enterprise zone

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enterprise zone,

designated geographical district in which resident businesses are legally entitled to receive special benefits from a government, established in economically depressed areas to encourage companies to locate there. Most states enacted enterprise zone programs during the 1980s, and changes in the federal tax code in 1993 instituted tax incentives for businesses in certain locations, sometimes referred to as empowerment zones. Typical incentives offered to attract businesses to enterprise zones include tax credits, subsidized loans, and reduced regulations. Although usually associated with urban areas, enterprise zones have also been set up in rural areas. Most enterprise zones have only been marginally successful in reviving the areas in which they are located, in part because businesses located in such zones often employ workers who live outside the area.
References in periodicals archive ?
Monaco RV, one of the businesses that benefited from tax breaks when the enterprise zone was created in 1995, laid off 450 workers last summer, when its parent company, Navistar, relocated recreational vehicle manufacturing operations to Indiana.
LEP executive director Helen Golightly said: "We are delighted with the success of the North East Enterprise Zones.
Mr Skates said that the Welsh Government remains committed to the eight Enterprise Zones located across Wales and stated: "I place great importance on a place-based approach which is tailored to local needs and circumstances and I am reviewing the Enterprise Zone offer to ensure that it will continue to deliver against a more regional approach to economic development.
New figures today (27 July 2016) show, in the 3 months to December 2015, 1,220 jobs were created on northern Enterprise Zones an 18% increase compared to the previous quarter.
The minister said that Port Talbot Waterfront is already well placed to become a vibrant enterprise zone because of its high skill levels, location, infrastructure and connectivity.
Reauthorization is not likely to happen until sometime after April 10, the state's deadline for new enterprise zone applications.
Chris Webster, board director for the Greater Birmingham and Solihull Local Enterprise Partnership with responsibility for the enterprise zone, said: "In July this year we announced an extension to the EZ investment plan from the original figure of PS128 million to PS275 million, with the long term goal of creating 40,000 new jobs.
Businesses may qualify for up to 100% funding of business rates if they are: | based in a Welsh Enterprise Zone; | looking to start up a small or medium-sized enterprise (SME) within the zones; | an SME already located within the zones, that is expanding and increasing the size of your permanent workforce; | contributing to the overall objectives of the Enterprise Zone and the Welsh Government's jobs and growth agenda.
The money has been earmarked for improving infrastructure, such as links to local road networks and utilities installation, in English enterprise zones.
I am providing pounds 500,000 in 2012-13 through the Taith Regional Transport Plan to Flintshire County Council for further transport improvements to assist the Deeside Enterprise Zone.
The final decision on where to place the enterprise zone was taken at a meeting in which the leaders of Newcastle and Gateshead were not present.
Coventry City Council's chief executive Martin Reeves described the planned enterprise zone as a "honeypot" to attract more long-term investment and jobs across the city.

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