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Show ' Southeast Utah Business in which to claim an investment tax credit of 10 percent of the first UPDATE The sixth in a series dealing with manufacturing jobs in rural areas. financial and other business assistance to entrepreneurs Southern Utah. $10,000 in investment, 4 percent of the next $90,000, and 2 percent of the remaining qualifying invest- ment of plant, equipment, or other depreciable property. What does the Enterprise Zone mean to area business? in Enterprise zones helping your business grow In addition to the tax credits, each county boasts such other incentives as reduced utilities or assistance with utility connections, specialized training cost participation, inventory of available industrial buildings and sites, technical assistance with business plan development and referrals to various state and federal finance programs. New and expanding manufactur- ing firms in the region have five years to claim an income tax credit of $750 for each new full-tim- e position filled in a nonretail capacity for not less than six months during a given tax year, and an additional $500 tax credit if the new position is in one of three special employee categories identified by each county. Also, companies have five years Under the umbrella of Utah State Enterprise Zone legislation, southeast Utah is aggressively working to get major businesses to locate or expand in the Southeastern Utah Development District. The carrot is a bevy of tax breaks, training subsidies and other incentives geared to increase Toys San Juan County has a ing loan fund to aid new business Housewares Clothing revolv- Hardware THESAN JUAN RECORD Wednesday April 12, 1989 - Page 5 in the area. Fast track conditional generating projects such as shoppuse permitting further eases the ing centers, hotels, business parks start-uand other mixed use projects that or expansion burden of involve commercial facilities. TIF new ventures. can be used for land acquisition, Local officials stress the imthe site improvements and other startas of portance manufacturing up costs. primary purpose of business in the zone and 51 percent of the employees must live in the Enterprise Job tax credits Zone at the time they are hired. save payroll costs Relocation of a company to the district from another area of the Business and industry in southstate that would result in closing eastern Utah saves thousands of operations that would tend to cause dollars each year through an dislocation of other Utah workers employment program called Tara disqualifies company. geted Jobs Tax Credits. A company looking to start a The program, which is handled new business in southeastern Utah through local Job Service offices, San contact Juan County may gives an employer tax credits for Economic for a brochure of inhiring certain types of workers in dustrial classifications defined as the job markets. Generally, the manufacturing. Write or call San group targeted represents the Juan County Economic, P.O. Box economically disadvantaged youth 490, Monticello, Utah 84535, teleand adults. The company can claim a 40 phone (801) percent tax credit of the first $6,000 wages paid to a full time adult Tax increment financing employee who certifies under the Tax increment financing is a TJTC program. Hiring a TJTC-certifie- d method used by some municipalyouth provides an 85 ities to encourage investment in credit on the first tax percent the community. This type of $3,000 in wages. The tax credit has development financing uses the the effect of reducing a companys anticipated growth in property tax tax liability by 18 percent. revenues generated by a developFor more information, call ment project to finance public Blanding Job Service, 196 East sector investment for it. ComCenter, (801) multi-busines- s p 587-223- $avings You Cant Beat 1. 678-224- S9M Kick Step Stool Cosco Step Stool Step Ladder Aluminum s9" S1 27 from Off Off 1 now just Lingerie 25 Lipstick, Mascara Fingernail Polish Eye Shadow 13 1 year supply of bags S795 Because of its reliance on an increase in property tax revenues, TIF is most useful for income Selected Bras Pretty Secret off Fancy Fully More of You 13 4. Tax exempt bonds finance variety of projects Types of bonds eligible for financing under Utahs volume cap allocation are: multifamily housing bonds, local electric and gas facilities, local district tax-exem- heating and cooling facilities, industrial development bonds; qualified redevelopment bonds; and mortgage revenue bonds. Local governments issue the bonds by inducements and bond resolution, but prior to the bond sale, the responsible city or county must apply to the industrial Development Board Review Board for an allocation of the volume cap and receive a certificate for the allocation. Call San Juan County Economic Development, (801) 587-223- 1. A quarter of all prescription drugs, worth more than $15 billion annually in the United States, include plant extracts, says National Geographic. off Originally Yours Air Compressor 565fio Comfort on the Go off advantage of H&R Blocks Planned Refund Program. For a small fee, our professional preparers analyze your taxes and help you plan for next years refund. Get the refund you want with our W--4 service. T&ke Velvet Inflatables Mattresses 40 off Boxer Shorts Boys Size Dress Shoes Mens ROTOTOCEILIL & 8-1- 8 Womens $19 50 off reg $275 551 RflEKMCaOTlHLE East Bittle Lane, Moab, Utah 84532 Telephone: 259-664- 0 MasterCard, VISA, and Discover Card accepted at most area locations. BUOCK pt water, sewer and solid waste disposal facilities; small issue Exquisite Form Coleman 40 abandoned for this type of financing. Proceeds are earmarked to retire special bonds the jurisdiction has issued to finance these improvements. The latest variation in tax increment financing is the use of taxable TIF bonds. Under TIF, the increased taxes generated by a project are either used to directly pay for improvements in a designated district, or pledged to retire bonds issued by the locality for redevelopment costs. This type of financing has been used extensively over the past 20 years by communities to fund redevelopment projects, ranging from downtown revitalization in the urban centers to industrial TIFs in smaller communities. As a real estate finance tool, TIF is attractive because the projects do not affect tax payments or involve the general funds of the locality. The key to TIF is that public investment spurs private investment that would not otherwise occur. Tents 50 off off Coleman with Make-U- p Maybelline 1" off 40 $1499 Folding Table Elite 200 Cleaner Ovensi Dutch $1499 $1599 Levi Bend Overs Mens Dress Levis Running Boards ! 16-in- ch 4.00 25 50 21 $69J f 799 Aurora Fashion Doll Wagons Pound Purries 2" 11 Utility Cart Cosco almond Hose Reel Suncast wall mount Mens Shirts munities target areas that are underdeveloped or ' |