What is an Enterprise Zone typically used for?

An Enterprise Zone is specifically designed to stimulate economic growth by providing various tax incentives to businesses and investors operating within designated areas. The primary aim is to encourage investment and job creation in economically distressed areas. By offering benefits such as tax credits, reduced property taxes, and exemptions on sales taxes, these zones can attract new businesses and foster an environment conducive to economic development.

This approach targets the revitalization of communities that may be struggling financially, ultimately leading to increased employment opportunities and improved public services as economic activity rises. The focus of an Enterprise Zone is on supporting businesses, rather than directly addressing individual homeowners, public housing projects, or historical preservation initiatives.