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Mine-Scarred Lands Initiative Tool Kit: Tax Incentives

Tax incentives vary greatly in their amount, sponsoring organization or agency, and uses. Additionally, they vary according to the mining community’s location. Some example of tax incentives include:

Tax Credits.
Federal or state tax credits reduce the amount of income tax owed.

Tax Abatements.
Cities or counties may agree to reduce taxes owed or exempt property owners from paying taxes for a period of time.

Forgiveness of Back Taxes.
Cities or counties may agree to waive back taxes on contaminated properties in hopes of spurring revitalization efforts.

Enterprise Zones/Enterprise Communities/Renewal Communities.
Cities, counties or states may have Enterprise Zones/Enterprise Communities/Renewal Communities that offer tax advantages or incentives to businesses locating in the zone boundaries.

Tax-Increment Financing (TIF) Districts.
Cities create TIF Districts to make public improvements within those districts that will generate private-sector development. During the development period, the current tax rate for a certain number of years is frozen but taxes derived from increases in property assessment values after the redevelopment occurs either go into a special bond fund or are used for future growth in the district.


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