Economic Development

Enterprise Zones in Illinois Near End

May 1, 2012

The legislation that established Enterprise Zones in Illinois was passed in the mid-1980s. Many are nearly at the end of their 30 year lifespan.

Enterprise zones abate the property taxes on improvements for up to 10 years. The zones also offer a state sales tax exemption on building materials that are purchased in the state and are used in an enterprise zone.

The Hancock County Economic Development Committee has formed three task forces composed of 25 volunteers each.

They are looking for ways to encourage future economic development in the county.

An initial meeting of selected three priorities; job creation, vocational training and entrepreneurship and encouraging residents to shop at local businesses. Each task force will hold an initial meeting in the next few weeks. They will then meet on a quarterly basis.

A southeast Iowa lawmaker says the state needs to put more money into economic development efforts.

The Iowa House has passed the Economic Development Budget bill.

The legislation not only funds statewide economic development efforts, but also agencies like the Department of Cultural Affairs, the Board of Regents, and the Iowa Finance Authority.

State Representative Jerry Kearns (D-Keokuk) voted against the bill.