IL: Tax Increment Financing
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Tax Increment Financing - Incentives Skip to main content SCAM ALERT: DCEO has been made aware of organizations receiving fraudulent “notice of award” letters claiming to be from the Illinois Department of Commerce and Economic Opportunity. These are not legitimate notices from DCEO. If your organization receives a notice, please report it to the Federal Trade Commission and/or the FBI’s Internet Crime Complaint Center . Close button Tax Increment Financing Illinois law allows units of local governments to designate areas within their jurisdiction as Tax Increment Financing (TIF) districts. These districts dedicate sales tax revenues and additional property tax revenues generated within the TIF for improvements within the district to encourage new economic development and job creation. Funds may be used for costs associated with the development or redevelopment of property within the TIF, allowing blighted, declining and underperforming areas to again become viable, and allowing these areas to compete with vacant land at the edge of urban areas. Projects in TIF districts typically include: Redevelopment of substandard, obsolete, or vacant buildings Financing public infrastructure improvements, including streets, sewer, water, in declining areas Cleaning up polluted areas Improving the viability of downtown business districts; rehabilitating historic properties Providing infrastructure needed to develop a site for new industrial or commercial use Visit these sites for additional TIF information: Illinois TIF Association For more information contact: Ben Denney Business Development 217.785.6169 Ben.Denney@illinois.gov Footer Back to top INFORMATION Illinois Economic Plan Corporate Accountability Awarded Grants EDGE Agreements Connect with a DCEO Representative QUICK LINKS Locate Your Business In IL Start Your Business in IL Get Answers to Questions Contact Us Illinois E-Pay