Tax Incentives
Rhode Island Requires Tax Incentive Evaluations
Earlier this month, Rhode Island adopted a law requiring that economic development tax incentives undergo regular and rigorous evaluations. The legislation (S 734) passed the General Assembly with only one dissenting vote and was signed by Governor Lincoln Chafee. Because of this legislation, Rhode Island is on track to become a leader among the states on the evaluation of economic development […]
Billion in State Incentives to Lure Business
A supervisor observes work on the assembly line at a Chrysler plant in Detroit. In 2010 Michigan gave the company state tax credits valued at billion, one of the state’s 29 “megadeals” in the past 35 years. (AP) Michigan has given large tax breaks and subsidies toemployers more often than any other state, according to […]
Governors Fear Loss of Bond Tax Exemption
Municipal bonds finance a huge portion of the infrastructure building and repair undertaken throughout the country. (AP) Correction at end A panel of top tax policy analysts has warned the nation’s governors they face an ongoing risk of increased borrowing costs if President Obama and Congress curb or eliminate the tax exemption on municipal bonds […]
Tax Breaks for Sale: Transferable Tax Credits Explained
The motion picture industry is a major recipient of transferable tax credits offered as an economic development tool in states throughout the country. (Patti Perret/CBS via Getty Images) When Danny Bigel was a film producer, one of his biggest headaches had nothing to do with pampered actors, finicky directors or the fickle movie-going public. Instead, […]
Oregon Lawmakers To Consider Nike Expansion in Special Session
Oregon lawmakers are prepping for a short special session to begin this week aimed at securing a Nike expansion in the state. The sports giant recently acknowledged that it is being wooed by other states but has promised to bring at least 500 jobs and million in capital investment in the next 5 years if […]
The Spending That Isn’t Counted
AP Photo/Toby Talbot Vermont legislators pore over spreadsheets in the House chamber as they examine a recent state capital budget. When Vermont lawmakers finalize their budget in the coming days or weeks, interested citizens will learn quite a few important things about how the state spends its money. But there are some things they won’t […]
Report: Few States Study Impact of Costly Tax Breaks
In 2008, Wisconsin became a good buddy to the film industry. That’s when the state began offering film producers some of the most generous tax incentives in the nation — a 25 percent credit for money spent on production along with 15 percent cash back for spending on infrastructure. The state’s goal was simple: reel […]
Oscar Night Secret: Tax Breaks for Films Go Undisclosed in Many States
iStockphoto States are eager to use financial incentives to attract Hollywood productions. But they’re less enthusiastic about revealing which films got how much help. Of the nine film productions up for best picture at Sunday’s Academy Awards, five received financial incentives from state governments. But if you want to find out exactly how much help […]
As 2012 Agenda Unfolds, to Raise or Cut Taxes Is the Big Question
Republican Governor Chris Christie of New Jersey is calling for an across-the-board 10 percent cut in the state income tax. Governor’s Office/Jody Somers As state lawmakers gather for their 2012 legislative sessions, taxes are emerging as a key issue, with at least half a dozen Republican governors pressing for sweeping tax cuts and just as […]
Business Tax Cuts Pass in Michigan But Falter Elsewhere
Office of Governor Rick Snyder Michigan Governor Rick Snyder last week signed a tax bill that is estimated to cut corporate taxes by nearly .8 billion a year. Other Republican governors have tried passing tax cuts for businesses this year, but they’ve run into critics, including some from their own party, who say the states […]
Eliminating Tax Breaks: A Path to Budget Compromise?
From the moment it became clear who the state’s new governor and legislative leaders would be, Minnesota seemed to be heading for political stalemate. Mark Dayton, the newly elected Democratic governor, campaigned on a promise to raise taxes on the wealthy as a way of closing a massive budget deficit. The new Republican majorities in […]
Governors Target Rules at Businesses’ Behest
Business groups have long been asking governors for a reprieve from government regulations that they say impede economic growth. “In the middle of a recession, the last thing that government needs to be focused on is finding new ways to regulate businesses,” says Adam Babington, vice president of government affairs for the Florida Chamber of […]