Empowerment Zone Program - Channeling Reality

Empowerment Zone ProgramThe Empowerment Zone program established special tax incentives for qualified businesses, designed tostimulate private investment and create jobs within the community. These incentives, which have anestimated aggregate value of approximately $225 million over the 10 year life of the program mayinclude:●●●●Employer wage credits of up to $3,000 for wages and certain training expenses paid on behalf of aqualified zone resident that works within an Empowerment Zone.Tax deductions of up to $37,500 of the cost to certain zone property.Tax-exempt bond financing for businesses seeking to expand within the zone.Employer wage credits up to $2100 for hiring "high-risk youth" who reside in EmpowermentZones (EZ) or Enterprise Communities (EC).Empowerment Zone businesses that are located in one of Chicago's State of Illinois-designated EnterpriseZones may be eligible for additional benefits, including property, sales and income tax relief.Chicago also submitted applications for three Enterprise Communities: Calumet, Englewood and a portionof the West Side.Program Qualifications/Restrictions and ParametersThe Department of Planning and Development and the Coordinating Council review all requests forfunding and ensure compliance with federal, state and city program guidelines.West ClusterPilsen/Little Village ClusterSouth Clusterhttp://web.archive.org/web/20010625061011/http://www.cityofchicago.org/Planning/Programs/EmpowermentZone.html (2 of 3)9/20/2009 8:36:48 PM