City of Joliet, IL
Home MenuRiver Edge Redevelopment Zone
The City of Joliet has been approved for the River Edge Redevelopment Zone Program designation.
The River Edge Redevelopment Zone Program (RERZ) helps revive and redevelop environmentally challenged properties adjacent to rivers in Illinois.
RERZ provides several incentives, including:
- Dividend Income Deduction: Allows individuals, corporations, trusts, and estates to deduct an amount equal to dividends paid to them by a corporation that conducts substantially all of its operations in the RERZ from their taxable income.
- Interest Income Deduction: Allows financial corporations to deduct an amount equal to the interest received for a loan for development in an RERZ from their corporate State Income tax. Loans must be secured by property located within an RERZ.
- New Construction Jobs Credits: Allows eligible project owners to deduct received tax credits from their taxable income. Tax credits are issued based on the incremental income tax attributable to the River Edge construction employees employed on an eligible project.
- Building Materials Sales Tax Exemption: Allows for exemption of sales tax on construction materials for qualified building projects within the RERZ. Forms necessary to claim this “point-of-sales” exemption are available from the local administrator.
- Historical Tax Credits: Allows tax credits for specific rehab costs.