Dean Barber, Principal, Barber Business Advisors, LLC

By Dean Barber, Principal, Barber Business Advisors, LLC

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MS Statewide Economic Development Agencies

MS Utilities

MS Regional Economic Development Agencies

MS County Economic Development Agencies

MS City Economic Development Agencies

Mississippi State Incentives

MISSISSIPPI FILM INDUSTRY INCENTIVE: Passed in 2011 and effective immediately, it increases the rebate by 5 percent and expands the definitions of qualified distribution and production to include new technology. The legislation increases the current rebate to 25 percent for qualified local spend and non-resident cast and crew payroll and to 30 percent for Mississippi resident cast and crew payroll. The per project rebate cap remains at $8 million (an approximate $30 million local spend) and the annual cap remains at $20 million. The expanded program added streaming video and Internet delivery as qualified distribution. New technology areas, such as animation, 3D applications, video game cinematics, visual effects and motion capture within the fields of feature film, television, commercials and games, were added as qualified production.

ADVANTAGE JOBS INCENTIVE PROGRAM: Provides for a rebate of a percentage of Mississippi payroll to qualified employers for a period of up to 10 years. It is available to businesses that promise significant expansion of the economy through the creation of jobs. The jobs must meet or exceed the average annual wage of the state or the county in which the company locates, whichever is lower. Minimum job creation requirements are based on the level of development of the county.

BROADBAND TECHNOLOGY TAX CREDIT: Credits provided to entities to encourage the deployment of high-speed Internet access throughout the state, with an emphasis on rural areas. Qualifying equipment used in the deployment of broadband technologies includes asynchronous transfer mode switches, digital subscriber line access multiplexers, routers, servers, multiplexes, fiber optics and related equipment.

Annual credit amounts are calculated as a percentage of eligible expenditures, based on equipment location, and is available for 10 years. The credits can be claimed against income or franchise tax, but the total amount of credits taken over the 10 year period cannot exceed 100 percent of the cost of the equipment. The credit percentage amount allowed per year is based on the development ranking of the county.

GROWTH AND PROSPERITY PROGRAM (GAP): Designed to encourage development in economically challenged areas of the state. It designates specific counties as GAP counties and provides income, franchise, sales and property tax incentives to companies that locate or expand in these locations. The following businesses that create 10 or more jobs are eligible to participate under the GAP Program:

• Manufacturing, processing, assembling, storing, warehousing, servicing, distributing or selling of any products or goods, including products of agriculture;
• Enterprises for research and development, including, but not limited to, scientific laboratories; or
• Other businesses or industries that will further the public purposes of the GAP Act as determined on a case-by-case basis by MDA, and that create a minimum of ten (10) jobs.

INDUSTRIAL PROPERTY TAX EXEMPTION: Up to a 10 year exemption from property taxes is available to eligible industries that locate or expand in the state. The exemption may be granted for all local property taxes except school district taxes on any property, but may not be granted on finished goods or rolling stock. The exemption usually includes land, buildings, machinery, equipment, furniture, fixtures, raw materials and work in process.

The following businesses qualify for this exemption, at the discretion of the county and city government:

• Manufacturers, Processors, and/or Refineries
• Research and Development Facilities
• Warehouse and Distribution Facilities
• Air and Transportation Maintenance Facilities
• Telecommunications Companies
• Data and Information Processing Companies
• Recreational Facilities that Impact Tourism
• Movie Industry Studios
• Technology intensive facilities

JOBS TAX CREDIT: Can be applied to state income tax to reduce an employer’s income tax liability. They are calculated as a percentage of eligible payroll each year for five years, based on job location and wages subject to state income tax. The credits are taken in years two through six after the new jobs are created. The following businesses qualify for these credits: Manufacturers, Wholesalers, Processors, Research and Development, Facilities, Distributors and Warehouses.

In addition, the following businesses qualify upon receiving a designation by the Mississippi Development Authority: Air and Transportation Maintenance Facilities, Telecommunications Companies, Data and Information Processing Companies, Computer Software Development Enterprises, Recreational Facilities that impact Tourism, Resort hotels having a minimum of 150 rooms, Movie Industry Studios and Technology intensive facilities.

To be eligible for this credit, the employer must create and maintain an annual average employment of the minimum number of jobs required based on the development ranking of the county.

MANUFACTURING INVESTMENT TAX CREDIT: Existing manufacturers that have operated in Mississippi for two or more years may be eligible for investment tax credits that can be applied to the entity’s state income tax liability. To qualify, an existing manufacturer must invest $1,000,000 or more in buildings and/or equipment used in the manufacturing operation. The investment credit is calculated as 5 percent of the eligible investment for a project.

MOTION PICTURE PRODUCTION TAX INCENTIVE PROGRAM: A rebate program designed to encourage production of motion pictures in Mississippi. It is designed to return a portion of the qualified expenses incurred in the state back to the production company. To qualify, a project must be a nationally distributed feature length film, video, DVD, television series or commercial that is made (in whole or in part) in MS for theatrical or television viewing. The production of news or athletic events do not qualify, nor does any project that contains any material or performance deemed obscene, as defined in Section 97-29-103, Mississippi Code of 1972.

