What are Real Estate Tax Credits for new construction?

Any real estate developer owning real property in the City of Seat Pleasant and that expends funds on any new construction or improvement to nonresidential units in the City of Seat Pleasant may claim a 10 year Real Property Tax Credit of 80% to reduce his or her real property taxes resulting from this investment in new construction or improvement to his or her real property. To qualify, an entity must:

  1. Be primarily involved in high technology manufacturing, fabrication, assembling, or research and development, as determined by the County and the City applying the criteria set forth in the regulations.
  2. Construct, expand, or cause to be constructed or expanded, a building or buildings within the County or City, to include at least 5,000 square feet of gross floor area (as defined in Subtitle 27 of this Code) to be occupied by the said business entity.
  3. Invest at least $500,000 in the construction or expansion of said building or buildings.
  4. Create at least ten new permanent, full-time positions for the said business entity to be located within said building or buildings. Neither the relocation of an existing position from any other location within the County or the City to the new or expanded building or buildings nor the reclassification of a preexisting position shall constitute new positions for the purposes of this Section.

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1. What is the General Income Tax Credit for hiring new employees?
2. What is the Large State Income Tax Credit for hiring economically disadvantaged employees?
3. What is the New Job Creation Tax Credit for hiring economically disadvantaged employees?
4. What is a Business Personal Property Tax Credit?
5. What are Real Estate Tax Credits for new construction?
6. What are Opportunity Zones Tax Deferrals or Abatements?
7. What is a New Market Tax Credit (NMTC) and how does the Tax Credit Work in the City of Seat Pleasant?
8. What is the purpose of Health Enterprise Zone (HEZ) Investment Initiative?
9. How does a Sustainable Community Designation receive funding?
10. What is a Qualified Opportunity Fund?
11. Does an investor need to live in Seat Pleasant to take advantage of the tax benefits of an Opportunity Zone?
12. Is the City of Seat Pleasant a qualified HUB Zone?
13. What are the guidelines for federal level tax incentives?
14. How do I apply for a business license?
15. What is the Economic Development Revolving Loan Fund (ED-RLF)?
16. What is the EB-5 Visa Program?
17. What's the difference between an Opportunity Zone investment versus a Non-Opportunity Zone investment?