Incentive Program Overview
TIF (Tax Incremental Financing)
Since the City of Sioux Falls established its first Tax Increment Financing District in 1989, the City has taken a conservative approach to the establishment of TIF Districts in Sioux Falls. The City has effectively and reasonably used TIF as a development incentive for blighted areas within the core of our community.
Reduced Taxation Program
The Reduced Taxation Incentive Program is a program offered to stimulate development within Sioux Falls. The program allows for up to a five-year property tax savings for certain construction and development projects adding taxable property value to the community. Projects within the downtown and core neighborhoods may be eligible, as are city-wide projects of industrial and business nature as defined by City Ordinance. Please visit the links below for further information on each of the Reduced Taxation Incentive programs.
City of Sioux Falls Sales Tax Refund
Pursuant to Title III , Sections 37-165 through 37-175 , of the Revised Ordinances of Sioux Falls, SD, offers a refund or credit for sales tax paid by person(s) who incur costs for the furnishing and equipping only of a new business facility that satisfies the eligibility requirements as set forth in Section 37-167 of the Revised Ordinances of Sioux Falls, SD.
The South Dakota Governor's Office of Economic Development offers several incentives to new or expanding businesses that assist with the overall cost of a project. Below are several important ones.