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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 1 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 2 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 3 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. 4 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 5 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. 6 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. 7 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 8 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. 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