Downtown Development TAX Credit
Woodbury is honored to be a member of the 2021 cohort of Downtown Development Designated communities. Each Downtown Development designation lasts for five years, and activities began on Jan. 1, 2021.
1. Job Tax Credit, which offers $2,000 per new full-time equivalent job created
2. Investment Credit, which is equivalent to 25% of the purchase price of the building
3. Rehabilitation Credit, which is equivalent to 30% of qualified rehabilitation costs.
Each of the three tax credits is dependent upon the creation of at least two new full-time equivalent jobs. General criteria for designation include communities with a population of less than 15,000; a core downtown area with structures older than 50 years; evidence of blight or disinvestment in the downtown area; implementation of a strategic plan in the downtown area; and a completed market analysis, which indicates gaps within the local business makeup.