Keene's FTZ eliminates formal customs procedures and payment of duties on foreign merchandise that does not enter customs territory for domestic consumption. Domestic goods moved into the zone for export are considered exported for the purpose of excise tax rebates and drawback. Keene businesses are taking advantage of this federal incentive.
Keene has a new Opportunity Zone (federal) that was created to encourage development by allowing investors to defer certain taxes on investments in the community. There is vacant acreage in this zone that is adjacent to Routes 12 and 101 and only a mile from the airport (south), downtown (north), and multiple new multi unit residential developments.
Keene has adopted the Community Revitalization Tax Relief Incentive (NH 79-E) which delays the impact of property tax increases resulting from property rehabilitation. We have 3 Economic Revitalization Zones with tax credits for projects that improve infrastructure and create jobs.
MEDC makes loans to growing businesses and develops/redevelops buildings to help create new jobs. MEDC initiatives and those of client businesses have received strong support to accomplish important community and economic development projects in Keene.
Hannah Grimes Business Incubator provides affordable access to professional programs and resources.
The City of Keene utilizes multiple Tax Increment Finance (TIF) Districts for the direct application of property tax revenue to infrastructure improvement expenses such as roads and utilities necessary to serve businesses located in the districts.
The Economic Revitalization Zone (ERZ) tax credit offers a short term business tax credit for projects that improve infrastructure and create jobs in designated areas.
Keene has 3 ERZs.
The ERZ application, FAQ's and other information are available on the NHEconomy.com website.
If you're interested in utilizing this incentive, we'd like to help.
Call us: (603) 757-1857.
Investors can defer capital gains on earnings that have been reinvested in the zones through Opportunity Funds. Opportunity Funds are private sector investment vehicles that invest at least 90 percent of their capital in Opportunity Zones. Long-term investments maintained for over 10 years do not have to pay additional capital gains taxes on earnings from Opportunity Zone investments.