Marion County named a Rural Opportunity Zone
People are realizing that opportunities do exist in rural Kansas. In recent years, many of the brightest and best were leaving their rural communities for greener pastures. However, improved internet access is allowing rural citizens to be competitive on state, national and global levels.
In 2010, Kansas Gov. Sam Brownback introduced Rural Opportunity Zones (ROZs) as a way of attracting people to Kansas. The new initiative offers two incentives: an exemption from state income tax for five years for individuals who relocate from out of state, and a state-matching program for counties to repay student loans up to $15,000 for qualifying individuals moving to a ROZ county.
A number of families have taken advantage of ROZ incentives choosing to make Hillsboro their home. The latest census shows Hillsboro having a 5.4% increase in population, many of whom are young families.
It cannot be over emphasized that rural communities must be attractive in order to attract; quality of life issues are of primary concern. Those who choose to live in a small town do so because of perceived benefits beyond the paycheck. Things like quality daycare, schools, churches, recreation and housing are often deciding factors all of which are available in Hillsboro.
Job Expansion and Investment Credits
This program provides business incentives for those businesses that may not qualify for the Enterprise Zone incentives, such as retail businesses or non-manufacturing businesses that do not create at least five new hobs. For example, a new or expanding retail business that creates at least two new jobs is allowed a hob expansion credit of $100 per net new employee and an investment tax credit of $100 per $100,000 of qualified investment. Credits may be used to offset up to 50% of the business’ Kansas income tax liability for a period of up to ten years. Unused credits may not be carried forward.
Marion County Neighborhood Revitalization Program
The Marion County Neighborhood Revitalization Program provided property tax rebates on new construction and on increased valuation resulting from remodeling and or expansion projects of any type of construction including business, farm or home. Rebates are calculated on a decreasing scale for 5 years.
Upon issuance of your building permit, you may call or visit the County Appraiser's office to see if the rehabilitation, alteration, addition, or new construction qualifies for a TAX REBATE on property taxes. There is a $25.00 NON-REFUNDABLE application fee to determine eligibility status for a tax rebate. Prior to any construction, you must contact the County Appraiser to begin the application process. (620)382-3715.
Industrial Revenue Bonds
Property financed with the proceeds of an Industrial Revenue Bond (IRB) issue can be exempt from property taxation for a period of ten years. In addition, the cost of building materials and permanently installed equipment are exempt from state and local taxes. Hillsboro has several businesses which have been funded through IRB financing over the years.
For more information conserning qualifications and application procedures please contact:
Clint Seibel, Executive Director
Hillsboro Development Corp./Hillsboro Ventures Inc.
116 East Grand
Hillsboro, KS 67063