MISSISSIPPI AEROSPACE INITIATIVE INCENTIVES PROGRAM: Provides tax incentives to companies that manufacture or assemble components for the aerospace industry or provide research, development or training services for the sector and are looking to locate or expand in the state. These incentives include a 10-year exemption from income and franchise taxes, as well as a sales and use tax exemption for the start-up of the facility. In order to qualify, companies must invest a minimum of $30 million and create at least 100 full-time jobs.

MISSISSIPPI CLEAN ENERGY INITIATIVE PROGRAM: Allows the Mississippi Development Authority (MDA) to certify companies that manufacture systems or components used to generate clean, renewable or alternative energy. This includes nuclear, solar, wind and hydro-generation.

The program provides qualifying companies with a 10-year exemption from state income and franchise taxes, as well as a sales tax exemption to establish a plant or expand an existing production facility. To qualify, businesses must commit to invest a minimum of $50 million and create 250 full-time jobs.

MISSISSIPPI DATA CENTER INCENTIVES: State sales tax exemption for all computing equipment and software used by companies certified as data centers by the MDA. Both new and replacement equipment qualify for the tax exemption. The certification requires a minimum investment of $50 million and the creation of at least 50 new jobs paying 150 percent of the average state wage.

NATIONAL OR REGIONAL HEADQUARTERS TAX CREDIT: Equal between $500 and $2,000 per position and can be applied to state income tax to reduce an eligible entity’s corporate income tax liability. These credits are awarded to induce companies to establish a headquarters in Mississippi that includes officers and other high-level employees. Transferring or establishing a national or regional headquarters must create a minimum of 35 qualified jobs within a one year period. These credits can be in addition to Jobs Tax Credits and the combination can be used to offset up to fifty percent of the entity’s state income tax liability. Any unused credits can be carried forward up to five years.

NATIONAL OR REGIONAL HEADQUARTERS SALES TAX CREDIT: A sales and use tax exemption is available for eligible businesses that create or transfer their National or Regional Headquarters to the state. This exemption applies to component building materials used in the construction or improvement as well as the machinery and equipment used in the facility. A minimum of 35 new headquarters jobs must be created at the location to qualify for this exemption, as determined by the Mississippi State Tax Commission.

PROPERTY TAX EXEMPTION FOR INDUSTRIAL REVENUE BOND FINANCING: An exemption from property taxes on land, building and equipment is available and is valid for up to 10 years on property purchased with industrial revenue bond proceeds from bonds issued by the Mississippi Business Finance Corporation (MBFC).

PROPERTY TAX EXEMPTION ON IN-STATE INVENTORY: Local governing authorities may grant a 10-year exemption from property taxes on finished goods inventory that will remain in the state. The exemption may be granted for all local property taxes except school district taxes on any property.

PROPERTY TAX EXEMPTION FOR BROADBAND TECHNOLOGY: A property tax exemption is available for eligible telecommunications businesses on the purchase of equipment used in the deployment of broadband technology in the state.

RESEARCH AND DEVELOPMENT SKILLS TAX CREDIT: Equal to $1,000 per employee per year for a five year period and can be used to reduce an eligible entity’s income tax liability. These credits are available for any position requiring R&D skills. There is no minimum number of positions that must be created to qualify for this credit and it is awarded in the amount of $1,000 per full-time employee per year for a five year period.
These credits can be in addition to Jobs Tax Credits and the combination can be used to offset up to fifty percent of the entity’s state income tax liability. Any unused credits can be carried forward up to five years.

SALES & USE TAX EXEMPTION FOR INDUSTRIAL REVENUE BOND FINANCING: To encourage construction and expansion within the state, the Mississippi Business Finance Corporation may issue IRBs for financing approved projects. Once projects are induced in the bond program, a sales tax exemption is available for all purchase made with bond proceeds.

SALES & USE TAX EXEMPTION FOR CONSTRUCTION OR EXPANSION: Available for eligible businesses that construct a new facility or expand an existing facility in the state. Eligible businesses include

Manufacturers and Custom Processors. In addition, the following businesses qualify upon receiving a designation by the MDA: Data and Information Processing Companies and Technology intensive facilities.

The amount of exemption that is allowed depends on the location of the facility. To qualify for this exemption, application must be made to the State Tax Commission prior to beginning the project.

SKILLS TRAINING INCOME TAX CREDIT: Can be applied to state income tax to reduce an employer’s income tax liability. These credits are earned by certain types of businesses that offer training to their employees in Mississippi. For expenses to qualify for the Skills Training Credit, the training program must be offered by, or be approved by, the community or junior college in the district where the business is located as well as the State Tax Commission.

DEVELOPMENT INFRASTRUCTURE GRANT PROGRAM (DIP): Available to fund publicly owned infrastructure and can be used by municipalities and counties to assist with the location or expansion of businesses. Usage of the funds must be directly related to the construction, renovation, or expansion of industry.

JOB PROTECTION GRANT PROGRAM: Available to fund “at risk” industries that have been operating in the state for at least three years and that have lost jobs or are at risk to lose jobs because such jobs have been outsourced. “Outsourced” means Mississippi jobs are being lost and relocated to industries in foreign countries. The funding can be used by “at risk” industries that retain jobs in MS and improve productivity.

ENERGY INVESTMENT LOAN PROGRAM: Provides loans to businesses that are increasing energy efficiency in their buildings, equipment and processes. Eligible industries include manufacturers, warehouses and distribution centers, research and development facilities, retail, telecommunications and data processing facilities and national or regional headquarters.

