Rethinking Property Tax Incentives for Business PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Rethinking Property Tax Incentives for Business PDF full book. Access full book title Rethinking Property Tax Incentives for Business by Daphne A. Kenyon. Download full books in PDF and EPUB format.
Author: Daphne A. Kenyon
Publisher:
ISBN: 9781558443891
Category :
Languages : en
Pages :
Get Book Here
Book Description
State and local governments use many types of property tax incentives to increasebusiness development. This report reviews those incentives, summarizes the literatureregarding their effectiveness, and makes recommendations for reforming their use tohelp policy makers and local government officials improve the odds of achieving theirdevelopment goals.
Author: Daphne A. Kenyon
Publisher:
ISBN: 9781558442337
Category : Electronic books
Languages : en
Pages : 0
Get Book Here
Book Description
The use of property tax incentives for business by local governments throughout the United States has escalated over the last 50 years. While there is little evidence that these tax incentives are an effective instrument to promote economic development, they cost state and local governments $5 to $10 billion each year in forgone revenue. Three major obstacles can impede the success of property tax incentives as an economic development tool. First, incentives are unlikely to have a significant impact on a firm's profitability since property taxes are a small part of the total costs for most businesses--averaging much less than 1 percent of total costs for the U.S. manufacturing sector. Second, tax breaks are sometimes given to businesses that would have chosen the same location even without the incentives. When this happens, property tax incentives merely deplete the tax base without promoting economic development. Third, widespread use of incentives within a metropolitan area reduces their effectiveness, because when firms can obtain similar tax breaks in most jurisdictions, incentives are less likely to affect business location decisions. This report reviews five types of property tax incentives and examines their characteristics, costs, and effectiveness: property tax abatement programs; tax increment finance; enterprise zones; firm-specific property tax incentives; and property tax exemptions in connection with issuance of industrial development bonds. Alternatives to tax incentives should be considered by policy makers, such as customized job training, labor market intermediaries, and business support services. State and local governments also can pursue a policy of broad-based taxes with low tax rates or adopt split-rate property taxation with lower taxes on buildings than land.State policy makers are in a good position to increase the effectiveness of property tax incentives since they control how local governments use them. For example, states can restrict the use of incentives to certain geographic areas or certain types of facilities; publish information on the use of property tax incentives; conduct studies on their effectiveness; and reduce destructive local tax competition by not reimbursing local governments for revenue they forgo when they award property tax incentives.Local government officials can make wiser use of property tax incentives for business and avoid such incentives when their costs exceed their benefits. Localities should set clear criteria for the types of projects eligible for incentives; limit tax breaks to mobile facilities that export goods or services out of the region; involve tax administrators and other stakeholders in decisions to grant incentives; cooperate on economic development with other jurisdictions in the area; and be clear from the outset that not all businesses that ask for an incentive will receive one.Despite a generally poor record in promoting economic development, property tax incentives continue to be used. The goal is laudable: attracting new businesses to a jurisdiction can increase income or employment, expand the tax base, and revitalize distressed urban areas. In a best case scenario, attracting a large facility can increase worker productivity and draw related firms to the area, creating a positive feedback loop. This report offers recommendations to improve the odds of achieving these economic development goals.
Author: United States. Congress. Senate. Committee on Finance. Subcommittee on Taxation and Debt Management
Publisher:
ISBN:
Category : Energy conservation
Languages : en
Pages : 648
Get Book Here
Book Description
Author: United States. Congress. House. Committee on Public Works and Transportation. Subcommittee on Economic Development
Publisher:
ISBN:
Category : Chicago (Ill.)
Languages : en
Pages : 288
Get Book Here
Book Description
Author: United States. Congress. House. Committee on Public Works and Transportation. Subcommittee on Economic Development
Publisher:
ISBN:
Category : African Americans
Languages : en
Pages : 310
Get Book Here
Book Description
Author: Karen J. Atkinson
Publisher:
ISBN: 9780692057650
Category : Indian business enterprises
Languages : en
Pages :
Get Book Here
Book Description
A comprehensive resource on the formation of tribal business entities. Hailed in Indian Country Today as offering "one-stop knowledge on business structuring," the Handbook reviews each type of tribal business entity from the perspective of sovereign immunity and legal liability, corporate formation and governance, federal tax consequences and eligibility for special financing. Covers governmental entities and common forms of business structures.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264249486
Category :
Languages : en
Pages : 494
Get Book Here
Book Description
This report monitors SME and entrepreneur access to finance in 37 countries.
Author: U. S. Customs and Border Protection
Publisher:
ISBN: 9781304100061
Category : Education
Languages : en
Pages : 0
Get Book Here
Book Description
Explains process of importing goods into the U.S., including informed compliance, invoices, duty assessments, classification and value, marking requirements, etc.
Author: United States. Congress. House. Committee on Ways and Means
Publisher:
ISBN:
Category : Enterprise zones
Languages : en
Pages : 748
Get Book Here
Book Description
Author:
Publisher:
ISBN:
Category : Marketing
Languages : en
Pages : 552
Get Book Here
Book Description
Author:
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 12
Get Book Here
Book Description
