Incentives
The JUEA offers businesses located in the zone state tax deductions. Incentives include deductions for improvements made to property in the zone that increase the assessed value. Those who live and work in the zone are also eligible for deductions.
Investment Deduction
This deduction allows a Zone business to deduct the increase in assessed value from a “qualified investment” in real or personal property for up to 10 years.
Loan Interest Credit
inancial institutions that make loans to businesses or residents in the Zone may be eligible for a credit on tax paid on interest income earned from these loans.
Investment Cost Credit
This deduction is available to investors. Taxpayers who purchase ownership interest in a zone business may be eligible for a credit on their state tax liability, up to 30% of the total investment.
Qualified Employee Deduction
This benefit applies to individual taxpayers who live and work in the Zone. A “qualified employee” is defined the same as it is for the Employee Expense Credit.
Local Initiatives
The JUEZ offers several local initiatives to help zone businesses and residents with the objective to improvement to aesthetics of the area.