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.
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References in periodicals archive ?
The Illinois Enterprise Zone Board has officially approved the renewal of the Carbondale/Murphysboro/Jackson County Enterprise Zone, which will go into effect Jan.
"By identifying priority enterprise zones, we are taking a targeted approach to identifying the zones in our state that have the greatest need as well as opportunities for success."
In phase two of the scheme, businesses that set up in the enterprise zones will get incentives including up to 100% business rate discount of up to PS275,000 over a five-year period, it has been reported.
Enterprise Zones have also been set up in the Blyth Estuary, centred on businesses in offshore energy and marine engineering, and the A19 corridor at Sunderland, which has been designated a centre for low-carbon vehicles.
Leader of the Welsh Conservatives Andrew RT Davies said: "Labour's enterprise zones could be the biggest waste of public money in the devolved era, costing hundreds of millions - with very little to show for the money.
Tees Valley Enterprise Zones are made up of 12 individual sites with a total area of more than 425 hectares.
Full details of the extent of the enterprise zone and the capital allowances were not available last night.
Council leaders separately negotiating a devolution deal for the region fear the enterprise zone could be rejected amid scepticism Chancellor George Osborne's Northern Powerhouse ambition for the region.
Since Oakridge's 1987 establishment of an enterprise zone - an incentive program established by the state providing three to five years of property tax waivers for new or expanding businesses - just one company has taken advantage and set up shop in town.
"MIPIM creates a fantastic opportunity to showcase how collectively the West Midlands' enterprise zones are creating thousands of jobs, attracting significant investment and driving the economy forward."
"In May the Minister published a report highlighting that since Enterprise Zones were announced over 5,140 jobs have been supported, of which over 2,150 have been created, and over PS70m of public and private sector capital has been invested across the Zones."

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