Manteno approves tax credit program for businesses
The Village of Manteno board of trustees approved a tax relief program Monday to encourage local business growth.
Beginning January 1, the program will offer a series of tax annual breaks to industrial and manufacturing companies that build or remodel businesses.
Businesses will receive a 100 percent waiver their first year, followed by an 80 percent waiver the second year and continue down in 20 percent increments through a fifth and final year.
Businesses must still comply with standard permitting processes and adhere to regular building codes.
The plan aligns with an initiative put forward by the Kankakee County Enterprise Zone, which includes Manteno. By giving new and existing businesses tax breaks, economic development officials hope businesses will have an easier path to strong growth and stable foundations.
The ordinance was unanimously approved by a vote of 5-0.
Trustee Todd Crockett was absent.
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