Economic Developement

Business Infrastructure Assistance Program

The City of Mount Carmel can supply TIF funds to industrial firms located or expanding in a TIF to cover up to 50 % of the cost of approved infrastructure improvements. These improvements can involve all elements of public way infrastructure. Eligible projects include but are not limited to: light pole and fire hydrant relocation; hazardous vaulted sidewalk elimination; traffic signalization; water and sewer line improvements; utility removal and relocation; sidewalk, curb, gutter and street improvements; and landscaping. Projects are based on individual property development agreement with the city based on project size and total employment.

Enterprise Zone Map

 
Training

We bring training experts from the Illinois Eastern Community College District to your company to assess your training needs, customize a curriculum and set up training at your facility, depending on your needs. Training ranges from OSHA to ESL to supervisory and industrial skills.

TIF: Companies located within, expanding or relocating to an eligible TIF district are eligible for a training reimbursement of up to 100 percent of an employer’s cost of developing or purchasing customized training programs.

Employment Training Investment Program (ETIP): Funded through the Illinois Department of Commerce and Economic Opportunity (DCEO) provides a rebate of up to 50 % of training expenses for full-time workers.

 
Tax Credits

Illinois Department of Employment Security (IDES) administers State of Illinois tax credits including Work Opportunity and Welfare-to-Work tax credits, tax credits for ex-felons, veterans, youth and others.

Enterprise Zone Job tax credits: The enterprise zone tax credit 35 ILCS 5/201 offers employers a tax credit on their Illinois Income taxes for hiring individuals who are certified as economically disadvantaged or as dislocated workers working a minimum of 180 consecutive days for 30 hours or more per week.

Enterprise Zone Property Tax Abatement: 5 year 100% property tax abatement on improved property in Enterprise Zone.

Enterprise Zone State Sales Tax Deduction on permanent building materials & machinery in Enterprise Zone.

Enterprise Zone Income Tax Deduction for Financial Institutions-Financial Institutions are eligible for a special deduction from their Illinois Corporate Income Tax Return. Such institutions may deduct from their taxable income an amount equal to the interest received from a loan for development in an Enterprise Zone.