MINORITY BUSINESS MICRO LOAN PROGRAM: Provides loans to socially and economically disadvantaged minority and women owned businesses as designated by the Minority and Small Business Development Division of the MDA. Eligible uses of loan proceeds include inventory purchase, working capital, machinery and equipment.

RESEARCH & DEVELOPMENT LOAN PROGRAM: Available to provide loans to qualified companies designated by the MDA. R&D companies must be meet minimum criteria before they apply, including that at least 10 percent of the workers at the facility must be scientists, engineers or computer specialists and the average wage of all workers at the facility must be at least 150 percent of the state average annual wage. A basic health care plan must be provided to all employees.

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VA Statewide Economic Development Agencies

VA Utilities

VA Regional Economic Development Agencies

VA County Economic Development Agencies

VA City Economic Development Agencies

Virginia State Incentives

The GOVERNOR’S OPPORTUNITY FUND (GOF) is designed as a “deal closing” fund to be employed at the governor’s discretion when necessary to secure a company location or expansion in Virginia. The GOF serves as a final resource for Virginia in the face of serious competition from other states or countries. Awards are made with the expectation that the grant to a locality will result in a favorable decision for the commonwealth. Grants are awarded to localities on a local matching basis. Capital is provided for site acquisition and development, transportation access, training, construction or build-out of publicly owned buildings.

VIRGINIA INVESTMENT PARTNERSHIP GRANT AND MAJOR ELIGIBLE EMPLOYER GRANT FUND: A discretionary performance incentive designed to encourage continued capital investment by Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development and utilization of advanced technology. The program is targeted to companies that have operated in Virginia for at least five years, and that are proposing expansion projects that meet certain criteria.

VIRGINIA ECONOMIC DEVELOPMENT INCENTIVE GRANT: A discretionary investment performance grant program designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative or service sector operation in Virginia. Eligible projects must meet minimum requirements for capital investment and job creation.

The VIRGINIA JOBS INVESTMENT PROGRAM: (VJIP) offers customized recruiting and training to companies that are creating new jobs or are substantially retraining existing employees. VJIP offers funding and services through three distinct incentive programs that fit a spectrum of training and retraining needs that include the New Jobs Program, the Small Business New Jobs Program and the Retraining Program.

TOBACCO REGION OPPORTUNITY FUND: discretionary cash grant made to a locality in Virginia’s tobacco-producing regions by the Tobacco Indemnification and Community Revitalization Commission (generally in the southern and southwest regions of the state) for assistance with economic development projects.

TECHNOLOGY ZONES: Virginia cities, counties and towns have the ability to establish, by ordinance, one or more technology zones to attract growth in targeted industries. Qualified businesses locating or expanding operations in a zone may receive local permit and user fee waivers, local tax incentives, special zoning treatment or exemption from ordinances. Once a local technology zone has been established, incentives may be provided for up to 10 years. Each locality designs and administers its own program.

SALES AND USE TAX EXEMPTION: Data centers are eligible for sales and use tax exemption if they invest at least $150 million, hire at least 50 employees (direct or indirect) that are paid at least 1.5 times the average prevailing wage in the locality where the center is located, and enter into an MOU with the Virginia Economic Development Partnership. The job threshold may be reduced if the facility is located in an Enterprise Zone or in a severely distressed community as defined by the Virginia Economic Development Partnership (unemployment at least 150 percent of the average statewide unemployment.) This exemption applies to the 5 percent sales tax on servers, server related equipment, chillers, generators and other enabling hardware.

CLEAN ENERGY MANUFACTURING INCENTIVE GRANT (CEMIG): A clean energy manufacturer can receive a grant for up to six years if it begins or expands its operations, makes a capital investment of more than $50 million and creates 200 or more new full-time jobs in Virginia on or after July 1, 2011. They also must enter a memorandum of understanding setting forth the requirements for capital investment and the creation of new full-time jobs. The governor may reduce the capital investment and full-time job minimums if the manufacturer is located in an area with an unemployment rate of 1.25 times the statewide average unemployment rate of the previous year. For wind manufacturers, the capital investment minimum is $10 million and the job minimum is 30.

“Clean energy manufacturer” is defined as a biofuel producer, a manufacturer of renewable energy or nuclear equipment/products, or “products used for energy conservation, storage, or grid efficiency purposes.” Renewable energy is defined to include solar, wind, hydro, biomass, waste energy, municipal solid waste, wave, tidal and geothermal. It may also include thermal or electric energy from biomass co-firing facilities. Public service corporations are not eligible for the grants.

CORPORATE INCOME TAX CREDITS: Virginia offers a variety of tax credits that are available for use against a company’s corporate tax liability:

• Major Business Facility Job Tax Credit
• Recycling Equipment Tax Credit
• Day Care Facility Investment Tax Credit
• Worker Retraining Tax Credit
• Virginia Port Tax Credit Programs
• Research and Development Tax Credit
• Green Job Creation Tax Credit

PROPERTY TAX EXEMPTIONS: Virginia does not tax intangible property, manufacturers’ inventory and manufacturers’ furniture, fixtures and corporate aircraft.

ECONOMIC DEVELOPMENT ACCESS PROGRAM: Administered by the Virginia Department of Transportation, it assists localities in providing adequate road access to new and expanding basic employers.

