Financial and Incentives

Funding available is typically based on the cost of building improvements and/or construction of a new facility and the level of high-quality job creation. The following is a sampling of state programs that a company could potentially qualify for.

Illinois Incentives

Advantage Illinois - assists businesses that create or retain jobs by offering its Participation Loan Product (PLP) to local lenders. Funding may be used for several purposes including start-up costs, working capital, business procurement, franchise fees, equipment and inventory among other items.

Economic Development for a Growing Economy (EDGE) Tax Credit Program - provides tax credits of 50% of state income withholding taxes for new jobs created in the state (75% if in an underserved area) for ten years. EDGE credits have job creation thresholds and larger companies with more than 100 employees must invest $2,500,000. Tax credits for large companies cannot exceed the amount of their investment. Additional credits are available for qualifying job training costs.

Illinois Enterprise Zone - designed to stimulate economic growth and neighborhood revitalization in economically depressed areas of the state through state and local tax incentives, regulatory relief and improved governmental services. Key components of this program include building materials purchased in Illinois can through an application be exempted from Illinois sales tax (6.3%) and a 0.5% credit for investment in qualified property. Businesses must be located within the geographic boundaries of the Quad Cities Enterprise Zone or can apply to be added to the Zone.

Industrial Revenue Bonds - provided by the Quad Cities Regional Economic Development Authority as the issuer of the bonds, passing its DOUBLE tax-exempt status on to a manufacturing company to finance the acquisition of fixed assets including land, buildings, machinery and equipment. Because the interest on the bonds is not subject to state or federal income taxes, investors and lenders require a lower interest rate to achieve an equivalent after-tax return. Therefore, the borrower receives a preferential interest rate, generating substantial savings.

R&D Tax Credit Program - the annual tax credit equal to 6.5% of qualifying research expenditures on in-house and contractual R&D performed in Illinois.

Reimagining Electric Vehicles (REV) Illinois Program - offers competitive incentives to expand in or relocate to Illinois for companies that manufacture EVs and EV parts (batteries, cathodes, anodes) as well as EV charging stations. The program defines EVs as vehicles exclusively powered by electricity and permitted to operate on public roadways – including cars and motorcycles.

Business Tax Comparison

More to Come.

Access to Markets

East Moline is located in the heart of the Quad Cities at the crossroads of Interstates 80 and 74 and the Mississippi River. East Moline is a community of over 21,000 people located in the center of the bi-state region known as the Quad Cities metropolitan area. The metropolitan region’s population is almost 400,000 and consists of two states, five counties and 47 municipalities located at the crossroads of Interstate 80 and the Mississippi River. East Moline is within a 300-mile radius of 41 million people with close access to major markets: Chicago, Minneapolis-St. Paul, St. Louis, Des Moines, Omaha, Kansas City and Indianapolis.