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Enterprise and E-Commerce Zone Info
STATUTORY TAX INCENTIVES PACIFIC VIEW BUSINESS PARK
Three-to-Five-Year Property Tax Exemption**
Through a short-term tax exemption, an Oregon enterprise zone induces eligible businesses of all sizes to make additional investments that will improve employment opportunities, spur economic growth and diversify business activity. New capital in a zone receives a total abatement for at least three and — in some cases — up to five consecutive years from the local assessment of ad valorem property taxes, which can otherwise have a deterring effect on private investors seeking to start or enlarge operations with a substantial capital outlay.
Prior to commencing construction/installations, eligible business firms submit an application to "precertify." Such firms include manufacturers, processors, shippers and other operations that serve businesses, and some types of headquarters and call centers, as well as hotels, motels and resorts in 28 of the 44 zones where the local governments opted to allow such businesses in addition to industrial operations.
Retail, construction, financial and certain other activities are explicitly ineligible. Qualified property includes new buildings, additions, equipment and machinery, but land, existing property and minor items of personal property may not qualify.
The requirements for the business firm to qualify for at least the three-year enterprise zone exemption are as follows:
1. Increase full-time, permanent employment of the firm inside the enterprise zone by the greater of one new job or 10 percent
2. No concurrent job losses more than 30 miles from the zone
3. Maintain mandatory employment levels during exemption period
4. Enter into first-source agreement with local job training providers
5. Satisfy local additional conditions, potentially imposed in an urban enterprise zone.
The extended abatement of four or five consecutive years depends on:
1. "compensation" of new workers at 150 percent of county average wage,
2. a written agreement with the local zone sponsor, and
3. additional requirements that the local zone sponsor reasonably requests.
County assessors and local zone managers handle day-to-day business assistance and oversight of their enterprise zones, with state level support and coordination.
Electronic Commerce Enterprise
The City of Florence has developed an enterprise zone to encourage business investment, industrial retention, job creation, higher incomes for local residents, and greater diversity of economic activity. The electronic commerce zone will overlay the existing enterprise zone to encourage businesses to engage in commercial or retail transactions predominantly over the Internet or a computer network, utilizing the Internet as a platform for transacting business or facilitating the use of the Internet by other persons for business transaction.
The tax incentives of an electronic commerce zone designation will provide to eligible businesses will reduce unemployment, retain existing jobs, introduce higher income jobs for local residents and create greater diversity of economic activity. The most significant feature of the designation is that qualifying business firms may receive a credit against the firm's annual State income or corporate excise tax liability, up to $2 million per year. The credit itself equals 25 percent of that tax year's capitalized investment in operations related to e-commerce. The amount of credit remaining unclaimed is carried forward over the succeeding five years.
**Two Other Tangible Benefits for a Precertified Business Firm are: (1) local government incentives such as fee waivers, reduced charges or regulatory/procedural expediency that are commonly part of the enterprise zone package, and (2) the firm has the right to buy or lease real estate in the zone that is publicly owned and otherwise available.