RAIL INDUSTRIAL ACCESS PROGRAM: Helps connect businesses to freight rail service by funding the construction or improvement of railroad tracks and facilities to serve industrial or commercial sites where freight rail service is currently needed or anticipated in the future. This grant program supports localities, businesses or industries seeking to provide freight rail service between the actual site of an existing or proposed commercial facility and common carrier railroad tracks.

TRANSPORTATION PARTNERSHIP OPPORTUNITY FUND (TPOF): Provides grants, revolving loans or other financial tools and equity contributions to encourage the development of transportation projects and to provide monies to address the transportation aspects of economic development opportunities.

VIRGINIA SMALL BUSINESS FINANCING AUTHORITY (VSBFA): Offers programs to provide businesses with access to capital needed for growth and expansion.

ENTERPRISE ZONES: Provides state and local incentives to businesses that invest and create jobs within Virginia’s enterprise zones, which are located throughout the state.

FOREIGN TRADE ZONES: Virginia offers six foreign trade zones designed to encourage businesses to participate in international trade by effectively eliminating or reducing customs duties. Also, numerous subzones are provided and additional ones can be designated to enhance the trade capabilities of specific companies.

DEFENSE PRODUCTION ZONES: Virginia authorizes its communities to establish local defense production zones to benefit businesses engaged in the design, development or production of materials, components or equipment required to meet the needs of national defense. Companies deemed ancillary to or in support of the aforementioned categories would also apply.

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WV Statewide Economic Development Agencies

WV Utilities

WV Regional Economic Development Agencies

WV County Economic Development Agencies

WV City Economic Development Agencies

West Virginia State Incentives

SALES TAX EXEMPTION FOR CERTAIN E-COMMERCE BUSINESSES: Some computer-related sales of tangible personal property and services are exempt from the consumer sales and services tax.

SALES TAX EXEMPTION FOR CERTAIN WAREHOUSE AND DISTRIBUTION CENTERS: Purchases of certain tangible personal property in qualified warehouse and distribution centers may be exempt from the consumers’ sales and service tax.

The COMMERCIAL PATENT INCENTIVES TAX CREDIT can offset up to 100 percent of the business franchise tax, corporation net income tax, or in the case of individual taxpayers, the personal income tax. The credit is based on a percentage of royalties, license fees and other consideration for developers of a patent or a percentage of net profit attributable to a patent used in a manufacturing process or product.

HIGH-TECH MANUFACTURING CREDIT: Businesses that manufacture certain computers and peripheral equipment, electronic components or semi-conductors and which create at least 20 new jobs within one year after placement of qualified investment into service, can receive a tax credit to offset 100 percent of the business and occupation tax, business franchise tax, corporate net income tax, and personal income tax on certain pass through income for 20 consecutive years.

HIGH-TECHNOLOGY BUSINESS PROPERTY VALUATION ACT: Tangible personal property, including servers, directly used in a high-technology business or in an internet advertising business is valued for property tax purposes at 5 percent of the original cost of the property. In addition, sales tax is eliminated from all purchases of prewritten computer software, computers, computer hardware, servers, building materials and tangible personal property, for direct use in a high-technology business or internet advertising business.

LINKED DEPOSIT LOAN PROGRAM: Allows small, for-profit state employers with 50 or fewer employees and gross annual receipts of $5 million or less to apply for a linked deposit loan with an interest rate of 1 percent above published New York Prime, up to $250,000.

FILM INDUSTRY INVESTMENT ACT: Provides up to 31percent tax credits for in-state spend (27 percent base, plus 4 percent if 10 or more West Virginia residents are hired full time). Funded at $10 million annually; no caps; minimum spend of $25,000. Eligible projects include feature length films, TV films and series, commercials, music videos and commercial still photography.

CORPORATE HEADQUARTERS CREDIT: Companies that relocate their corporate headquarters to WV are eligible for tax credits if 15 new jobs (including relocated employees) are created within the first year. The credit can offset up to 100 percent of the tax liability for business and occupation tax, business franchise tax, corporate net income tax and personal income tax on certain pass through income, for a period of up to 13 years.

ECONOMIC OPPORTUNITY CREDIT: For qualified companies that create at least 20 new jobs within specified time limits (10 jobs in the case of qualified small business) as a result of their business expansion project, the State’s Economic Opportunity Tax Credit can offset up to 80 percent of specified business taxes for a period of up to 13 years. If a qualified company that creates the requisite number of jobs pays an annual median wage higher than the statewide average non-farm payroll wage, then the qualified company can offset up to 100 percent of the specified taxes for up to 13 years.

For qualified businesses creating less than 20 new jobs within specified time limits, or for a qualified small business creating less than 10 new jobs, a $3,000 credit is allowed per new full time job for five years, providing the new job pays at least $32,000 per year and the employee has employer-provided health insurance benefits. The $32,000 figure is adjusted annually for cost-of-living.

“FIVE-FOR-TEN” PROGRAM: Provides property tax valuation for new investment property of manufacturers that make qualified capital improvements of more than $50 million to an existing manufacturing facility having an original investment asset cost base of at least $100 million. Under this program, the new capital addition is valued at 5 percent of original cost for the first 10 years after it is placed on the property tax rolls.

