Download Are Enterprise Zones Striking Out: Is the Fad Over?

Are Enterprise Zones Striking Out: Is the Fad Over?
Steve McClure
President
Opportunity Alliance LLC
Springfield, IL
217.553.1685
[email protected]
Brittany Mack
Manager, Tax Credits & Incentives
Walgreen Company
Deerfield, IL
847.527.4836
[email protected]
In 1978 a member of the British House of Commons, Geoffrey Howe, came up with
the idea of “enterprise zones” as a method of spurring economic activity. His idea
was to take largely vacant tracts of land where development could occur with great
freedom from government rules and regulations. Congressman Jack Kemp learned
of the concept from a publication by the Heritage Foundation of Washington, D.C.
The idea was morphed into a method to redevelop inner cities as an alternative to
the programs of the “Great Society.”
The idea had tremendous appeal to President Ronald Reagan and became part of his
“supply-side” vision to allow people to lift themselves out of poverty by revitalizing
urban neighborhoods and creating jobs in an environment of low taxes, regulation
and less intrusive government. Congress chewed on the concept for over a decade
before passing a watered down concept that President George H. W. Bush ultimately
vetoed. Eventually “Empowerment Zones” were passed by Congress and signed into
law by President Clinton in the early 90’s. Ironically, Jack Kemp opposed them for
not doing enough to spur private sector investment.
While Congress continued to debate the concept, the states moved full speed ahead.
By 1982, eleven states had established some form of enterprise zones. The number
peaked with over forty states and the District of Columbia having enterprise zones.
However, the enterprise zone concept varied greatly from state to state. For
example, in 1990 there were over 2,260 zones established and over half of them
were in two states, Arkansas and Louisiana.
Now it seems as though we have come full circle with enterprise zones. California’s
program is set to end this year and be replaced by a new “Economic Development
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Initiative.” Missouri is starting a new “enhanced” enterprise zone program. All of
the zones in Illinois are set to expire and be replaced with a streamlined program
with a few less benefits. As we all know, the incentive landscape is constantly
changing among the states and it is no different with enterprise zones.
When state enterprise zone programs were first being established they all provided
a broad mix of incentives that ranged from local property tax abatements and
reduced zoning or permitting requirements to a variety of state incentives. No two
states were exactly alike. The mix generally included tax credits for employment
and investment; loans or grants for businesses; and exemptions from certain taxes.
Some included housing programs, local zone community organizations and technical
assistance to small businesses.
The Kemp idea of building up neighborhoods was the thrust of some zones, but
others chose more of the Howe model to encourage private investment and job
creation in abandoned or green field industrial parks. Still others tried to do both.
The basis used for establishing zones was also all over the board. Some used
poverty rates in census tracts; others used unemployment rates in an area. Some
even used zones as incentives to attract industries to specific areas.
Where are we today?
The best we can do is analyze the status of zones in each state based upon their
programs and laws currently on the books. This is because enterprise zone
programs are constantly changing. We will give you a snapshot of where we are
today and how your firms might take advantage of the situation. For purposes of
this discussion we are defining enterprise zones as areas having boundaries within
states where businesses or individuals are awarded benefits based upon their
actions, such as making investments, retaining and creating jobs, or even moving to
an area to help revitalize the area.
An enterprise zone by any other name is still an enterprise zone! Politicians are
constantly rebranding their programs to put their mark on them. So enterprise
zones could now be Opportunity zones, or Tax-free zones, or Renaissance zones or
even Pine Tree Development zones. The names may be unique, but they all offer
incentives for activities in a defined area.
On the other hand, some states have what they call enterprise zone programs that
started out as specifically targeted areas. As time passed they simply eliminated the
requirement to locate in a specific zone territory. Texas and Louisiana changed
their enterprise zone incentives to eliminate the requirement to locate in a zone to
receive the incentives. Instead, the economic activity can occur anywhere as long as
there are benefits to defined areas. One might question whether these are really
enterprise zones or simply statewide incentive programs.
