Investment Tax Credit

The State of Illinois allows a (one-half percent) .5% credit against state income taxes for investments in qualified property used in an enterprise zone.

Jobs Tax Credit

Employers in an Enterprise Zone may obtain a $500 tax credit on their Illinois income taxes for hiring dislocated or economically disadvantaged individuals.

Sales Tax Exemptions

The State of Illinois offers businesses located in Maywood the following sales tax exemptions:

Enterprise Zone Act Sales Tax Exemption A 7.75% combined Village of Maywood and Illinois sales tax exemption on building materials purchased from a Maywood business for use in real estate remodeling, rehabilitation or new construction.

EZ Machinery and Equipment Sales Tax Exemption The Revenue Act 35 ILCS 120/1d-1f, as amended allows a business enterprise that creates a minimum of 200 full-time equivalent jobs; or retains a minimum of 2,000 full-time jobs in Illinois; or which retains 90% of the existing jobs; (or makes a $5 million investment which has the same effect) a 6.25 percent state sales tax exemption on all tangible personal property which is used or consumed within an enterprise zone in the process of manufacturing or assembly of tangible personal property for wholesale or retail sale or lease.  This exemption includes repair and replacement parts for machinery and equipment used primarily in the wholesale or retail sale or lease, and equipment, manufacturing fuels, material and supplies for maintenance, repair or operation of manufacturing, or assembling machinery or equipment. A business must apply to DCCA for this exemption.

Utility Tax Exemption A state utility tax exemption on gas, electricity and telecommunications is available to businesses located in enterprise zones.