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Tax Abatements and Credits

Enterprise Zones

Enterprise Zones (EZs) are areas targeted for limited local and state tax abatement and tax credits. Local tax abatement (typically between 60% and 75% exemption) can be provided for new investments of real property (up to 10 years). Abatements up to 100% can be granted on remediation actions for contaminated property and in other unique cases.

City Job Credits (City of Springfield Only)

City job credits can be applied toward acquisition costs of land at the City’s industrial parks. The job credits can be utilized one time at the time of acquiring the site in the amount of $250 per each retained or created job. This is a credit created specifically for very significant job retention and creation at the City’s industrial parks. The job credits are negotiable on a case-by-case basis.

Municipal Income Tax Credit (City of Springfield Only)

This is a job credit toward a corporation’s municipal income taxes, which can be granted contingent upon the State issuing a State Job Tax Credit and which is structured similar to the State’s Job Creation Tax Credit. The City’s policy recommends a credit for 50% for five years, with exemptions available in the event of a very significant job creation and investments into the State and City.

Tax Base Revitalization Incentive Program (City of Springfield Only)

This program involves the waiver of permit fees in connection with the redevelopment of commercial/industrial sites in Springfield.

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