Pennsylvania went to a site based zone program called “Keystone Opportunity
Zones.” These sites can be anywhere in the State and the designations are based on
meeting certain criteria. Tennessee classified their entire state into three economic
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tiers. These “Enhancement Counties” provide companies with job tax credits based
upon investment and jobs. The amount of the incentive is based upon the severity
of the local economic circumstances in the respective county.
Seventeen states and the District of Columbia now have no enterprise zones. In a
number of these states, zone programs were replaced with new economic
development tools. For example Arizona replaced their enterprise zone program
with the “Arizona Competitiveness Package” that includes distinctions in benefits
between rural and metropolitan areas but it is not called an enterprise zone
program. It also includes a host of additional economic development incentives.
There are also extreme differences in the level of zone benefits and the types of
zones among the states. Kansas’ “Rural Opportunity Zones” exist for the sole
purpose of having people come live in their state. If you become a resident in one of
73 (out of 105) counties then you receive certain tax breaks and student loan
forgiveness. In Michigan they have established “Neighborhood Enterprise Zones”
with the mission to rehabilitate and revitalize neighborhood housing. On the other
hand, there are states like Iowa and Illinois that offer a full array of incentives for
businesses locating in a zone.
If this all sounds confusing to you, it really is confusing to those of us involved in
economic development for most of our careers. An accurate handbook on
Enterprise Zones in the U.S. does not exist. We have painstakingly gone through
every State web site, enterprise zone web site and multiple news articles to report
to you the most accurate assessment of enterprise zones in this country.
Let’s start by grouping the states in categories. The easiest group is the 16 states
and the District of Columbia that don’t currently have enterprise zones:
Alaska
Delaware
District of Columbia
Idaho
Kentucky
Massachusetts
Mississippi
Montana
Nebraska
Nevada
North Carolina
South Carolina
South Dakota
Vermont
Washington
West Virginia
Wyoming
The next group is four states with the least impact on business:
Kansas – They have “Rural Opportunity Zones” in 73 out of 105 counties. People
who move to these counties from outside of Kansas can receive income tax
deductions and some forgiveness of student loans.
Michigan – Their “Neighborhood Enterprise Zone” program is designed strictly for
small housing rehabilitation and small housing construction. Some mixed-use
projects are allowed.
New Hampshire – This State has “Economic Revitalization Zones” where brownfield
sites, vacant industrial sites and vacant properties can be developed. The
businesses are awarded tax credits based upon the salaries of the new jobs and
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investments. The State has a limit of $40,000 per business, each year for five years.
They also have a “Coos County Job Tax Credit where companies are awarded up to
$1,000 per job for new hires making more than 200% of the minimum wage.
North Dakota – The “Renaissance Zone Program” is largely a downtown
revitalization effort that offers tax incentives for purchasing, leasing or making
improvements to core areas of downtown business districts. The Zone areas could
be up to thirty-nine blocks in large communities.
The most popular step in the evolution of enterprise zones is the creation of tiered
incentive programs covering regions of States. These are programs that generally
offer incentives based upon the severity of the economic situation of the current
residents. The States generally rank the regions based upon economic distress or
the rural versus metro economic divide. There are ten states that have gone this
route and they include:
Arizona – This two-tiered job tax credit program provides that projects in “Rural”
and “Metro” areas may receive credits based upon different investment and job
creation thresholds being met.
Arkansas – Established a four-tier program of incentives based upon poverty rate,
unemployment rate, per capita income and population change in each county.
Incentives are greater in the counties where economic circumstances are more
severe.
Colorado – They have both Enterprise Zones and “Enhanced Enterprise Zones.”
Regular zones receive Investment Tax Credits, Commercial Vehicle Investment Tax
Credits, New Jobs Credits, Research & Development Tax Credits. Enhanced zones
receive additional New Jobs Credits and Agricultural Jobs Credits.
Georgia – Now has a four-tier incentive system based upon economic need exhibited
in each county. It provides greater assistance to those counties in greater economic
distress.
