Economic Target Area
"The City of Quincy is proud to be the lead community in the formation of the Quincy Economic Target Area, which provides economic incentives to encourage the development of commercial and industrial properties in one of our ETA member communities.”
– Mayor Tom Koch
Economic Target Areas
The Massachusetts Economic Development Incentive program (EDIP) uses solid incentives to stimulate job creation, attract new businesses, encourage the expansion of existing businesses and assist in infrastructure improvements in economically targeted areas (ETA).
The program offers substantial financial incentives to businesses expanding or locating in designated ETA’s, including investment tax credits, building and municipal tax incentives, substantial property tax savings and more.
The Quincy ETA includes 12 communities:
Braintree, Canton, Dedham, Hingham, Hull, Needham, Norwood, Quincy, Randolph, Stoughton, Westwood and Weymouth.
Each communitiy has a Tax Increment Financing (TIF) program to encourage the development of commercial and industrial properties. TIF involves a negotiated agreement between the community and a business relating to the property tax on the increased value due to new construction or significant improvements. Exemptions are for a minimum of five and a maximum of 20 years and all personal property taxes are exempt.
In addition, businesses may be eligible for a five percent Investment Tax Credit for qualifying tangible property which is depreciable and has a useful life of four years or more; a 10 percent Abandoned Building Tax Deduction, if building is at least 75% vacant for two years; and special tax assessments, a phased-in assessment of the total value of the project.
The Quincy ETA is an exceptional place to do business and a wonderful place to live. For more information about the Quincy ETA, contact Dean Rizzo at email@example.com or 617-471-1700.