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Any real property that is constructed or
altered would receive an exemption on any increase in taxes as a
result of that change to the property. This incentive is available
to any and all commercial, retail and industrial businesses. A 100%
tax exemption is offered for the first seven years, 75% the eighth
year, 50% the ninth year, and 25% the tenth year. This incentive
extends for a full ten years from the time the company constructs
or renovates its facility. This incentive grants an exemption of
taxes on improvements to the property for a period of time without
taking property off of the tax rolls. This incentive extends for
a full ten year period from the time this benefit is initially accessed.
The tax reduction tax credit allows a qualified Zone Certified business to reduce
its company's State tax liability to zero, on a yearly basis, provided that employment
levels have increased prior to the tax year of a business becoming Zone Certified,
virtually eliminating any State Corporate or Franchise taxes. This benefit is available
for a 14-year period, 10 years at 100%, decreasing 20% each year thereafter. This State
tax incentive is available to all companies regardless of industry/business
classification.
The real property tax credit allows a qualified Zone Certified business to receive a
tax credit/reimbursement against State related business taxes for all real property
taxes paid, on a yearly basis, provided that employment levels have increased prior to
the tax year that the company became Zone Certified. This benefit is available for a
14-year period, 10 years at 100%, decreasing 20% each year thereafter. This State
incentive is available to all companies regardless of industry/business classification.
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