The percentage amount of tax credit is negotiable and could be worth up to 5 percent of their investment. In addition, the percentage amount of general tax credit a firm could receive is also subject to negotiation. This credit substitutes in place of the real property improvement credit. The investment tax credit can be carried forward until the full amount is used. Job Grants for Zone Businesses Creating New Jobs.
Businesses can receive job grants for creating new permanent full-time positions.
Permanent full-time positions are jobs that require the employee to report to work within an enterprise zone and work a minimum of 35 hours a week. For the purposes of this incentive full-time positions will be calculated based on the calendar year from January 1 through December 31. Grants for employees that have worked less than 12 full months during the grant year will be determined on a pro-rated basis equal to the number of full months they have worked during the grant year. Subsequent three year grants are available provided the business increases permanent full-time employment by an additional 20 percent. Only the new employment in excess of the 20 percent would be eligible for additional grants.