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Author:
Publisher:
ISBN:
Category : Enterprise zones
Languages : en
Pages : 282
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Author:
Publisher:
ISBN:
Category : Enterprise zones
Languages : en
Pages : 282
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Author: Daphne A. Kenyon
Publisher:
ISBN: 9781558442337
Category : Electronic books
Languages : en
Pages : 0
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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: Texas
Publisher:
ISBN:
Category : Transportation
Languages : en
Pages :
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Author: Texas
Publisher:
ISBN:
Category : Commercial law
Languages : en
Pages : 524
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Author: United States. Federal Aviation Administration
Publisher:
ISBN:
Category : Licenses
Languages : en
Pages : 12
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Author: Cohnreznick Llp
Publisher: Independently Published
ISBN:
Category :
Languages : en
Pages : 84
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Book Description
Understand the role each stakeholder plays in the Opportunity Zone ecosystem - one that can drive new investment, development, and job creation in left-behind communities across America.The 2017 Tax Cuts and Jobs Act (TCJA) brought to life the first new community development tax incentive in decades. Opportunity Zones (OZs) were created to spur economic development and job creation in distressed communities by offering tax incentives to those who provide new capital investments in these areas.As a growing marketplace takes shape around OZs, there's far more unknown than known about how they can and should be implemented. The rules released by the IRS over the course of 2018 and 2019 are complex and number in the hundreds of pages."The Guide to Making Opportunity Zones Work," co-edited by leading Opportunity Zone advisors Ira Weinstein, who oversees advisory, assurance and tax for stakeholders across the OZ landscape, and Steve Glickman, who helped architect the legislation behind the initiative.Inside you'll find: - Plain-English breakdowns of the various terms, tests, and other rules specific to the world of OZs (with graphics and examples)- Individual chapters offering insights for specific OZ stakeholderso Investorso Fund managerso Real estate developerso Entrepreneurs and business ownerso OZ community leaders- Plus, insights on how these groups fit together, and how they can collaborate to best drive new economic activity in struggling communities across America.Think of this guide as a tutorial that covers the nuts and bolts of OZ investing - one that provides advice and information for each of the key participant groups needed to create and support a healthy OZ ecosystem.
Author: United States. Congress. House. Committee on Government Operations. Intergovernmental Relations and Human Resources Subcommittee
Publisher:
ISBN:
Category : Intergovernmental fiscal relations
Languages : en
Pages : 470
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Author:
Publisher:
ISBN:
Category : Grants-in-aid
Languages : en
Pages : 108
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Author: PA Cambridge Economic Consultants
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 136
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Author: United States. Congress. Senate. Committee on Small Business
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 80
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Book Description
