Enhanced Enterprise Zones are specified geographic areas designated by local governments and certified by DED to facilitate the creation of quality jobs by targeted business projects. The benefit of the EEZ is for new and existing businesses to take advantage of property tax credits on investments within the zone, such as expansion or relocation.
The EEZ is an incentive tool used to attract new businesses and encourage local businesses to expand by providing property tax abatements. The eligible areas that have been identified are based on certain demographic criteria and the potential to create jobs. Eligible businesses may qualify for state income tax credits and property tax abatement. Unused EEZ tax credits may be refunded, sold, transferred or assigned.
KBRPC has been working with the counties in its region to establish Enhanced Enterprise Zones. The purpose of this effort is to create jobs and increase private investment within the encompassed communities. KBRPC has helped Bates, Cedar, Hickory, and St. Clair Counties establish their EEZs. Bates County’s EEZ has been active since 2012, and Cedar and St. Clair County’s EEZ have been active since July of 2014. Most recently established was the Hickory County EEZ, making all seven KBRPC counties designated EEZs. KBRPC looks forward to the opportunities the EEZ will bring to the region.
For more information about the EEZ program, contact Sheridan Garman-Neeman, KBRPC’s Executive Director, at (660) 885-3393 or via email at [email protected] or visit the Missouri Department of Economic Development’s website.