Maine - This State has Pine Tree Development Zones as part of a Statewide Targeted
Industry program. Eligibility is based on county or municipal new job income
thresholds. Corporate Income Tax Credits are provided up to 100%, years 1-5 and
50% for years 6-10. There is also an Insurance Premiums Tax Credit of up to 100%,
years 1-5 and 50%, years 6-10 (only applies to Financial Services Sector); an Income
Tax Reimbursement (80%, Years 1-10); a 100% Sales & Use Tax Personal Property
Exemption for 10 years and potential for incentive utility rates.
Maryland – Has thirty enterprise zones offering real property and income tax
credits. Businesses in two “Focus Area” zones receive extended terms and
additional personal property credits.
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Minnesota – There are two enterprise zone programs: Jobs Opportunity Building
Zones and Border-Cites Enterprise Zones. Each offers a different mix of incentives
for locating in a zone.
Missouri – The “Missouri Works Program” covers the entire State with five tiers of
incentives based upon severity of economic need of the County. Existing businesses
are also given additional incentives. The main incentive is saleable jobs tax credit
based upon jobs, investment and location.
New Mexico – They have a tiered “Rural Jobs Tax Credit Program” made up of nonmetro areas with populations exceeding 15,000 and all other rural areas. Greater
benefits are awarded to the smaller rural areas.
Tennessee – Once again we have a State that is divided up into three economic tiers
with a $4,500, per new job, “Enhanced Job Credit.” The counties with the most
distress are given the more favorable incentives.
Now we get to some truly unique zones that not only have established tiers, but also
overlapping benefits. There are three states in this group:
New Jersey – This State has an “Urban Enterprise Zone Program” and an “Urban
Transit Hub Program.” The Zone program offers certain sales tax exemptions,
energy tax exemptions and job tax credits. Most of the Transit Hubs are located
within the Zones and receive additional benefits including: tax credits of up to 100%
of the capital investment over an eight-year period. The investments (at least $50
million) that cause the creation of at least 250 jobs may be applied to taxes over a
ten-year period or sold. One Transit Hub is outside an enterprise zone and only
receives Hub benefits.
Oklahoma – There are three different types of overlapping State incentive programs
offered: Opportunity Zones, Enterprise Zones and 5% Areas. They all revolve
around the “Quality Jobs Program” and are directed to assist certain targeted
industries such as manufacturing, food processing and firms locating in former
military bases. In Opportunity Zones companies must achieve a new payroll of $2.5
million for twelve months. At that point they company may receive a payment
equivalent to up to 5% of the payroll for up to ten years. (The average is 4%.)
There are no minimum wage thresholds for these companies. The Enterprise Zone
Program allows companies involved in manufacturing, processing or aircraft
maintenance access to the same cash payment or a five-year state tax credit on the
greater of 2% per year of investment in new depreciable property or $1,000 per
new employee. In some circumstances they may also receive the payroll refund.
The 5% Area designation allows companies to automatically receive 5% on the
payroll program. Both the Enterprise Zones and 5% Areas must meet an annual
wage rate per employee.
Oregon – This State has 64 Enterprise Zones, 13 Urban and 51 Rural. These zones
allow for 100% property tax exemptions on new investments for up to five years.
Participating firms must meet certain investment and job creation criteria set
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locally. Thirty-six of the Rural Zones are also designated as Long-term Rural
Enterprise Zones. This allows for the extension of the property tax abatement for 7–
fifteen years. On certain projects the Governor may approve a credit equal to 62.5%
of gross payroll against State Income Taxes. E-Commerce Zones have been
designated for fifteen of the sixty-four zones. The added benefits include: a State
Income Tax Credit for 25% of investment cost of capital assets used in electroniccommerce operations inside that enterprise zone.
The next two states have zones that we will call the “Anywhere Zones.” Businesses
can be anywhere in the state but must show a certain percent of the new employees
meet certain criteria. These states are:
Louisiana - Businesses receive enterprise zone benefits by creating jobs. 35% of
these jobs must be filled by individuals meeting one of four criterion: they reside in
an enterprise zone, lack basic skills, are on public assistance or have physical
challenges. Companies receive a one-time tax credit of $2,500 for each new
employee. A 4% rebate of sales & use taxes paid on qualifying materials or a 1.5%
refundable investment tax credit on the total capital investment in a project.
