Pursuant to state law, the following types of businesses and projects are eligible for the incentives offered:
- Warehousing and distribution
- Research and development
- New residential construction
- Residential rehabilitation
- Finance, insurance, and real estate
In order to be eligible for incentives, eligible businesses must increase employment by five or more new full-time job equivalents and maintain the jobs for the duration of the tax exemption period (10 years). Whenever possible, at least 10% of the new employees filling the jobs that satisfy the job creation requirement should be low or moderate income individuals.
To qualify for tax exemption for the housing enterprise zone, to include new residential construction, residential rehabilitation, or other rehabilitation of an existing structure, the value of the improvement must exceed the value of the land by a ratio of five to one.