COMMUNITY
DEVELOPMENT
INCENTIVES
ENTERPRISE ZONES
Businesses locating or expanding
throughout the State of
- A sales tax exemption on
the purchase of materials and services associated with the expansion or
construction of a business facility
- A $1,500 Job Creation
Tax Credit for each net new job created
- A $1,000 Capital
Investment Tax Credit for each $100,000 of new capital investment
Credits are limited each year to 50% of the business' corporate tax liability
and unused credits may be carried forward. Enhanced and additional benefits may
be available depending on the location of the business, size of business and/or
type of business
PROPERTY TAX ABATEMENT
A property tax
abatement may be obtained for new and expanding industries in some locations.
Abatements are granted at the discretion of the given municipality where the
expansion or relocation will occur. The abatement can be for up to 10 years
plus up to an additional 2 years for the construction period of the project.
The abatement percentage will vary depending on the circumstance and community.
REVOLVING LOAN FUNDS
Loan
funds, administered by counties, municipalities and regional planning
commissions, are available throughout the region and through the North Central
Regional Planning Commission. Flexible low-interest terms may be negotiated,
contingent upon job creation and private-sector investment.
INVENTORY TAX EXEMPTIONS
Exemptions
for inventories held by merchants and manufacturers were recently established
by constitutional amendment.
STATE AND FEDERAL GRANTS
Funds
may be available to new and expanding industries, which create jobs, through
Community Development Block Grants (CDBG), Economic Development Administration
(EDA), Farmers Home Administration (FHA), or other venture capital sources.
HPIP-
Companies that qualify for the High Performance Incentive Program (HPIP) are eligible to receive the above mentioned sales tax exemption on utilities without being tied to the job creation requirement.
Other Sales Tax
Exemptions-
· Labor and services used in original construction.
·
Tangible personal property that becomes an
ingredient or component part of tangible personal property or services
produced, manufactured, or compounded for ultimate sale or retail either inside
or outside of
· Tangible personal property that is immediately consumed or dissipated in the actual production, manufacturing, processing, mining, drilling, refining, or compounding of tangible personal property for ultimate sale at retail either inside or outside Kansas.
·
Tangible personal property purchased by a city from
the proceeds of industrial revenue bonds. The cost of the building and
equipment are entitled to exemption from
INDUSTRIAL REVENUE BONDS
The
cities and counties within the region may issue bonds at their discretion for
up to 100 percent financing of land, buildings, equipment and construction.
INDUSTRIAL SITES
Relocation
and expansion sites are available in the region with access to municipal
utilities and attractive terms for acquisition. Some sites include existing
structures.
NEIGHBORHOOD
REVITALIZATION ACT
A tax rebate incentive program specifically designed to
encourage major rehabilitation and new construction in the designated
revitalization area. At this time that area includes all of
ADDITIONAL INCENTIVES
Other incentives that are
available throughout the region include workforce training programs through the
Kansas Department of Commerce and Housing, venture capital companies (state and
private), Applied Research and Small Business Innovation Research funds through
the Kansas Technology Enterprise Corporation, export financing assistance,
trade show assistance, and assistance with the packaging of loans.
Incentives Specific to
Infrastructure/Improvements
–
The City of
The owner will only be responsible for paying for materials. Which basically is the concrete (other materials could include a new diamond blade or other items deemed necessary for the road construction).
In the City of
Downtown Improvement Program- The program offers up to $25,000 in matching funds, and in certain cases, design assistance to businesses in the Downtown District in order to improve the appearance of individual buildings, facades, signs and awnings, as well as the overall look of the area.
The goal of the program is to leverage private improvements while making revitalization efforts affordable, creative and community-based.
Local Assistance-
Mitchell County Community Develop will work directly with your company representatives. All work associated with this project will be handled confidentially.
Mitchell County Community Development can assist with locating real estate, communicating with local governing bodies, Solomon Valley Economic Development, Regional Planning, and the Kansas Department of Commerce.
It is understood all incentives mentioned above are contingent upon
approval of the appropriate local, state and federal entities.
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