MANUFACTURING INVESTMENT CREDIT: A tax credit is allowed against up to 60 percent of corporate net income tax and business franchise tax based on qualified investment in eligible manufacturing property, with no new job creation required.

MANUFACTURING INVENTORY CREDIT: Offsets the business franchise tax and corporate net income tax in the amount of property tax paid on raw materials, goods in process and finished goods manufacturing inventory.

STRATEGIC R&D CREDIT: Can offset up to 100 percent of corporate net income tax and business franchise tax, based on qualified expenditures for R&D projects.

AIRCRAFT VALUATION: Aircraft owned or leased by commercial airlines, charter carriers, private carriers and private companies are valued for property tax purposes at the lower of fair market salvage value or 5 percent of the original cost of the property.

MANUFACTURING SALES TAX EXEMPTION: Purchases of materials and equipment for direct use in manufacturing are exempt from the 6 percent state sales and use tax, including building materials and process equipment purchased for construction of a manufacturing facility.

SPECIAL RATES OF ELECTRIC POWER FOR INDUSTRIAL CONSUMERS: The WV Public Service Commission may establish special rates that in its judgment are necessary or appropriate for the continued, new or expanded operation of energy-intensive industrial consumers. In order to qualify for a special rate, an industrial facility, plant or enterprise shall enter into negotiations with the utility, having a contract demand of at least 50,000 kilowatts of electric power at its WV facilities under normal operating conditions; create or retain at least 25 full time jobs in the state; have invested not less than $500,000 in fixed assets in the state; and provide reasonable evidence that without the special rate, the operation is threatened or not economically viable.

RESEARCH & DEVELOPMENT SALES TAX EXEMPTION: Purchases of tangible personal property and services directly used in research and development are exempt from the consumers’ sales tax.

TAX INCREMENT FINANCING: Allows increases in property tax based on the improvement associated with qualified economic development and public improvement projects to assist with their long-term financing.

TOURISM MATCHING ADVERTISING PARTNERSHIP PROGRAM: Provides reimbursable matching funds for direct advertising. Business applicants and their partners must provide a minimum of 50 percent of the total cost for programs at the $10,000 + level. For programs not exceeding $7,500, business applicants must provide 25 percent of the total cost.

GOVERNOR’S GUARANTEED WORK FORCE PROGRAM: Flexible, customized training program that offers assistance to eligible companies and businesses by providing funding that directly supports the transfer of knowledge and skills. Companies must create a minimum of 10 net new jobs within a 12-month period.

WORKFORCE INVESTMENT ACT (WIA) PROGRAM: Customized training program available to employers that hire individuals that meet specific program requirements. The program targets job seekers that are either economically disadvantaged or displaced due to job shifting in the region.

WEST VIRGINIA ADVANCE PROGRAM: Offers customized job training awards to new and existing businesses. It supplies development and delivery of training services that will support a company’s startup and ongoing employee development initiatives through a local Community and Technical College.

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FL Statewide Economic Development Agencies

FL Utilities

FL Regional Economic Development Agencies

FL County Economic Development Agencies

FL City Economic Development Agencies

Florida State Incentives

QUALIFIED TARGET INDUSTRY TAX REFUND (QTI): Available for new or expanding companies that create high wage jobs in targeted high value-added industries. It includes refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium and certain other taxes. Pre-approved applicants who create jobs in Florida receive tax refunds of $3,000 per net new Florida full-time equivalent job created, $6,000 in an Enterprise Zone or Rural Community (county). For businesses paying 150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual salary, add $2,000 per job; businesses falling within a designated high impact sector or increasing exports of its goods through a seaport or airport in the state by at least 10 percent in value or tonnage in each year of receiving a QTI refund, add $2,000 per job; projects locating in a designated Brownfield area (Brownfield Bonus) can add $2,500 per job. The local community where the company locates contributes 20 percent of the total tax refund. There is a cap of $5 million per single qualified applicant in all years, and no more than 25 percent of the total refund approved may be taken in any single fiscal year.

QUALIFIED DEFENSE AND SPACE CONTRACTOR TAX REFUND (QDSC): Florida defense, homeland security and space business contractors are given a competitive edge in consolidating contracts or subcontracts, acquiring new contracts or converting contracts to commercial production. Pre-approved applicants creating or retaining jobs in Florida may receive tax refunds of $3,000 per net new Florida full-time equivalent job created or retained; $6,000 in an Enterprise Zone or rural county. For businesses paying 150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual salary, add $2,000 per job.

CAPITAL INVESTMENT TAX CREDIT (CITC): Used to attract and grow capital-intensive industries, it is an annual credit, provided for up to 20 years, against the corporate income tax. Eligible projects are those in designated high-impact portions of the following sectors: clean energy, biomedical technology, financial services, information technology, silicon technology, transportation equipment manufacturing, or be a corporate headquarters facility. Projects must also create a minimum of 100 jobs and invest at least $25 million in eligible capital costs. Eligible capital costs include all expenses incurred in the acquisition, construction, installation, and equipping of a project from the beginning of construction to the commencement of operations. The level of investment and the project’s Florida corporate income tax liability for the 20 years following commencement of operations determines the amount of the annual credit.

