Resources


Local Incentives

 

Discretionary Formula for Reduced Taxation 

Reduced taxation for new commercial structures or additions to existing structures

   a.  20% of the assessed value for the first year;

   b.  40% of the assessed value for the second year;

   c.  60% of the assessed value for the third year;

   d.  80% of the assessed value for the fourth year;

   e.  100% of the assessed value for the fifth year and                all years thereafter. 

 

Municipal Sales and Service Tax and Use Tax Refund

The City of Elk Point may agree to a refund, in whole or part, of the Municipal Sales and Service Tax and Use Tax paid by a business or person on the purchase of material for use in remodeling, rehabilitation, or constructing a structure; and/or the purchase of equipment and furnishings for a business.

 

Affordable City Utility Rates 

 Utility rates and further information available by calling the City of Elk Point at (605) 356-2141

 

 

Loan Fund 

 

The REED Fund is a non-profit tax-exempt 501(c)(3) corporation, formed through the collaboration of rural electric cooperative members of East River Electric Power Corporation offering loans to eligible businesses supporting growth and development and business ownership opportunities.   

 

 

Work Force Development Programs 

Regional Technical Education Center (RTECH) located in Yankton, SD offers various workforce development training programs in advanced manufacturing, AWS Certified Welding, CDL truck driving and CNC Machining.  

 

 State Incentives

  •  No State income or corporate tax!
  • The Elk Point Economic Development Corporation (EDC) works closely with the South Dakota Governors Office of Economic Development (GOED).  The GOED offers the following financial incentives and support to new business and industry: 


                -MicroLoan Program/MicroLoan Express

            -Proof of Concept Fund

            - Revolving Economic Development 

                       Initiative Fund - REDI Fund

             -SBA 504

             -South Dakota WORKS