What is JOBZ?
Passed into law by the 2003 Legislature and launched on January 1, 2004, the Job Opportunity Building Zone (JOBZ) initiative is Minnesota’s marquee rural economic development stimulus program. The program provides substantial tax relief to companies that start up or expand in targeted areas of Greater Minnesota – from the date they sign a business subsidy agreement until the program expires on December 31, 2015. The program identifies 10 zones encompassing more than 300 communities in every region of the state (except in the seven Twin Cities metropolitan counties). Besides targeting areas hit by economic distress, the program also aims to promote development in places that are already poised for business growth and have adequate infrastructure in place. It also seeks out places where favorable conditions exist for restoring productivity to under-used and unproductive properties through development, redevelopment, reclamation or recycling.
There are three key sites to find information and resources on Job Opportunity Building Zones in Northwest Minnesota. Our site is one great place since it will give you contact information and specifics about available properties in northwest Minnesota. The MNPro.com site and the Department of Trade and Economics site both have more detailed information on the JOBZ Minnesota incentive program.
JOBZ Benefits
For qualified businesses, the JOBZ program offers substantial financial benefits in the form of tax savings. Here’s a list of tax exemptions for which your company could qualify by expanding or locating within one of Minnesota's Job Opportunity Building Zones:
- Corporate franchise tax
- Income tax for operators or investors, including capital gains tax
- Sales tax on goods and services used in the zone if the goods and services were purchased during the duration of the zone
- Property tax on commercial and industrial improvements but not on land
- Wind energy production tax, and
- Employment tax credit for high paying jobs
Your actual benefits will be determined by the exact nature of your business expansion, as well as its effective date. JOBZ benefits accrue from the date that your business qualifies and continue until December 31, 2015, when the JOBZ program is scheduled to expire.
Headwaters Job Zone, includes the following counties: Beltrami, Clearwater, Hubbard, Lake of the Woods and Mahnomen.
Contact:
Dave Hengel
Headwaters Regional Development Commission
403 Fourth Street N.W., P.O. Box 906
Bemidji , MN 56619-0906
Phone: 218-333-6533
Fax: 218-444-4722
Northwest Land of the Dancing Sky JOBZ, includes the following counties: Kittson, Marshall, Norman, Pennington, Polk, Red Lake and Roseau.
Contact:
Mr. Cameron Fanfulik
Northwest Regional Development Commission
115 South Main
Warren, MN 56762
218-745-6733
cfanfulik@nwrdc.org |
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