinois/pana

The program is designed to offer tax benefits for investments made into designated Opportunity Zones. Capital gains invested in the program are potentially eligible to be deferred and/or reduced, and capital gains tax deriving from the investment have the potential to be eliminated.

Taylorville is currently in the process of developing a new industrial park. Groundbreaking on the new park is scheduled for November 2020.. The Taylorville Commercial and Industrial Park is located within a TIF District and the Taylorville Christian County Enterprise Zone. Additional incentives for businesses expanding or locating within the park are available from the State of Illinois and federal financing sources.. 

Enterprise Zones are among Illinois’ most important tools to stimulate economic growth and neighborhood revitalization.  The Enterprise Zone program 

depends upon a creative partnership between state and local government, businesses, labor and community groups to encourage economic growth in the

areas  designated as Enterprise Zones.  In addition to state incentives, some local incentives include abatement of property taxes on new improvements,

homesteading  and shopsteading programs, waiver of business licensing and permit fees, streamlined building code and zoning requirements, and special local financing programs and resources.

Local incentive, Real Estate tax abatement is available.

Sales Tax Exemption – A 6.25 percent state sales tax exemption is permitted on building materials to be used in an Enterprise Zone.  Materials must be permanently affixed to the property and must be purchased locally.

Enterprise Zone Machinery and Equipment  Consumables/Pollution Control Facilities Sales Tax Exemption – A 6.25 percent state sales tax exemption on purchases of tangible personal property to  be used in the manufacturing or assembly process or in the operation of a  pollution control facility within an Enterprise Zone is available.  Eligibility  is based on a business making an investment on an Enterprise Zone of at least $5  million that creates a minimum of 200 full-time-equivalent jobs, a business  investing at least $40 million in a zone and retaining at least 2,000 jobs, or a  business investing at least $40 million in a zone which causes the retention of  at least 90 percent of the jobs existing on the date it is certified to receive  the exemption.

Enterprise Zone Utility Tax Exemption – A state utility tax exemption on gas, electricity and the Illinois Commerce Commission’s  administrative charge is available to businesses located in Enterprise Zones.   Eligible businesses must make an investment of at least $5 million that creates  a minimum of 200 full-time-equivalent jobs in Illinois, or an investment of $20  million that retains at least 1,000 full-time-equivalent jobs in Illinois.  The  majority of the jobs created must be located in the Enterprise Zone where the  investment occurs.

Enterprise Zone Investment Tax Credit – A state  investment tax credit of 0.5 percent is allowed to a taxpayer who invests in  qualified property in a Zone.  Qualified property includes machinery, equipment  and buildings.  The credit may be carried forward for up to five years.  This  credit is in addition to the

regular 0.5 percent investment tax credit, which is  available throughout the state, and up to 0.5 percent credit for increased  employment over the previous

year.

Dividend Income Deduction – Individuals, corporations, trusts and estates are not taxed on dividend income  from corporations doing substantially all their business in an Enterprise  Zone.

Jobs Tax Credit – The Enterprise Zone Jobs Tax Credit allows a business a $500 credit on Illinois income taxes for each job created in the  Zone for which a certified eligible worker is hired.  The credit may be carried  forward for up to five years.  A minimum of five workers must be hired to qualify for the

credit.  The credit is effective for people hired on or after  January 1, 1986.

Interest Deduction – Financial institutions are  not taxed on the interest received on loans for development within an Enterprise Zone.

Contribution Deduction – Businesses may deduct double the value of a cash or in-kind contribution to an approved project of a designated Zone organization from taxable income.