Grocery stores & pharmacies must be located in zones to receive benefits.
Texas - Zones are designated on a project by project basis based upon Census Tracts
having a poverty rate of 20% or greater, currently 5,490 tracts qualify. The program
allows communities to partner with the State to promote job creation & capital
investment in economically distressed areas. Local communities must nominate a
company as an Enterprise Project to be eligible to participate in the program.
Designated projects are eligible for Sales and Use Tax refunds on taxes paid for
equipment & machinery, materials, taxable services, electricity & other business
expenses based upon the size of the investment and number of jobs. Projects may
be physically located in or outside of an Enterprise Zone. If located within a zone,
the company commits that 25% of their new employees will meet economically
disadvantaged or zone residence requirements. If located outside a zone, the
company commits that 35% of their new employees will meet economically
disadvantaged or zone residency requirements.
The next two states have “Targeted Area Zones” based upon incentives pinpointed
on certain types of economic activity. These states are:
New York – The START-UP NY program allows for Tax-free Areas to Revitalize and
Transform certain locations. All colleges & universities may apply to become taxfree communities (zones), additionally up to 20 State facilities may also be aligned
with specific academic institutions. Businesses must align with specific campuses &
locate within the zones and create jobs. Companies in these zones will not pay
business or corporate tax, sales tax and property tax for ten years. Employees of
businesses that open in communities will be exempt from paying income taxes with
personal income being capped at 10,000 people per year and capped after 5-years at
$200,000.
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Pennsylvania - Twelve Keystone Opportunity Zones have been established covering
the entire State with 10-20 acre sub-zones where incentives are available. Subzones target underutilized and underdeveloped areas with tax breaks. These taxes
may include: Corporate Net Income Taxes, Capital Stock Foreign Franchise Tax,
Personal Income Tax, Sales Use Tax, Bank Shares & Trust Company Shares Tax,
Alternative Bank & Trust Company Shares Tax, Mutual Thrift Institutions Tax,
Insurance Premiums Tax, Earned Income/Net Profits Tax, Business Gross Receipts,
Business Occupancy, Business Privilege & Mercantile Taxes, Local Real Property
Tax, Sales & Use Tax.
There is one state that we are giving it’s own category because it’s just different
from all the rest:
California - Enterprise Zones replaced with a new Economic Development Initiative
as part of “California Competes” a revamp of the State’s economic development
programs. A new job tax credit is being established for the 1,000 Census Tracts with
the highest unemployment & poverty rates. Businesses must locate in one of these
tracts and hourly wages must be $12 or more to jobs to qualify for the credit. In
order to receive the credit individuals must meet one of the following conditions:
they must have been unemployed for 6 months or more, not having completed a
degree or course of study, unemployed for 6 months or more, and completed a
degree or course of study more than 12 months prior to the hire, a Veteran,
separated from the armed forces within 12 months, a recipient of the federal Earned
Income Credit in the previous taxable year. An ex-offender convicted of a felony or a
current recipient of CalWORKS or county general assistance. The Credit provides up
to 35% of the wages per year with a maximum credit of $56,000 over five years for
new jobs.
There are twelve states offer what most would consider traditional enterprise
zones. Most offer local incentives to go along with a myriad of state incentives.
These states include:
Alabama – They have 28 zones and offer either Income Tax or Business Privilege
Tax credits of $2,500 for each new employee. Additionally, they provide Sales and
Use Tax exemptions on building materials.
Connecticut – This State provides manufacturers, distribution facilities and certain
service industries with a 5-year 80% abatement of property taxes, a ten-year
Corporate Business Tax Credit of between 25-50% based upon investments. The
zones are set up on the basis of distress and they have great flexibility in expanding
zones.
Florida – There are currently sixty-five enterprise zones in Florida offering a
multitude of incentives that include: Job Tax Credits for Sales and Use as well as
Corporate Income Tax. Corporate Property Tax Credits, Sales Tax Refunds for
building materials, Sales Tax refunds for Machinery and Equipment, Sales Tax
Exemptions for Electrical Energy and other minor exemptions. There are other local
incentives offered.
