Business

City sales tax and County Mill levy provide funds to primary sector businesses.

Can be used for equipment, real estate, working capital, job training costs and other specific needs.

Up to 100 percent property tax exemption (except land) for a maximum of 5 years.

Production of agricultural commodities are eligible for an extended property tax exemption of up to 100 percent for up to 5 additional years. 

Program can be used in addition to, or in place of, the property tax exemption. 

Project operator and municipality negotiate the amount of payment and the period of time which the payments will be made

Maximum benefit not to exceed twenty (20) years from the date project operations begin

Qualified projects can receive property and income tax exemptions of 100 percent for five years if investors develop or enhance properties in the Renaissance Zone. 

Tax credit is allowed for income tax purposes or financial institution tax purposes for making an investment in the preservation or renovation of zone project property consisting of historic property and for investment in a Renaissance Fund Corporation. 

• Credit is equal to 50 percent of the amount invested during the tax year.  If the credit exceeds the taxpayer’s tax liability for the tax year in which the investment is made, the amount of the credit in excess of the tax liability may be carried forward and used in the five tax years following the tax year in which the investment is made.

Future additional property taxes generated by improved property are used to finance the cost of land acquisition and improvements including infrastructure and site preparation.