In an effort to promote and encourage economic development projects in Rice County, the County will serve as a clearinghouse of information, as a technical resource for programs and regulations, and provide technical assistance on specific economic development activities. The County has established a network of public and private partners that cooperate to work towards the goal of improving the County's tax base and creating quality jobs.
Rice County Incentives
Rice County provides the following economic development incentives, and is committed to meeting the financial and tax needs of our business partners. This includes finding creative solutions to financial needs, helping to identify resources, and understanding the role of tax incentives in determining business location and growth needs.
Revolving Loan PolicyTo stimulate private sector investment in facilities and equipment in order to create/retain jobs for local residents and to upgrade facilities to maintain competitiveness and/or boost productivity; and provide affordable loans for expansion and/or rehabilitation of commercial and industrial buildings in order to maintain the commercial and industrial viability of Rice County and its communities.
Tax Abatement PolicyTax Abatement is one technique to encourage private development projects by allowing the rebate of property taxes to the owner, reallocating the taxes to pay for public infrastructure costs or deferring the property taxes and rebating the interest penalty.
Business Subsidy PolicyPurpose of this policy is to:
- Create additional job opportunities within the County.
- Enhance the economic diversity of the County and provide essential products and services within the County
- Enhance economic growth in the County.
- Redevelop blighted or underutilized areas of the County.
- Retain local jobs in the County, where job loss is specific and demonstrable.