The Renaissance Zone

 A 100% state income tax exemption on income derived from the business or investment location for five years. 

Up to 100% property tax exemption for buildings, structures, fixtures, and improvements purchased or rehabilitated as a zone project for any businesses or investment purpose for up to give years.

A state individual income tax exemption up to $10,000 each year for up to five years. 

Up to 100% property tax exemption on improvements only to the building for up to five years. 

Property tax exemptions are provided on the value of the improvements only to the building. Taxes are still assessed on associated land. Additional incentives may be available for historic properties. 

Property owner must make capital improvements equal to the greatest of the following: 

• 50% of the true and full value of the property prior to improvements.
• $10,000 of capital investment.

Proposed capital investments must substantially improve the life expectancy of the property. Capital investments include, but are not limited to, replacement or updating of the roof, foundation, structure, siding, windows and doors, as well as electrical, plumbing, heating and cooling systems. Capital improvements do not include new floor covering, window treatments, wall coverings or furnishing. 

Property owner must make improvements equal to the greatest of the following:

• 20% of the true and full value of the property prior to improvements. 
• $10,000 of capital investment

 Proposed capital investments must substantially improve the life expectancy of the property. Capital investments include, but are not limited to, replacement or updating of the roof, foundation, structure, siding, windows and doors, as well as electrical, plumbing, heating and cooling systems. Capital improvements do not include new floor covering, window treatments, wall coverings or furnishing.