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<br /> <br /> <br /> <br /> <br /> <br /> "Existing" businesses : Businesses already in an EZ must increase their average annual number of <br /> full-time employees by at least 10% by the end of the first year. The average annual number of full- <br /> time employees must also increase by at least 10% annually in years 2 to 7. <br /> <br /> "New" businesses: Businesses that start up in or move to an EZ must increase their average annual <br /> number of full-time employees by at least 10% by the end of the first year. The average annual <br /> number of full-time employees at the end of years 2 to 7 can fluctuate, but cannot be less than the <br /> number of employees required at the end of the first year. (Note: New businesses will be considered <br /> "new" throughout their seven years of eligibility.) <br /> <br /> <br /> INCENTIVES <br /> State: <br /> <br /> Businesses which satisfy all requirements will qualify for the following state tax benefits for up to <br /> seven consecutive years: <br /> <br /> 100% exemption from the General Excise Tax (GET) and Use Tax every year. (The <br /> GET exemtion applies only to gross revenues from EZ-eligible business categories within <br /> an EZ.) Contractors are also exempt from GET on construction done within an EZ for an <br /> EZ-qualified business. <br /> <br /> An 80% reduction of state income tax the first year. (This reduction goes down 10% <br /> each year for 6 more years.) <br /> <br /> An additional income tax reduction equal to 80% of annual Unemployment Insurance <br /> premiums the first year. ('T'his reduction goes down 10% each year for 6 more years.) <br /> <br /> NOTE: The two income tax reductions combined cannot exceed 100% of income tax due. <br /> <br /> <br /> County: <br /> <br /> Hawaii County will offer eligible businesses a three-year exemption from any increase in property <br /> taxes resulting from new construction in enterprise zones. <br /> <br /> <br /> <br /> HOW TO PARTICIPATE <br /> If you think your business may be eligible, call the Hawaii County Department of Research and <br /> Development at 961-8366 or the State of Hawaii's Department of Business, Economic Development, <br /> and Tourism (DBEDT) at 974-4000 extension (62593) for more information about enterprise zones. <br /> <br /> (wplinfobi 1/98) <br /> <br /> T ony even ';Ws <br /> -'d---?SH Patuesaad 101 'M <br /> NF ,~'-'ON 0119, <br /> <br /> !o L"rl bN -MOD <br />