Tax Increment Financing (TIF) is a redevelopment tool authorized by State Statute to spur the revitalization of certain areas. There are currently three TIF Districts within Romeoville. Each project within the TIF District must be approved for benefits based on a detailed analysis of the investment. TIF District Map

A tax rebate will be considered when a retail operation is projected to generate a signicant amount of tax to the Village based on the municipal share of the total sales tax generated. The Village will consider sharing a portion of the municipal sales tax with the retailer for a specied number of years based on the type of retailer, the gap it will ll in the Village's inventory of retail, and the total amount of sales tax expected to be generated.

The Village will work with the regional authority to issue tax-exempt revenue bonds on behalf of manufacturing companies to finance the acquisition of assets such as land, buildings and equipment or to construct new or renovate existing facilities. Interest on tax-exempt bonds is exempt from federal income tax..

The Village of Romeoville is committed to facilitating high quality redevelopment in its Downtown Business District that is consistent with the Village's Master Plan. The intent of the Façade Improvement Program is to rehabilitate storefronts in an effort to create a more attractive retail shopping environment. Façade grants are based on the total improvements.

The Enterprise Zone Program is an important economic development incentive in not only bringing investment and jobs to our community, but a valuable tool for the expansion of existing businesses. The current incentives offered through the zone include the State of Illinois benefits which are: State Sales Tax Abatement, Investment Tax Credits, Manufacturing Machinery and Equipment Sales Tax Exemption, Jobs Tax Credit, Income Tax Deduction for Financial Institutions, Dividend Deduction and Corporate Deduction.

The EDGE (Economic Development for a Growing Economy) Program is designed to offer a special tax incentive to encourage companies to locate or expand operations in Illinois when there is active consideration for a competing location in another state. The program can provide tax credits to qualifying companies, equal to the amount of state income taxes withheld from the salaries of employees in the newly created jobs. The non- refundable credits can be used against corporate income taxes to be paid over a period not to exceed 10 years.

This program is done on an application/weighted process. As a result of the application evaluation, a project can receive 50% abatement on improvements for 3, 4 or 5 consecutive tax levy years. Abatement can only apply to improvements done to the property, based on the equalized assessed valuation of the property. The Will County Tax Abatement Incentive is administered by the Will County Center for Economic Development.

"Build Romeoville" is intended to allow home builders to receive up to a $5,000 reduction in building permit fees. These savings can be used by the housing developer to secure financing for the project or to entice the new homeowners to build a new house in Romeoville. For more information please click here.