Overcast, mist, 8 °C / 46.4 °F
Enterprise Zone Benefits:
The following are the standard incentives available to eligible (generally non-retail) businesses locating in any enterprise zone, subject to authorization, timely filings and criteria:
Eligible business includes manufacturers, processors, shippers and a variety of operations that serve other organizations, as well as call centers and headquarter-type facilities. Hotel/resort businesses also are eligible in the enterprise zone. Otherwise, retail, construction, financial and certain other defined activities are ineligible.
A new building/structure, structural modifications or additions, or newly installed machinery and equipment qualify for exemption, but not land, previously used property value, self-propelled motorized vehicles, and miscellaneous personal items. A minimum investment of $50,000 is required.
Criteria for Qualifying Projects:
For the basic, three-year enterprise zone exemption period, the business needs to:
*If the business is expanding from a location within 30 miles of the zone and will retain its existing location, then total full-time permanent employment must increase by at least 10%
Criteria for extended tax abatement (for a total of four or five years of exemption):
This includes the criteria for the three-year enterprise zone exemption as well as the following:
*Benefits, overtime, bonuses, etc. may be counted toward the 150% figure.
To learn more about Independence's Enterprise Zone and its benefits, please contact Economic Development Director Shawn Irvine 503-837-1191 sirvine [at] ci [dot] independence [dot] or [dot] us