The Enterprise Development Zone Program provides tax incentives to new or expanding businesses whose projects will affect distressed areas. Based on the economic impact of a proposed business project, the Department of Commerce will be able to designate an enterprise development zone.
Zones can exist for up to seven years.
The Department can vary zone benefits to encourage projects in areas of high distress. The Department can designate up to 79 zones. In order to participate in the program, a business should work with one of Commerce's Area Development Managers and complete a prospect data sheet to submit to the Department. Projects must affect distressed areas suffering from high unemployment, low incomes, declining population, declining property values, and plant closings and that have high numbers of people on public assistance. The Department will determine if a project is eligible for an enterprise development zone based on information about the economic impact of the project, the prospective site, and the distress of the area.