HIGH IMPACT PERFORMANCE INCENTIVE GRANT (HIPI): A negotiated grant provided to pre-approved applicants in certain high-impact sectors designated by the Governor’s Office of Tourism, Trade and Economic Development (OTTED). In order to participate in the program, the project must operate within designated high-impact portions of the following sectors: clean energy, corporate headquarters, financial services, life sciences, semiconductors and transportation equipment manufacturing; create at least 50 new full-time equivalent jobs (if a R&D facility, create at least 25 new full-time equivalent jobs) in Florida in a three-year period; and make a cumulative investment in the state of at least $50 million (if a R&D facility, make a cumulative investment of at least $25 million) in a three-year period. Once recommended by Enterprise Florida, Inc. (EFI) and approved by OTTED, the high impact business is awarded 50 percent of the eligible grant upon commencement of operations and the balance of the awarded grant once full employment and capital investment goals are met.

QUICK RESPONSE TRAINING PROGRAM (QRT): Employer-driven and designed to assist new value-added businesses and provide existing Florida businesses the necessary training for expansion. A state educational facility is available to assist with application and program development or delivery. The educational facility will also serve as fiscal agent for the project. The company may use in-house training, outside vendor training programs or the local educational entity to provide training. Reimbursable expenses include: instructors’/trainers’ wages, curriculum development and textbooks/manuals.

INCUMBENT WORKER TRAINING (IWT): A program that provides training to currently employed workers to keep Florida’s workforce competitive in a global economy and to retain existing businesses. It is available to all Florida businesses that have been in operation for at least one year prior to application and require skills upgrade training for existing employees. Priority is given to businesses in targeted industries, Enterprise Zones, HUB Zones, Inner City Distressed areas, Rural Counties and areas, and Brownfield areas.

ECONOMIC DEVELOPMENT TRANSPORTATION FUND: Commonly referred to as the “Road Fund,” it is an incentive tool designed to alleviate transportation problems that adversely impact a specific company’s location or expansion decision. The award amount is based on the number of new and retained jobs and the eligible transportation project costs, up to $3 million. The award is made to the local government on behalf of a specific business for public transportation improvements.

SPECIAL OPPORTUNITY INCENTIVES

• Florida offers increased incentive awards and lower wage qualification thresholds in its rural counties. Additionally, a RURAL COMMUNITY DEVELOPMENT REVOLVING LOAN FUND and RURAL INFRASTRUCTURE FUND exist to meet the special needs that businesses encounter in rural counties.

• URBAN INCENTIVES: Florida offers increased incentive awards and lower wage qualification thresholds for businesses locating in many urban core/inner city areas that are experiencing conditions affecting the economic viability of the community and hampering the self-sufficiency of the residents.

• ENTERPRISE ZONE INCENTIVES: An assortment of tax incentives to businesses that choose to create employment within an enterprise zone—a specific geographic area targeted for economic revitalization. These include a sales and use tax credit, tax refund for business machinery and equipment used in an enterprise zone, sales tax refund for building materials used in an Enterprise Zone and a sales tax exemption for electrical energy used in an enterprise zone.

• Florida offers incentives to businesses that locate in Brownfield sites— underutilized industrial or commercial sites due to actual or perceived environmental contamination. The BROWNFIELD REDEVELOPMENT BONUS REFUND is available to encourage Brownfield redevelopment and job creation. Approved applicants receive tax refunds of up to $2,500 for each job created.

• JOBS FOR THE UNEMPLOYED TAX CREDIT PROGRAM (JUTC): Provides incentives to businesses throughout Florida to hire qualified employees who were previously unemployed. The program is available to all businesses that are identified as a “target industry”. The business may receive a tax credit of $1,000 for every employee hired as of July 1, 2010. The business may claim only new hires that were previously unemployed for a minimum of 30 days, and that remain employed after a 12-month period at an average of 36 hours per week. This program will run until June 30, 2012 with a limit of $10 million available for tax credits.

• LOCAL GOVERNMENT DISTRESSED AREA MATCHING GRANT PROGRAM (LDMG): Assists local governments in attracting and retaining targeted businesses. Applications are accepted from local governments/municipalities that plan on offering financial assistance to a specific business in the area. These targeted businesses are required to create at least 15 full-time jobs and the project must either be new to Florida; expanding operations in Florida; or leaving Florida unless it receives local and state government assistance. The amount awarded by the State will equal $50,000 or 50 percent of the local government’s assistance amount, whichever is less, and be provided following the commitment and payment of that assistance.

• MANUFACTURING AND SPACEPORT INVESTMENT INCENTIVE PROGRAM (MSII): Encourages capital investment and job creation in manufacturing and spaceport activities in Florida. Applications are accepted by eligible businesses from July 1, 2010 to June 30, 2012. A tax refund up to $50,000 will be given on the State Sales and Use Tax paid for eligible equipment purchases. Purchase cost must exceed a business’ total expenditures on eligible equipment purchased and placed into service in this state during the 2008 tax year.

