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 ?
The spat over where the enterprise zone should be has demonstrated our difficulty in getting our act together as a region, and everyone fights for their patch, perhaps understandably.
He added: "I have been delighted to meet with Askar Sheibani today and tour the facilities at Comtek to see the work being done and hear about the benefits of having the Enterprise Zone in Deeside.
He argues enterprise zones in the 1980s instead merely saw firms nearby uprooting and relocating into the zones - to benefit from business rate tax breaks and a relaxations on planning permission.
There have been reports that we would be able to fund ten new enterprise zones.
Finally, the law creates new reporting requirements for companies receiving tax benefits from the Enterprise Zone or the High Impact Business Program.
North East LEP Chairman Paul Woolston said: "I'm delighted about our successful bid for a second Enterprise Zone for the region, and we're thrilled to reveal the locations of the ten sites that will be included.
Oakridge and Westfir officials wrote requests to renew the enterprise zones with Lane County Community & Economic Development staff.
Communities Secretary Eric Pickles said: Enterprise zones are now picking up the pace and really starting to deliver for the economy.
MORE than a quarter of jobs created in enterprise zones since they were launched in 2012 are in the West Midlands.
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.
He reported the example of a 175-acre enterprise zone that was contiguous to a low-income housing complex with high unemployment.
Rangel has described enterprise zones as a way "to stimulate the creation of new jobs, particularly for disadvantaged workers and long-term unemployed individuals," by encouraging private businesses to invest in inner-city communities across this country.

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