Economic Development

The City of Newport IDEA Program was created in 2020 to enhance the business climate for entrepreneurs, small businesses, startups and travelling professionals and to meet the needs of the new economy, while spurring investment in vacant properties. Property owners/lessors may receive up to a 40% reimbursement of city payroll taxes generated by employees of eligible businesses locating in a newly rehabbed, previously vacant property. The reimbursement will be paid annually to the property owner for up to 5 years. Tax reimbursements must be used to assist with either tenant finish or rent reduction.

View Guidelines for the IDEA Program (PDF). Pursuant to Section 37.37.315 of the Newport City Code of Ordinances, in order to determine eligibility for this program, a company must complete, sign and submit an IDEA Application (PDF) to the Office of the City Manager. For more information, email Bev Holiday, Community Liaison.

The City offers up to a 40% reduction in occupational license fees for certain projects locating in the community. Download the Job Development Incentive Program Application (PDF) or email Bev Holiday, Community Liaison.

Business and property owners can defer the added value of improvements from the taxable assessment of their property for a period of five years. A structure must be 25 years old or older and must undergo substantial rehabilitation to qualify. Download the Property Assessment Moratorium Application (PDF) or email Brian Steffen, Code Enforcement Director.

A 20% investment tax credit is available for substantial rehabilitation of certified historic buildings that are income-producing. Project must comply with the Secretary of the Interior's Standards for Rehabilitation. A 10% credit is available for buildings built before 1936 that are not certified as historic. (A map will soon be added showing Newport Tax Credit Eligibility Areas.)

For more information on the Commonwealth's program, visit the Kentucky Heritage Council's Historic Rehab Tax Credits page visit the  or email Scott Clark, the City's Historic Preservation Officer.

The City has created the local City Center Tax Increment Financing (TIF) District. View a map of the Tax Increment Financing District (PDF). For more information, email Lauren O'Brien, Assistant to the City Manager.

Fore more information about the benefits through TIF in Kentucky, view the TIF Fact Sheet (PDF).

The City has created an Energy Project Assessment District to facilitate Property Assessed Clean Energy (PACE) Projects. Energize Kentucky is the Program Administrator for a program available to commercial, industrial, and multi-family (5 units or more) property owners across the Commonwealth. PACE Financing provides access to low-cost, extended term capital to finance energy efficiency and water efficiency projects. For more information click here.

• Energize Kentucky Initial Eligibility Form (PDF)
• Energize Kentucky Success Story: Ivy Knoll Senior Community Center (PDF)
• Process for Energize Kentucky: PACE Financing (PDF)

• Kentucky Financial Incentives for Locating and Expanding Businesses
• Kentucky Workforce Development Assistance
• Kentucky Unemployment and Work Opportunity Tax Credit