Thursday, April 11 2013, 01:56 AM CDT
Tax breaks for some local businesses
By Jessica De Nova/KTVL.com
MEDFORD, Ore.-Some businesses in your town may be getting temporary property tax exemption benefits.
Jackson County Commissioners received approval to add three new cities to the county's Enterprise Zone. "Eagle Point is now included, Ashland is now included, Talent is now included and the original zone was created in 2007," said Southern Oregon Regional Economic Development Incorporated (SOREDI) Executive Director, Ron Fox.
The original zone includes White City, Rogue River, Butte Falls and the area near the Tolo overpass on I-5 west of Central Point.
Fox said Enterprise Zones are a push to bring jobs to your town. "To revive a small incentive for created sector businesses to create the jobs in Oregon communities," said Fox.
In return, eligible businesses get three years of tax breaks. "Property tax exemptions on new investments they make that also correspond to the creation of new jobs," said Fox.
To be eligible for five years of tax exemption benefits, businesses have to pay new employees 150 percent of the County's average annual wage.
Only companies in the traded sector are eligible to apply. "Traded sector represents about 25 or 30 percent of our economy in terms of the companies and the jobs," said Fox.
The businesses produce goods and services locally, but sell to customers outside the County.
The SOREDI Executive Director said the tax break makes the businesses more competitive because "they reduce their cost of doing business in this region for a short period to time."
Both new and existing businesses located in the zone are eligible. They are required to create at least 226 full-time jobs and invest over $32.3 million in new real property additions.