An “enterprise zone,” intended to boost capital investment and job creation through lower property taxes and new job tax credits, has been recertified for Tucson and Pima County by the Arizona Department of Commerce.
Goal of the enterprise zone is “to improve the economy of areas with high poverty or unemployment rates,” according to Tucson Regional Economic Opportunities.
Arizona now has 19 active enterprise zones; the Tucson / Pima County Enterprise Zone was first designated in 1991.
Enterprise zone incentives within Pima County are utilized by 77 companies, according to the state department. These facilities report capital investment at more than $103.3 million and a payroll exceeding $77.3 million for 1,979 new jobs.
TREO administers and markets the Tucson / Pima County Enterprise Zone as a benefit to companies who choose to operate within it.
“The enterprise zone is an important economic development tool that we market to companies looking to relocate or expand in the Tucson region and we are pleased that our local zone has been recertified,” said Joe Snell, TREO president and chief executive officer.