"Providing Services to Businesses & Homeowners"
The Economic Development Incentive Program (EDIP) is a tax incentive program administered by the Massachusetts Office of Business Development, which offers certain tax benefits to new and existing businesses that create new job opportunities and investment in Massachusetts.
The City of Taunton is one of the designated Economic Target Areas (ETA) within the
The Tax Increment Financing (TIF) Program for the City of Taunton is overseen by the Economic Development Incentive Board, which meets as needed. Massachusetts Legislation enacted the regulations, and the City of Taunton created an Ordinance for Tax Increment Financing. Landowners may be granted property tax exemptions of up to 100% of the tax increment. A municipality may enter into a Tax Increment Financing Agreement with a landowner for a maximum term of twenty (20) years. The TIF may only be allowed is designated areas of the City called an Economic Opportunity Area (EOA).
The project must be presented in detail, including plans and specifications where appropriate, of all elements of the construction or renovation project, including the identity of the owner of the building; number of jobs retained or new jobs created and the cost of the project. The Economic Development Incentive Board, when accepting a project, then determines the percentage of tax benefit to the company and to the City, as well as the number of years for the project within the established zone. The project is then presented to the Municipal Council for acceptance, then forwarded to the Commonwealth of Massachusetts Economic Assistance Coordinating Council for their vote. If the project is accepted by the State, then it also offers the company a five percent tax credit with the State.
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