Download or read book Rethinking Property Tax Incentives for Business written by Daphne A. Kenyon and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Tax exempt Financing of Student Loans written by Pearl Richardson and published by . This book was released on 1986 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Technical Information Release written by United States. Internal Revenue Service and published by . This book was released on 1969 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Monthly Catalogue United States Public Documents written by and published by . This book was released on 1986 with total page 962 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Monthly Catalog of United States Government Publications written by United States. Superintendent of Documents and published by . This book was released on 1986 with total page 960 pages. Available in PDF, EPUB and Kindle. Book excerpt: February issue includes Appendix entitled Directory of United States Government periodicals and subscription publications; September issue includes List of depository libraries; June and December issues include semiannual index

Download or read book Tribal Business Structure Handbook written by Karen J. Atkinson and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book President Reagan s Fiscal Year 1983 Budget written by and published by . This book was released on 1982 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Tax exempt Industrial Development Bonds written by United States. Congress. Senate. Committee on Small Business. Subcommittee on Urban and Rural Economic Development and published by . This book was released on 1981 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Bowker s Law Books and Serials in Print written by and published by . This book was released on 1986 with total page 1370 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Statistical Reference Index written by and published by . This book was released on 1986 with total page 1036 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Statistics of Income written by and published by . This book was released on 1988 with total page 610 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Implications of H R 3838 the Tax Reform Act written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 1986 with total page 976 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Improving Tax Increment Financing TIF for Economic Development written by David Merriman and published by . This book was released on 2018-09-05 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economist David Merriman of the University of Illinois at Chicago reviews more than 30 individual studies in the most comprehensive assessment of tax increment financing (TIF) with practical recommendations for policy makers and practitioners. The report finds that while TIF has the potential to draw investment into neglected places, it has not accomplished the goal of promoting economic development in most cases. First implemented in the 1950s, TIF funds economic development within a defined district by earmarking increases in future property tax revenues that result from increases in real estate values in the district. The tax revenue can be used for public infrastructure or to compensate private developers for their investments, but TIF is prone to several pitfalls: it often captures some revenues that would have been generated through normal appreciation in property values, it can be exploited by cities to obtain revenues that would otherwise go to overlying government entities such as school districts, and it can make cities' financial decisions less transparent by separating them from the normal budget process. The report recommends several ways that state and local policy makers can reform TIF practices going forward.

Download or read book Tax Equity and Fiscal Responsibility Act of 1982 written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 1982 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Register written by and published by . This book was released on 1986-10-27 with total page 1876 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financing Eco Dev in 21st Century written by and published by M.E. Sharpe. This book was released on with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: 14. International Business and Multinational Corporations in China -- 15. Taiwan' s Recent Economy and Business Environment -- 16. Opportunities and Challenges for Hong Kong in the New Millennium -- Editors and Contributors -- Index

Download or read book USITC Publication written by and published by . This book was released on with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: