Find 02894 economic development agencies, departments, and corporations. Economic development agencies provide information on resources for economic growth, expansion of local businesses, attracting new business and tourism.
A tax abatement is an agreement between a business and a taxing entity, such as a state, county, or local government, which provides a temporary tax reduction for a business that expands or makes physical improvements. Typically, the additional property taxes that would have been levied as a result of the business expansion or improvement are forgiven for a specified period of time. Businesses are sometimes offered tax abatements as a way to encourage expansion and investment.What is the difference between an Economic Development Agency and an Economic Development Commission?
An Economic Development Agency is an agency of the government staffed by professional employees who implement the programs and services of the agency. An Economic Development Commission usually refers to an appointed board that serves as an advisor on economic policy. Economic Development Commissions are common at the county and local levels of government.What do I need to do to start a new business?
Most Economic Development Agencies have a staff person or office to help prospective business owners to understand how to register their business and obtain any necessary licensing.