Economic Incentives & Tax Credits
High impact incentives for small businesses in Illinois
Illinois businesses benefit from the state’s strategic location, world-class transportation and logistics infrastructure, well-educated workforce, major research and higher education assets, and legacy of innovation. In early 2023, the State of Illinois greatly expanded business incentives in order to attract and retain job creators looking to locate or expand their business in Illinois. New changes include expanding and improving Illinois’ premier incentive programs and a $400 Million Closing Fund: Discretionary cash assistance available for major job creators with significant investments through the Invest in Illinois Fund.
Top tax incentive programs for small and medium-sized businesses in Illinois
Advantage Illinois Participation Loan Program
The Illinois Finance Authority assists businesses that create or retain jobs by offering its Participation Loan Product (PLP) in conjunction with lenders.
Illinois Film Production Tax Credit
The Illinois Film Production Tax Credit Act offers producers a credit of 30% of all qualified expenditures and 30% of Illinois labor expenditures of up to $100,000 per worker.
Illinois Works Jobs Program Act
Illinois Works was designed to increase equity and opportunity in capital construction jobs with this new capital funding set to pave the way for tens of thousands of jobs over the next decade,
High Impact Business Program (HIB)
The High Impact Business Program supports large-scale economic development activities by providing tax incentives to companies that make substantial capital investments in operations and create or retain an above average number of jobs.
Illinois Enterprise Zone Program
The Illinois Enterprise Zone Program provides tax exemptions for businesses locating in Enterprise Zones, typically economically distressed areas.
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Subcity empowers small businesses, CPAs, and finance professionals to identify and apply for economic incentives and tax credits. Each year, over $100 billion is allocated for incentives across local, state, and federal programs in the U.S. Unfortunately, a significant portion of this money goes unclaimed or to large corporations with teams of tax attorneys and legal experts.
Subcity utilizes a comprehensive database of incentives to connect small businesses with the programs that were designed to help them create jobs, invest in their communities, and grow their business. Subcity charges a 10-20% fee for the programs they successfully secure, ensuring zero risk for clients as payment is contingent on results. Subcity is on a mission to democratize access to capital for America’s small businesses and has already delivered tens of millions of dollars in tax incentives for clients across the country.