The Illinois Enterprise Zone Act was signed into law on December 7, 1982. The purpose of the Act is to stimulate business investments and promote the creation of jobs in targeted areas through tax incentives.
The Illinois Enterprise Zone Program is designed to stimulate business development, job creation and retention, and neighborhood revitalization in strategically targeted areas of the state. This is accomplished through state and local tax incentives, regulatory relief and improved governmental services.
In Kankakee County, enterprise zones provide valuable tools that enable business to invest, grow and hire. Together, our community’s two enterprise zones have seen the addition of nearly 6,500 jobs as well as more than $1 billion in capital investment in more than 250 projects. Our Kankakee County Enterprise Zone (KCEZ) and Kankakee River Valley Enterprise Zone (KRVEZ) have played a significant role in making Kankakee County Milken Institute’s #1 small metro in Illinois for economic growth along with Forbes’ #7 metro nationwide for cost of doing business.
Depending on the type of project, businesses may be eligible for state and local tax incentives, regulatory relief and improved government services. The program is a proven resource available to businesses to expand their operations and create and/or retain quality jobs in Kankakee County. Businesses must finalize an Enterprise Zone agreement, agree to retain or create jobs and establish or expand a facility within an Enterprise Zone.