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Incentives

Incentives

Local Programs

Private Activity Bonds (formerly Industrial Revenue Bonds)
Private activity bonds were referred to as industrial revenue bonds prior to the Tax Reform Act of 1986. The proceeds of these bonds are used for industrial and other purposes.

Private activity bonds encourage economic development by reducing the cost of investment in industrial property and equipment through tax exempt bond financing. The interest on the bonds is exempt from federal income tax for most bondholders. The bonds are an obligation of the private user, not of the issuing authority.

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State Programs

The incentives listed below are state programs available to new and expanding qualified businesses locating in Buckeye:

Enterprise Zone Program
Buckeye is part of the Western Maricopa Enterprise Zone (WMEZ). The WMEZ was established under Arizona laws on January 1, 1994 to promote the generation of quality jobs and the investment of capital in a 5,600 square mile area of western Maricopa County. The WMEZ is an alliance of 11 political jurisdictions, including Buckeye, organized in a Commission constituted of elected representatives of each municipal jurisdictions and Maricopa County. The WMEZ Technical Advisory Group (TAG), represented by the economic development directors of each member city/town, and the County, provide planning and promotional support to the program.

The primary goal of the Enterprise Zone Program is to improve and strengthen the economies of specific geographical areas in the state. The Enterprise Zone Program provides enhanced opportunities for private investment in certain areas that are called enterprise zones.

The program offers two types of benefits: income or premium tax credits and property tax benefits.

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Job Training Program
The Arizona Job Training Program supports the design and delivery of training plans that meet unique industry standards and challenges.

Under the “Net New Hire” portion of the grant program, businesses can apply for grants that return up to 75% of the costs of training net new employees in jobs that meet wage criteria. The “Incumbent Worker” portion of the grant program will allow for training that upgrades the skills of existing employees. The Incumbent Program can reimburse employers up to a maximum of 50% of allowable training costs.

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Research & Development Income Tax Credit
The Research and Development Income Tax Credit is a state income tax credit for qualified research and development done in Arizona. This includes research conducted at a state university and funded by the company.

The amount of the credit is based on the federal regular credit computation method for Arizona qualified research expenses and Arizona basic research payments. If the allowable expenses do not exceed $2,500,000, the allowable credit is 20 percent of this amount. If the allowable expenses exceed $2,500,000, the allowable credit amount is $500,000 plus 11 percent of the amount of expenses over $2,500,000, subject to certain limitations. The amount of credit carryover that may be used in any taxable year is limited to the amount by which the tax liability exceeds the current year credit for increased research activities.

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Commercial / Industrial Solar Energy Tax Incentives
The primary goal of the Commercial/Industrial Solar Energy Tax Credit Program is to stimulate the production and use of solar energy in commercial, industrial or any other non-residential applications by subsidizing the initial cost of solar energy devices. The program achieves this goal by providing an income tax credit for the installation of solar energy devices in Arizona business facilities.

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Pollution Control Tax Credit
The Pollution Control Tax Credit provides a nonrefundable tax credit for expenses incurred to purchase real or personal property that is used within Arizona in the taxpayer's trade or business to control or prevent pollution. The amount of the credit is equal to 10 percent of the purchase price.

Co-owners of a business, including partners in a partnership and shareholders of an S corporation, may each claim only the pro rata share of the credit allowed based on the ownership interest. The total of the credits allowed all such owners may not exceed the amount that would have been allowed for a sole owner of the business.

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