The Downtown Monroe Streetscape Development Plan is a constructive effort challenging Monroe’s community to bring about proactive change in the downtown area. This plan focuses on revitalizing the Main Street and Riverfront community of Downtown Monroe. TBArchitecture has been analyzing existing streetscape conditions, conducting research, and generating renderings to assist in the proactive approach.
Incentives For Doing Business in Downtown Monroe:
- Enterprise Zone
- Workforce Development Training
- Quality Jobs
- Incumbent Worker Training (IWTP)
- Industrial Property Tax Exemption
- Freeport Law
- Econ. Devel. Award Program
- Restoration Tax Abatement
- Inventory Tax Credit
- Louisiana Econ. Dev. Corp.
- Corporate Jobs Tax Credit
- Industrial Revenue Bonds
- Foreign Trade Zones
- Historic Rehabilitation Tax Credit
- Federal Tax Credit Incentive
For more detailed information on incentives contact the DEDD at 318.807.9985.
U.S. HUD Urban Renewal Community
Ouachita Parish is one of 40 U.S HUD Urban Renewal Communities which share in $17 Billion worth of incentives to businesses located inside the Renewal Community and who employ individuals living within those boundaries. Downtown Businesses meeting certain criteria receive excellent business incentives in the form of tax credits and accelerated business deductions/write off. These incentives include:
- Wage Credit: Up to $1,500 or 15 percent of an employee’s salary up to $10,000 for each employee who lives and works in the renewal community.
- Work Opportunity Credit: Up to $2,400 for employees hired from groups that have high unemployment rates or other special employment needs.
- Welfare to Work Credit
- Increased Section 179 Deduction: Allows businesses to take a deduction of up to $35,000 on equipment purchases.
- Commercial Revitalization Deduction: Allows businesses that construct or rehabilitate commercial property to deduct a portion of the costs.
- Environmental Clean-up Cost Deduction
- Qualified Zone Academy Bonds:
- Zero Percent Capital Gains Rate: A business that holds an asset for at least five years does not have to pay taxes on the profit of its sale.
- New Markets Tax Credit: Investors in qualified projects can obtain a tax credit of 5 to 6 percent of the amount invested for each of the years the investment is held, for up to seven years of the credit period.
- Low-income Housing Credit: Ten-year credit for owners of newly constructed or renovated rental housing