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Department of Commerce reports 2024 Renaissance zone activity: 53 zones, 41 projects completed
Summary
The Department of Commerce reported the Renaissance zone program recorded 75 project approvals and 41 completions in 2024, with $437,590 estimated in state income tax exemptions and about $2.1 million in estimated property tax exemptions for that year; the program remains concentrated in small towns as well as larger cities.
The Department of Commerce presented its annual report on Renaissance zones to the Tax Reform and Relief Advisory Committee, saying the program continues to support downtown rehabilitation and redevelopment across the state.
Ricky Rourke, manager of the Renaissance Zone program at Commerce, told the committee the 2024 report covers calendar-year activity. The department recorded 75 project approvals and 41 project completions in 2024. Since the program began in 1999, staff said, more than 2,100 projects have been approved and nearly 1,700 projects completed; as of 2024 there were 53 active Renaissance zones statewide.
Rourke said estimated state income tax exemptions associated with…
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