Residential Incentives Passed for Olney/Richland/Newton/Jasper Enterprise Zone
On September 18, 2024, the Illinois Department of Commerce and Economic Opportunity approved the application and certified the Ordinances that now provide boundary expansion by adding additional property, deletion of property and alteration to the local incentives on behalf of the Enterprise Zone. The territory expansion now encompasses all of Newton city limits, with additional expansion in Sainte Marie and parts of Jasper County.
The purpose of the Enterprise Zone Program is to stimulate economic growth and revitalize blighted, economically distressed areas.
The new incentives allow sales tax exemption on allowable building materials for new residential construction and remodel projects over $10,000, as well as property tax abatement. The tax abatement shall be at the rate of 100% of the taxes corresponding to the increase in assessed valuation attributable to the improvements on the property for a period of five (5) years beginning with the calendar year in which the improvements are fully assessed. The tax abatement shall apply to only remodeling, rehabilitation, or new construction of a qualified commercial, industrial or manufacturing project with a total cost exceeding $10,000.00 and any new construction of qualified residential projects.
For questions and applications please contact Mindy Hartke, Jasper County Economic Development, Inc., at 618-783-9405 and [email protected] or Maggie McDonald at 618-783-8451 and [email protected].
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