Economic Incentives Group: The Golden Ticket

Tax changes in Ohio

John Lenio — Wed, 04 Sep 2013 16:53:56 +0000

On June 30, 2013, Ohio’s Governor, John Kasich, enacted legislative changes to the state’s sales and income tax rates. The sales and use tax increased to 5.75% from the original 5.5% and the personal income tax rate will decrease from … Continue reading »

Florda Incentives Activity

John Lenio — Sun, 25 Aug 2013 19:40:57 +0000

Based on our research of recent Florida incentives activity, the State typically awards companies the QTI Program at a rate of $1,500 to $8,000 per new jobs. The variability depends on location and overall fiscal impact on the community.

North Carolina cities make Forbes list

John Lenio — Wed, 21 Aug 2013 12:41:24 +0000

Last week, Forbes announced their 15th annual “Best Places For Business And Careers” list. Arriving in third place was the capital, Raleigh, topping North Carolina’s cities with a projected annual growth of 3.8%. Also included in the rankings was Durham at the 10 spot, and Charlotte at the 19th, making the state of North Carolina a strong candidate for business and careers.

IBM and Microsoft Recently Expand

John Lenio — Mon, 12 Aug 2013 12:27:24 +0000

Earlier this year, IBM announced the selection of Baton Rouge, Louisiana for its $55 million technology center and office complex. The company was offered a $29.5 million incentive package over 12 years to assist with their hiring and training of 800 new employees. More recently, the Iowa Economic Development Authority Board awarded Microsoft with $40 million in tax credits and refunds for their $677.6 million expansion at its Des Moines, Iowa data center. Both projects are expected to be completed sometime in 2015.

Missouri Works Program

John Lenio — Mon, 05 Aug 2013 21:07:04 +0000

Missouri recently enacted legislation to create the Missouri Works Program. Missouri Works can provide tax credits valued up to 100% of employee withholding taxes for 5 to 6 years. The tax credits are refundable and capped at the value of employee personal income taxes. The credit is available for new and existing businesses. High impact projects may see benefits as high as 6% to 7% of gross payroll for 5 years.

North Carolina’s Personal and Corporate Income Tax

John Lenio — Mon, 29 Jul 2013 13:27:41 +0000

The state of North Carolina will be dropping its three tiered system for personal income tax and installing a flat rate of 5.8% in 2014 and 5.75% in 2015, down from its current high of 7.75%. The state will also be decreasing its 6.9% corporate income tax rate to 6.0% in 2014, followed by 5.0% in 2015 and, if revenues targets are met, 4.0% in 2016 and 3.0% in 2017.

Indiana Headquarters Tax Credit

John Lenio — Mon, 08 Jul 2013 15:30:38 +0000

The State of Indiana has a headquarters tax credit program that can award corporate income tax credits valued up to 50% of eligible relocation costs.

Minnesota Job Creation Fund

John Lenio — Wed, 19 Jun 2013 17:00:47 +0000

The Governor of Minnesota recently signed legislation creation the Minnesota Job Creation Fund. The Fund provides grants to eligible companies that create at least 10 new jobs and invest at least $500,000.

Kansas sales tax rate

John Lenio — Mon, 17 Jun 2013 17:11:25 +0000

The State of Kansas will be reducing its sales tax rate to 6.15% from 6.30% starting in July 2013.

Minnesota Investment Fund

John Lenio — Tue, 28 May 2013 15:51:31 +0000

The Governor of Minnesota recently signed legislation that adds funding to the Minnesota Investment Fund. The program has been funded with $30 million to provides grants and loans to qualifying companies expanding or relocating to the State.