Office and Industrial Sales Tax Incentive Program
On June 24, 2014, the City Council approved a new business incentive program to provide financial incentives to eligible businesses looking to locate or expand in office or industrial facilities in the Stockton city limits.
To qualify for the program, businesses must meet these criteria:
- Generate net new annual gross taxable sales of $25 million or more.
- Generate sales tax to the City of Stockton corresponding with the gross sales tax amount.
- Create a minimum of 10 full-time equivalent (FTE) jobs.
- Make a capital investment within the City of $50,000 (based on office lease rate of $12/sf per year for 5,000 sf building/lease rate of 20,000 sf industrial building at $4.50/sf per year is $90,000) or more (may be an aggregate of lease or purchase of facility, tenant improvements, off-site improvements, or other similar investment).
- Must have a physical presence within Stockton city limits
An Agreement will be executed between the City of Stockton and the qualifying business and requires City Council approval. To be eligible, the City must demonstrate there is a direct benefit to the public, which may include, but is not limited to:
- Net new sales tax revenue received by the City of Stockton
- Creation of jobs
- Capital investment by the business
The program will be in effect for a period of five years from the date of the approval, unless extended by the City Council.
For a complete explanation of the program, please review the recently adopted agenda item and ordinance and guidelines.
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This City of Stockton web page last reviewed on --- 10/29/2014