Arizona Direct Financial Incentives 2010 | Arizona Income Tax Capital Credit

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Arizona Direct Financial Incentives 2010

Arizona's economic development, finance and tax organizations provide a range of incentive programs to initiate new business and commercial investment. Specific programs include the Commerce and Economic Development Commission (CEDC), Renewable Energy Tax Incentive Program, and Arizona Job Training Program.

Area Development Online Research Desk (Feb/Mar 10)

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Enterprise zones:
Nineteen enterprise zones cover most parts of the state. Program provides state income tax credits up to $3,000 per qualified new employee. In addition, qualified manufacturers and commercial printers are eligible for property tax reductions of up to 75 percent for five years.

Foreign-trade zones:
General-purpose trade zones and subzones are strategically located around the state. Arizona is the only state offering federally approved FTZ companies a permanent property tax reduction of up to 80 percent.

Military reuse zones:
This special-purpose zone targets manufacturers, assemblers or fabricators of aviation or aerospace products and providers of aviation or aerospace services. Companies locating within these zones qualify for property tax reductions of up to 75 percent for five years, state income tax credits of up to $10,000 for each new qualified employee and certain exemptions from the transaction privilege (sales) tax.

Commerce and Economic Development Commission (CEDC):
The mission of the CEDC is to manage and leverage financial resources that enhance economic development within Arizona. The commission administers the CEDC Fund, which provides financial assistance to support the state's economic development efforts.

Renewable Energy Tax Incentive Program:
The program intends to encourage business investment that produces high quality employment opportunities in renewable energy industries. Beginning in January 2010, two benefits are offered under this new program: an income tax credit and property tax reduction (real and personal property). Assistance, program rules and details are available from the Arizona Department of Commerce, which administers the program.

Arizona Job Training Program:
The Arizona Job Training Program is a reimbursable grant program designed to meet the training needs of employers. The program may provide qualified employers cash assistance of up to $8,000 per employee for qualified, full-time employees. Assistance, program rules, and details are available from the Arizona Department of Commerce, which administers the program.

Small Business Capital Investment Tax Credit Program (Angel Investment Program):
Program provides an income tax credit program for investors who make an investment in a small business. The program allows for an income tax credit equal to 30 or 35 percent of the qualifying investment amount over a three-year period.

Research and development income tax credit:
This is a targeted state income tax credit for qualified research and development done in Arizona. Qualifying activities include research conducted at a state university and funded by the company.

Healthy Forest Enterprise Incentives Program:
Program provides tax incentives to businesses that add value to forest biomass, reduce the risk of wildfire, sustain or recover watershed or lessen insect manifestation. Benefits include income tax incentives, property tax reductions, fuel tax reductions and transaction privilege (sales) tax reductions.

Motion picture production tax incentives:
This program allows a motion picture production company to take an income tax credit or an exemption from transaction privilege and use tax for motion picture production costs in Arizona.

Additional Depreciation Program:
Arizona tax laws provide an aggressive depreciation schedule to encourage new capital investment and reduce personal property tax liability.

Arizona State Contact:
Business Development Division
Arizona Department of Commerce
1700 W. Washington, Ste. 200
Phoenix, AZ 85007
(800) 528-8421

Incentive and tax information is provided to Area Development by each state's economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.

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