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KY Statewide Economic Development Agencies

KY Utilities

KY Regional Economic Development Agencies

KY County Economic Development Agencies

KY City Economic Development Agencies

Kentucky State Incentives

The KENTUCKY BUSINESS INVESTMENT (KBI) program provides income tax credits and wage assessments to new and existing agribusinesses, regional and national headquarters, manufacturing companies, and non-retail service or technology related companies that locate or expand operations in Kentucky. Projects locating in certain counties may qualify for enhanced incentives. The KENTUCKY REINVESTMENT ACT (KRA) provides tax credits to any existing Kentucky company engaged in manufacturing and related functions on a permanent basis for a reasonable period of time who will be investing in eligible equipment and related costs of at least $2,500,000. The KENTUCKY ENTERPRISE INITIATIVE ACT (KEIA): For new or expanded service or technology, manufacturing, or tourism attraction project in Kentucky. KEIA provides a refund of Kentucky sales and use tax paid by approved companies for building and construction materials permanently incorporated as an improvement to real property. It is also available for Kentucky sales and use tax refunds for eligible equipment used for research and development and data processing equipment. The KENTUCKY SMALL BUSINESS INVESTMENT CREDIT (KSBIC): program is designed to encourage small business growth and job creation by providing a nonrefundable tax credit to eligible businesses hiring one or more eligible individuals and investing at least $5,000 in qualifying equipment or technology. With certain exceptions, most for-profit businesses with 50 or fewer full-time employees are considered eligible for this program. The KSBIC program is limited to allocating a total of $3 million in tax credits per state fiscal year. KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY DIRECT LOAN PROGRAM (KEDFA): Provides business loans at below-market interest rates (subject to the availability of state revolving loan funds) for fixed asset financing for agribusiness, tourism, industrial ventures or the service industry. Retail projects are not eligible. KEDFA may participate in projects with loans ranging from $25,000 to $500,000. INDUSTRIAL REVENUE BONDS (IRB): Issued by state and local governments in Kentucky, they can be used to finance manufacturing projects and their warehousing areas, major transportation and communication facilities, most health care facilities and mineral extraction and processing projects. COMMUNITY DEVELOPMENT BLOCK GRANTS (CDBG): Federally funded low interest loans made available through the Department for Local Government. KENTUCKY INDUSTRIAL REVITALIZATION ACT (KIRA): Investments in the rehabilitation of manufacturing or coal mining and processing operations that are in imminent danger of permanently closing or that have closed temporarily may qualify for tax credits. An eligible company shall also include one that has closed but resumes mining operations. Eligible entities include manufacturing companies that save or create 25 jobs and coal mining and processing companies that intend to employ a minimum of 500 persons and have a raw production of at least three million tons from the economic revitalization project facility. HIGH-TECH INVESTMENT/CONSTRUCTION POOLS: Provides funds to help further the commercialization of a product, process or other innovation. Incentives awarded are in the form of forgivable loans, with the amount of the loan primarily based on the applicant company’s projected high-tech job creation. These forgivable loans typically range from $150,000 to $400,000 depending upon the project. SBIR-STTR MATCHING FUNDS PROGRAM: The Cabinet will match, on a competitive basis, Phase 1 and Phase 2 federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards received by Kentucky high-tech small businesses and those willing to become Kentucky-based businesses. This includes matching Phase 1 federal awards up to $150,000 to support the exploration of the technical merit or feasibility of an idea or technology, and up to $500,000 of federal Phase 2 awards, which support full-scale research and development. COMMONWEALTH SEED CAPITAL, LLC (CSC): An independent, non-profit fund that makes debt or equity investments in early-stage Kentucky business entities to facilitate the commercialization of innovative ideas and technologies. CSC invests in companies that have a significant Kentucky presence, the prospect for substantial growth, and the potential to generate an appropriate rate of return. Investments are typically made in these specified innovation areas: health and human development; information technology and communications; bioscience; environmental and energy technologies; and materials science and advanced manufacturing. KENTUCKY ENTERPRISE FUND AND RURAL INNOVATION FUND: Provides seed-stage capital to Kentucky-based companies that are commercializing a technology-based product or process. The funds exist to stimulate private investment in Kentucky-based technology companies with high growth potential. The Kentucky Science and Technology Corporation administers the funds under contract with the Council on Postsecondary Education. KENTUCKY NEW ENERGY VENTURES FUND: Provides seed stage capital to support the development and commercialization of alternative fuel and renewable energy products, processes and services in Kentucky. The funds exist to stimulate private investment in Kentucky-based technology companies with high growth potential. KNEV makes grants of $30,000 and investments ranging from $250,000 to $750,000+. Qualified companies must be Kentucky-based and funds are to be used for business development activities. INCENTIVES FOR ENERGY INDEPENDENCE ACT (IEIA): Requires a capital investment of at least $25 million for an alternative fuel facility using biomass, or an investment of at least $100 million for an alternative fuel facility using coal, as its primary feedstock. A capital investment of at least $1 million is required for a renewable power facility that meets minimum electric output standards based upon the power source. The negotiated incentives cannot exceed 50 percent of the capital expenditures and may include a reimbursement of sales and use taxes paid on tangible personal property; a tax credit of the income tax and limited liability entity tax owed by the company; and, wage assessment incentives up to 4 percent of gross wages of each employee whose job was created as part of the project. Advanced disbursements may also be available. KENTUCKY ENVIRONMENTAL STEWARDSHIP ACT (KESA): For companies manufacturing products that have a substantial positive impact on human health and the environment. Companies with projects approved under KESA must have at least $5 million in eligible cost and can potentially recover up to 25 percent of the projects fixed asset cost and 100 percent of employee skills training. The tax incentive is available for recovery over a 10-year period. SMALL BUSINESS LOAN PROGRAM: Designed to help small businesses acquire funding. A small business must be engaged in manufacturing, agribusiness or service and technology. Loan funds may be used to acquire land and buildings, purchase and install equipment or for working capital. The minimum loan amount is $15,000 and the maximum is $100,000. The approved company must create one new full-time job within one year of the loan closing. KEDFA can fund up to 100 percent of the project costs and the loan can be used in conjunction with other lenders. The term of the loan can range from 3-10 years. KENTUCKY MICROENTERPRISE LOAN PROGRAM: Provides technical assistance and business loans, up to $50,000, to entrepreneurs in 25 Kentucky counties that formerly had no access to such a program. Funds may be used for, among other purposes, working capital, equipment purchases and inventory purchases. BLUEGRASS STATE SKILLS CORPORATION SKILLS TRAINING INVESTMENT CREDIT: Provides credit against Kentucky income tax to existing businesses that sponsor occupational or skills upgrade training programs for the benefit of their employees. BLUEGRASS STATE SKILLS CORPORATION GRANT REIMBURSEMENT PROGRAM: Provides matching grant funds for customized business and industry-specific training programs. TAX INCREMENT FINANCING (TIF): A tool to use future gains in taxes to finance the current improvements that will create those gains. The state participates with local governments and eligible agencies in three TIF programs: the Commonwealth Participation Program for State Real Property Ad Valorem Tax Revenues, the Signature Project Program and the Commonwealth Participation Program for Mixed-Use Redevelopment in Blighted Urban Areas. TIF LOAN SUPPORT PROGRAM: Any agency with a Tax Increment Financing Signature Project approved by the former Tax Increment Financing Commission and which executed its tax incentive agreement prior to January 1, 2008 may apply for The Tax Increment Financing (TIF) Loan Support Program. The Loan Support Program facilitates a supplemental reserve fund to cover debt service related to the bond financing of the TIF project. LOCAL REDEVELOPMENT TIF: Available for use to redevelop blighted areas into mixed use development by using the incremental additional local taxes such as property or occupational taxes realized as a result of the development. The community or agency can request state participation in this program with certain additional requirements. LOCAL VACANT LAND TIF: Available to develop vacant land by using the additional incremental local taxes, such as property or occupational taxes, realized as a result of the new development (example: construction of infrastructure at a local industrial park). State tax increment is not available for this type of development area. KENTUCKY AGRICULTURAL DEVELOPMENT FUND: Provides incentives for innovative proposals that increase net farm income, stimulates markets for Kentucky agricultural products, creates new ways to add value to Kentucky agricultural products and explores new opportunities for Kentucky farmers. KENTUCKY AGRICULTURAL FINANCE CORPORATION: Provides capital access for agricultural diversification and infrastructure projects. Participating Loan Programs Include: Agricultural Infrastructure, Beginning Farmer, Diversification through Entrepreneurship in Agri-business and Large Animal Veterinary Programs. Direct Loan Programs include the Agricultural Process Loan Program and the Coordinated Value-Added Assistance Loan Program. KENTUCKY INVESTMENT FUND ACT (KIFA): Provides tax credits to individuals and companies that invest in approved venture capital funds. Investors in KIFA approved funds are entitled to a 40 percent credit against Kentucky individual or corporate income tax or Kentucky corporate license tax. KEDFA approves investment funds and fund managers. TOURISM DEVELOPMENT ACT: Provides developers of approved new or expanding tourism projects the ability to recover up to 25 percent of the project’s development costs over a 10-year term. Projects including, but not limited to, lodging facilities constructed on state park, federal park or national forest lands are eligible to recover up to 50 percent of the development costs over a 20-year term. KENTUCKY FILM INCENTIVE: Provides qualifying applicants the ability to recover up to 20 percent of qualified expenditures through a refundable income tax credit. Qualifying applicants must invest a minimum of $50,000 for documentaries and national touring Broadway shows, $200,000 for commercials, $500,000 for full-length films.

