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. A similar program is the opportunity zone program under the Trump administration, which offers tax breaks for investments in state-designated urban, suburban, and rural census tracts that have high levels of poverty or border areas with high levels of poverty. The opportunity zone program has been criticized for including some areas that are not economically distressed.
References in periodicals archive ?
There are 97 enterprise zones throughout the state.
Priority enterprise zones are the first defined initiative in Oklahoma that incorporates state and local incentives touching manufacturing, community redevelopment and entrepreneurship activities coinciding with the opportunity zone designations.
Clr Swift replied that one of the reasons the enterprise zone was being developed was because businesses across Calderdale were saying there was not suitable modern accommodation available for them.
Enterprise Zones are part of the government's Industrial Strategy, to kickstart business growth.
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.
Port Talbot Waterfront Enterprise Zone is Wales' eighth enterprise zone.
"Due to the commercially sensitive information relating to the proposal, the enterprise zone will be formally announced once Government makes a decision on which ones can proceed.
Reauthorization is not likely to happen until sometime after April 10, the state's deadline for new enterprise zone applications.
on our www.face theliverpoolecho Robert Hough, chairman of the Liverpool LEP, said: "The Local Enterprise Partnership is also investing in these enterprise zone sites through our Growing Places Fund, and we are delighted to see the Government do the same."
Mr Osborne said that instead of leaving Birmingham, it was able to stay in the Jewellery Quarter, grow and create new jobs as a result of the benefits offered by the Enterprise Zone.
So as Wales' new model of enterprise zones will be focused on securing additional private sector investment (which is fine so long as many corporations have millions to invest in the right project), the key factor in Deeside's success or failure will be how effectively Flintshire Council, Welsh Government and key government agencies all work together to improve the business environment.
"But this is a development which had been drawn up before it became an Enterprise Zone bid and I am sure all partners involved will be determined to see it move forward.

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