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 ?
Helen Golightly, North East LEP |Chief Operating Officer, said: "We will now be working with the Government to refine the details of the new Enterprise Zone ahead of it being put into statute to go live in April 2017.
One of those 347 businesses supported by Welsh Government was Westbridge Furniture Designs, in the Deeside Enterprise Zone.
The trouble is, the enterprise zone covering Oakridge and neighboring Westfir expired in December.
Communities Secretary Eric Pickles said: Enterprise zones are now picking up the pace and really starting to deliver for the economy.
He said: "Birmingham's enterprise zone is really starting to pick up steam, transforming the city centre and creating more than 1,200 jobs.
The Welsh Government may have issues around the different pace of development within enterprise zones as will inevitably happen.
The Enterprise Zone Business Rates scheme is a discretionary grant scheme for small-to-medium-sized enterprises to lower their operating costs by providing a grant to offset their business rates for up to two years.
Teesside's Enterprise Zone - which was confirmed by the Government in 2011 - comprises 12 sites across Teesside.
Enterprise zones that are designated after August 7, 2012 will remain in effect for 15 years and will be subject to review by the Enterprise Zone Board ("Board") after 13 years for an additional ten-year designation.
He said: "The Deeside Enterprise Zone is well connected with direct links to key motorways and two international airports.
Dr Reeves said: "These enterprise zones are in many ways similar to the 1980s ones, but in other ways different.
There have been reports that we would be able to fund ten new enterprise zones.

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