The Crystal Falls Industrial Park has been designated a Renaissance Zone!
This is exciting news for the City of Crystal Falls and a wonderful opportunity for Business relocation into the recently upgraded Industrial Park!
What does Renaissance Zone mean for those locating there:
TAX RELIEF- You don’t pay
- Single Business Tax
- State personal income tax
- 6-mill State Education tax
- Local personal property tax
- Local real property tax
- Local income tax
- Utility Users tax
NO PAPERWORK – Businesses who move into a zone can just start keeping their tax dollars!
TAXES STILL DUE ARE:
- Social Security Tax
- Unemployment compensation
- Workers’ compensation
- Sewer and water fees
- Property taxes resulting from local bonded indebtedness or special assessments
- State 6 percent sales tax (Michigan does not allow local sales taxes)
Renaissance Zones are regions of the state set aside as virtually tax-free for any business or resident presently located in or moving to one of the zones- and there is no paperwork. The program has been so successful that it has been expanded to 20 zones from the original 11 established in 1996. with this expansion to 20 zones, there are now 112 geographic areas in Michigan that are virtually tax-free. And the City of Crystal Falls Industrial Park is one of these!
Renaissance Zones are an economic development breakthrough that originated here in Michigan, and are now being copied by other states. The 20 zones have spurred more than $776 million of private investment in 211 projects and the creation of 5,600 jobs.
For more information, contact the City Manager at 906-875-6647 or the Iron County Economic Development Corporation at 906-875-6688 or by email to: firstname.lastname@example.org.