JOBZ
PROGRAM
 Job
Opportunity Building Zones (JOBZ) is a new and exciting
tool to stimulate business activity. Eligible businesses
in a JOBZ designated zone 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 will help facilitate their growth
and prosperity. The Barnesville applied for and received
JOBZ designation for over 294 acres in the Barnesville
area, including the property in the City’s Industrial
Park.
To
view the Barnesville Township JOBZ Subzone click
here.
JOBZ
TAX EXEMPTIONS
- Income
Tax for business owners or lessees
- Sales
and Use Taxes on goods and services used in the zone
- Property
Tax (except for land, general obligation bonds, and
school operating
levies in place prior to zone designation)
- Wind
Energy Production Tax
JOBZ
Tax Credit
- Job
Creation Credit for businesses that pay more than
$30,000 annual salary
To
calculate the approximate tax savings, click here
to go to the JOBZ calaculator.
Eligibility
and Requirements
To qualify for the JOBZ tax exemptions, a business must
start-up in a JOBZ subzone, relocate from outside of
a JOBZ subzone or expand into a JOBZ subzone. Companies
wishing to participate in the JOBZ program must meet
the business assistance goals of the community in which
they wish to locate. Once approved, the company will
then enter into a Business Subsidy Agreement with the
community, which is a legal document outlining all requirements
under the JOBZ program, including those specific to
the community. Companies relocating from another Minnesota
site qualify by increasing employment by 20 percent
within the first year or by making capital investment
in the property of at least 10 percent of gross revenues
from the previous year. Companies within Minnesota who
relocate to a JOBZ subzone are required to enter into
a Relocation Agreement with the State, which outlines
specific JOBZ requirements relative to relocating companies.
In addition, there are ongoing reporting requirements
for both communities and companies participating in
the JOBZ program.
For
more information on the Minnesota JOBZ Program, click
here or go to
www.positivelyminnesota.com
or contact Barnesville EDA Executive Director at (800)
354-7570.
www.barnesvillebusiness.com
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