The City of Kankakee has partnered with the Kankakee County Chamber of Commerce, Kankakee Development Corporation, Economic Alliance of Kankakee County, and The Currents of Kankakee to provide an information session about the Kankakee River Edge Redevelopment Zone on March 26, 2024, at The Majestic in Kankakee.
Experts from the Illinois Department of Commerce and Economic Opportunity (DCEO) and Senator Patrick Joyce will be our keynote speakers who will provide insight on the benefits of this exciting opportunity for our community.
Please RSVP by March 15, 2024 at https://kankakeeRERZevent.eventbrite.com
ABOUT THE RIVER EDGE REDEVELOPMENT ZONE PROGRAM
The River Edge Redevelopment Zone Program (RERZ) helps revive and redevelop properties adjacent to rivers in Illinois. RERZ provides several incentives authorized by State law, including sales tax exemption and property tax abatement. Other incentives are claimed on your Illinois Income Tax filing forms.
Dividend Income Deduction: Allows individuals, corporations, trusts and estates to deduct an amount equal to dividends paid to them by a corporation that conducts substantially all of its operation in the RERZ from their taxable income.
Interest Income Deduction: Allows financial corporations to deduct an amount equal to the interest received for a loan for development in an RERZ from their corporate State Income tax. Loans must be secured by property located within an RERZ.
New Construction Jobs Credits: Allows eligible project owners to deduct received tax credits from their taxable income. Tax credits are issued based on the incremental income tax attributable to the River Edge construction employees employed on an eligible project.
Building Materials Sales Tax Exemption: Allows for exemption of sales tax on construction materials for non-residential projects within the RERZ. Forms necessary to claim this “point-of-sales” exemption are available from the local administrator.
Property Tax Abatement: The RERZ will offer property tax abatement within the zone. Details of the abatement program are still under review.
More information is available on the City of Kankakee website.