For the 8th consecutive year, the 2020 IBM Global Location Trends report noted Chicago leads the nation in foreign direct investment (FDI) in North America and is #6 in FDI investments globally. Chicago is now home to more than 1,800 foreign-based companies that account for more than $140 billion in FDI. World Business Chicago works to increase foreign investment through agreements and partnerships with foreign cities and counties. Google, Nielsen, Lion Electric and Cisco have all made announcements and expansions in Illinois in the past year.
EDGE (Economic Development for a Growing Economy): Offers tax incentives to encourage companies to locate or expand operations when there is activeconsideration of a competing location in another state.
Enterprise Zone Program: Offers state and local tax incentives, regulatory relief and improved governmental services to stimulate economic growth and neighbor- hood revitalization in economically depressed areas of the state.
Employer Training Investment Program: Offers grants to reimburse new or expanding companies for up to 50% of the cost of training their employees.
Research & Development Tax Credit: Offers a non-re- fundable tax credit of 6.5% of qualifying R&D expenses in the state that exceed the baseline amount of R&Dexpenses.
Manufacturing Machinery & Equipment (MM&E): Offers a 6.25% state exemption against the purchase of consumable items used in the manufacturing process.
Illinois Department of Commerce and Economic Opportunity
World Business Chicago
Chicago Regional Growth Corporation
ExporTech is the only program in the nation that helps companies develop an export plan. Each cohort is limited to no more than eight companies that work with a coach and receive customized market research. On average, participating companies generate an additional $770,000 in new export sales.
38 Fortune 500 companies headquartered in the state, including: