Businesses located in downtown Fargo may be eligible for tax credits through the Renaissance Zone, a program enacted by the State Legislature in 1999. This program encourages investment and development in downtown corridors through the use of tax credits and incentives.
The following credits may apply:
- 5-year tax exemption on income derived from a business or investment location within a zone
- 5-year property tax exemption on buildings, structures, fixtures, and improvements purchased or rehabilitated as a zone project for any business or investment purpose. Land is not exempt
- Historic preservation and renovation tax credit from state income tax for up to 25% of the amount invested in the Renaissance Zone project, up to $250,000. Any unused credit can be carried forward up to 5 taxable years