Commerce Opportunity Zones
The City has recently designated certain areas as Enterprise Zones and has gotten approval from the Department of Community Affairs to establish Opportunity Zones. We are excited about what the future holds for businesses in Commerce.
The Commerce Opportunity Zone allows local governments to undertake redevelopment and revitalization efforts in certain older commercial and industrial areas. The maximum state job tax credit is $3,500 per full-time job. The incentive which is available for new or existing businesses which create two or more jobs are credits that can be taken against the business's income tax liability and state payroll withholding. The credits are available for areas designated by DCA as "Opportunity Zones".