EZ Wage Credit
Credit against Federal taxes up to $3,000 for businesses for each year of EZ designation for every existing employee and new hire that lives and works in the EZ.Work Opportunity Tax Credit
Credit up to $2,400 against Federal taxes for businesses with new hires between the ages of 18 and 24 who live in an EZ.Welfare to Work Credit
Two year credit against Federal taxes for businesses that hire long term family assistance recipients. Credits up to $3,500 per year for the first year and $5,000 for the second year for each new hire.Environmental Clean Up (Brownfields)
Businesses can elect to deduct qualified cleanup costs of hazardous substances in certain areas in the tax year the business pays or incurs the costs.Enterprise Zone Facility Bonds
State and local governments can issue EZ facility bonds to make loans at lower interest rates to Enterprise Zone businesses to finance Qualified Zone Property. ($230 million available after December 31, 2001).
For background or more information about the Detroit Empowerment Zone, visit the Website at www.detez.org