Why Do Business in the McHenry County Enterprise Zone?

Whether you are looking to expand a current location or build a new one, there are many benefits available to businesses within the Enterprise Zone both at the state and local level. There are also many quality of life benefits for you, and your employees, when they make McHenry County home.

State Benefits

Businesses that expand or build new locations within the Enterprise Zone and meet the requirements receive two state level incentives:

1. Businesses will receive an exemption on the sales tax paid on building materials used in the project
2. Businesses are able to deduct ½ of 1% of the total project value from their state taxes

Local Benefits

In addition to the state benefits, businesses are also eligible for three additional local benefits:

1. 1. Businesses will receive an exemption of increase of property value for the purposes of property taxes for 8 years*
      * Specifics: 4 years at 100%, 2 years at 50%, and 2 years at 25%.
      In Woodstock – exemption applies only to City property tax.
      In Harvard – exemption applies to both City & School District 50 property tax.
      In Marengo –
   2. Businesses will receive a streamlined process for permit and entitlements and a reduction of those fees
   3. Additional local benefits may also apply depending on location. Please contact the MCEZ for details

High Impact Business Benefits

Businesses that meet the requirements for the status of High Impact Business will also receive a waiver for utility taxes. In order to be recognized as a High Impact Business the business must meet one of two thresholds:

1. 1. • Invest $5 million into the building or renovation project and the creation of 200 FTE jobs

OR

1. • Invest $100 million in the building or renovation project or create 1,000 FTE jobs

* requires state approval