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Hawaii – Nineteen zones have been designated to date and twenty-four have been
authorized. Based upon investment and jobs, there is a 100% abatement of General
Excise Tax for seven years, an 80% reduction on State Income Tax the first year that
is reduced by 10% for six more years. An Income Tax reduction equal to 80% of
annual unemployment Insurance premiums the first year that goes down 10% for
six years is provided for certain projects.
Illinois – This State has designated ninety-seven over the years and is about to
undertake a process of re-designation as almost all zones will be expiring over the
next five years. The basic incentives include a Sales tax exemption on building
materials and a one-half percent investment tax credit off income taxes. Projects
with more investment and jobs are given State Utility Tax exemptions. Large
manufacturers are given an exemption on Sales and Use Tax for consumable items
and pollution control equipment.
Indiana - The twenty-eight zones provide for property tax abatements, income tax
deductions and credits for job creation, capital investment. They also have
designated zones at closed military facilities.
Iowa – Their zone program has sixty-one zones throughout the State. It offers 100%
property tax exemptions on value added to property for up to ten years. There is
also a refund of State Sales, Service and Use Taxes paid during construction and a
refund for Sales and Use Taxes paid on racks, shelving and conveyor equipment for
distribution centers.
Ohio – There are over 350 enterprise zones in Ohio offering real and personal
property tax exemptions to businesses making investments. These zones only offer
local incentives based upon agreements with each company.
Rhode Island - This program offers an Enterprise Zone Business Tax Credit in the
ten State zones. Firms must locate in a zone and increase employment by 5% to
receive a credit. The maximum credit is $5,000 for zone residents and $2,500 for
non-residents and may be carried forward for three years.
Utah – The seventy-eight enterprise zones in Utah provide Job Creation Tax Credits
of $750 per new worker, with an additional $500 for positions paying at least 125%
of the county average wage. An additional $750 may be obtained for positions in
processing or manufacturing agricultural commodities. There are also Investment
Tax Credits of up to $50,000 for building rehabilitation and investment in facilities.
Virginia - Like many of the other zone programs the fifty-seven zones provide
incentives for job creation and investment. Companies may receive up to $800 per
new job for five-year periods. There are also Real Property Investment grants of up
to $200,000 a year for five years based upon meeting investment thresholds.
Wisconsin – There are three Development Opportunity Zones in the cities of Beloit,
Janesville & Kenosha. Businesses locating or expanding operations within the
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Development Zones are able to receive Development Zone Tax Credits based upon
job creation, job retention & investment, up to $8,000 per job.
Enterprise Zones have traveled a long and bumpy road since 1978. They have
disappeared in some places, stayed the same in others and evolved into
unrecognizable programs in still others. At the end of the day each business must
examine enterprise zones in the context of overall incentive offerings. Hopefully,
this has given you a snapshot of enterprise zones today and where they may be
trending tomorrow.
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(78)http://www.njeda.com/web/Aspx_pg/Templates/Npic_Text.aspx?Doc_Id=888&menuid=1295&
topid=718&levelid=6&midid=1175
(79) http://www.gonm.biz/Tax_Incentives.aspx
(80) http://www.cga.ct.gov/2013/rpt/2013-R-0370.htm
(81) http://www.newsmax.com/Newsfront/Cuomo-New-York-tax-free/2014/02/04/id/550910/
(82) http://www.cga.ct.gov/2013/rpt/2013-R-0370.htm
(83) http://www.empire.state.ny.us/StartUpNYReport_2013.pdf
(84) http://cfed.org/assets/pdfs/BusinessIncentives_Tier1Counties[1].pdf
(84) http://charlotteusa.com/business-info/costs-of-doing-business/
(85)http://www.communityservices.nd.gov/communitydevelopment/Programs/RenaissanceZoneP
rogram/
(86) http://www.communityservices.nd.gov/uploads/27/contactlisthandout.pdf
(87) http://www.nd.gov/tax/taxincentives/renaissance/
(88) http://development.ohio.gov/bs/bs_oezp.htm
(89) http://ohioline.osu.edu/cd-fact/pdf/1552.pdf
(90)http://www.dispatch.com/content/stories/local/2013/06/03/tax-break-endures-despitecriticism.html
(91)http://www.skidmore.edu/~bturner/Who%20Benefits%20When%20Enterprise%20Zones%2
0Are%20Zoned-Out.pdf
(92) http://development.cuyahogacounty.us/en-US/enterprise-zone-tax-incentives.aspx
(93)http://www.greateroklahomacity.com/index.php?submenu=enterprisezone&src=gendocs&ref=
enterprisezone&category=Incentives
(94)http://okcommerce.gov/assets/files/incentives/Oklahoma_Business_Incentives_and_Tax_Guide.
