WHAT IS AN ENTERPRISE ZONE?
The Utah Enterprise Zone Program was established in 1988. An enterprise zone comprises an area identified by local elected and economic development officials and designated by the state. Under the program, certain types of businesses locating to, or expanding in a designated zone may claim state income tax credits provided in the law.
Any city or county in the state of Utah may be eligible for enterprise zone designation. Application for designation must be made by a city with 10,000 or less population located in a county with 50,000 or less population, or an Indian Tribe for tribal lands. Applications will be reviewed and approved on the basis of economic development need, its quality, and other considerations based on a variety of economic distress factors. Some of these may include:
- Pervasiveness of poverty, unemployment, and general distress in the proposed zone. See Utah's 12 Economic Distress Factors below.
- Extent of chronic abandonment, deterioration, or reduction in value of commercial property in the proposed zone.
- Potential for new investment and economic development in the proposed zone.
- Applicant's proposed use of other state and federal development funds or programs to increase probability of new investment and development occurring in proposed zone.
- Extent projected development in the zone will provide employment to residents in the zone, and particularly, individuals who are unemployed or economically disadvantaged.
- The degree to which the zone applicant's application promotes innovative solutions to economic development problems and demonstrates local initiative.
- Other relevant factors which the Governor's Office of Economic Development specifies.
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