The Missouri Department of Economic Development recently approved Enhanced Enterprise Zone status for the city of Paris, Mo. The Enhanced Enterprise Zone program will help development efforts and create jobs by providing state and local benefits to companies that expand or locate in the zone.
The new zone’s boundaries will include areas that have higher levels of distress, due to recent job migration, and less investment in residential and commercial property. The 7-member board will utilize the program to broaden economic development opportunities throughout the city.
The new enhanced enterprise zone will have a 25-year lifespan. Eligible businesses that locate in the new zone can receive state tax credits based on job creation and investment for up to 10 years. The tax credits must be used in the tax year issued or the business has the option of selling the tax credits or receiving a refund for the unused balance.
The Enhanced Enterprise Zone program was implemented in 2004. Enhanced enterprise zones are specified geographic areas designated by local governments and certified by the Department of Economic Development. Zone designation is based on certain demographic criteria, the potential to create sustainable jobs in a targeted industry and a demonstrated impact on local industry cluster development.
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