What is a Renaissance Zone?
Renaissance Zone areas are typically located in the central city and consist of residential and commercial properties that need to be improved or redeveloped in order to attract businesses and residents. Cities considering a Renaissance Zone must have a current strategic or comprehensive plan in place. The act provides for specific tax exemptions and credits to encourage investment in these properties. For residential housing, taxpayers may be eligible for property tax exemptions for up to five years and personal income tax credits of up to $10,000 per year for five years. Commercial businesses may be eligible for up to five years on property tax exemptions in addition to not paying business income tax for five years. Renaissance Zone Quick Facts: Since the Legislature passed the Renaissance Zone Act in 1999, 45 North Dakota communities have developed zones. 12 cities are currently considering the program. 777 individual projects have been submitted for approval at the local and state