pdf
(95) http://www.oregon4biz.com/The-Oregon-Advantage/Incentives/Enterprise-Zones/ (2009)
(96)http://www.cityofsalem.net/Departments/UrbanDevelopment/FinancialResources/Pages/Ente
rpriseZone.aspx
(97) http://www.pdc.us/for-businesses/business-programs/e-zone.aspx
(98)
http://www.oregon4biz.com/The-Oregon-Advantage/Incentives/EnterpriseZones/ecommerce-zone/
(99) http://www.newpa.com/find-and-apply-for-funding/funding-and-program-finder/enterprisezone-program
(100) https://www.insurance.state.pa.us/abcrfp/download/ent_zone_contacts.pdf
(101) http://www.puc.state.pa.us/naturalgas/pdf/PGW_RFP_AttachC.pdf
(102) http://www.newpa.com/business/expansion-relocation/keystone-opportunity-zones
(103)http://www.commerceri.com/documents/finance/incentives/State%20Enterprise%20Zones.
pdf
(104) http://sccommerce.com/node/2315
(105) http://www.sdreadytowork.com/Financing-and-Incentives--Incentives.aspx
(106) http://www.tn.gov/ecd/BD_tax_incentives.html
(107) http://www.texaswideopenforbusiness.com/incentives-financing/tax/tez.php
(108) http://texasahead.org/tax_programs/enterprise/
(109) governor.state.tx.us/files/ecodev/ez_overview.doc
(110) http://www.houstontx.gov/ecodev/enterprise.html
(111) http://www.tedc.org/enterprise-zones
(112) http://online.wsj.com/article/PR-CO-20130617-907329.html
(113) http://business.utah.gov/programs/incentives/enterprise-zones/
(114) http://incometax.utah.gov/credits/enterprise-zones
(115) http://msftaxes.com/enterprise-zone-credits
(116) http://co.tooele.ut.us/PDF/Stats/Enterprise_Zone.pdf
(117)http://www.alvarezandmarsal.com/enterprise-zone-incentives-often-overlooked-state-taxbenefits
(118)http://www2.leg.state.vt.us/CommitteeDocs/Senate%20Economic%20Development/Bills/S.2
20/Enterprise%20Zones/1-31
2014~Karen%20Horn~S.220~Proposal%20to%20Add%20Enterprise%20Zones.pdf
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(119)
http://www2.leg.state.vt.us/CommitteeDocs/Senate%20Economic%20Development/Bills/S.220/En
terprise%20Zones/2-132014~Michael%20Zahner~S.220~Proposed%20Regulatory%20Changes%20for%20Enterprise%20
Zones.pdf
(120) http://www.vlct.org/assets/Advocacy/Legislative_Reports/wlr_05_14.pdf
(121)http://www.dhcd.virginia.gov/index.php/community-partnerships-dhcd/downtownrevitalization/enterprise-zone.html
(122) http://www.portsmouthvaed.com/business_ctr_zones.html
(123) https://www.roanokeva.gov/85256A8D0062AF37/CurrentBaseLink/N254JLP3204LBASEN
(124) http://inwisconsin.com/grow-your-business/programs/development-opportunity-zone-taxcredit/
(125)
http://inwisconsin.com/inside-wedc/transparency/programs/development-opportunityzone/
(126) http://revenue.wi.gov/pubs/pb123.pdf (2013)
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