What is JOBZ?
Job
Opportunity Building Zones (JOBZ) is a new and exciting
tool to stimulate business activity in Greater Minnesota. Eligible
businesses in a zone will operate in an environment nearly free of
state and local taxes. These tax incentives will help new and
expanding companies lower their overall costs and facilitate their
growth.
Who
is Eligible?
To
quality for the tax exemptions, a business must start-up
in the zone, relocate from outside the zone or expand. Companies
relocating from another Minnesota site qualify by increasing
employment by 20 percent within the first year or making capital
investment of at least 10 percent of gross revenues. In addition,
businesses must also meet local business assistance goals to
quality for tax exemptions.
How
long will JOBZ last?
Exemptions are available for up to 12 years beginning in
January 2004.
How
do I access the program?
JOBZ-related information is available at
positivelyminnesota.com. This site offers access to
profiles of communities with zones, specific properties eligible
for JOBZ benefits, site infrastructure, and local zone
administrators to contact for more information. The site also
offers access to a calculator on which businesses can estimate the
potential savings of locating in a JOBZ zone.
