Proposed Economic Revitalization Zones will be discussed at July 23 meeting
Submitted on July 5, 2018 - 4:42pm
Revised on July 5, 2018 - 4:43pm
Revised on July 6, 2018 - 9:50am
Upload file:
Date:
Monday, July 23, 2018 - 6:00pm
Bridgett Beckwith, Tax Credit Program Manager with the NH Division of Economic Development is scheduled to attend the Loudon Economic Development Committee's (EDC) July 23 meeting to review the State of New Hampshire’s Economic Revitalization Program.
The EDC is proposing to designate four Economic Revitalization Zones (ERZs). The ERZ program can offer a short-term NH business tax credit for projects that improve infrastructure/create jobs in a designated ERZ area.
The Economic Revitalization Zone (ERZ) program is enabled in the State of New Hampshire through NH RSA 162-N. The program allows municipalities to establish certain zones in a community where a business can then seek a credit on its New Hampshire Business Profits Tax. To establish a zone or zones, the Town may apply to the program (administered by the NH Division of Economic Development) following a process outlined in NH RSA 162-N:8.
· To be eligible for the program, a designated zone must meet one of the following requirements:
a. Unused or underutilized industrial parks; or
b. Vacant land or structures previously used for industrial, commercial or retail purposes but currently not so used due to demolition, age, relocation of the former occupant’s operations, obsolescence, deterioration, brownfields, or cessation of operation resulting from unfavorable economic conditions either generally or in a specific economics sector.
The ERZ program currently has $825,000 available per year for tax credits throughout the State of New Hampshire.
For more information on the location of the ERZs please see the NH Division of Economic Development ERZ page at https://www.nheconomy.com/move/incentives-and-tax-credits/revitalization....
A map of the four proposed ERZs are attached.