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LA Statewide Economic Development Agencies

LA Utilities

LA Regional Economic Development Agencies

LA County Economic Development Agencies

LA City Economic Development Agencies

Louisiana State Incentives

LOUISIANA FASTSTART™ is a workforce development program, providing customized workforce recruitment, screening, training development and training delivery to eligible, new or expanding companies – all at no cost. Any manufacturing, corporate headquarters, warehouse and distribution, research and development or other strategic facility must create at least 15 jobs; and, service providers must create at least 50 jobs.

The QUALITY JOBS PROGRAM provides a 5 percent or 6 percent rebate on annual payroll expenses for up to 10 years, and either a 4 percent sales/use tax rebate on capital expenditures or an investment tax credit equal to 1.5 percent of qualifying expenses. A project must create at least 5 jobs, and there are no minimum investment requirements. The program is eligible to businesses that fall within one of the state’s target industries or have total annual out-of-state sales of at least 50 percent.

The DIGITAL MEDIA AND SOFTWARE INCENTIVE provides a 25 percent refundable tax credit on qualified production expenditures and a 35 percent refundable tax credit for Louisiana resident labor expenditures. There are no minimum investment requirements and no cap on costs. The incentive is eligible to digital interactive media productions in Louisiana, excluding largely static Internet sites and products regulated under the Louisiana Game Control Law.

The MEGA-PROJECTS DEVELOPMENT FUND provides grants of up to 30 percent of the total cost of a project that creates or retains at least 500 direct jobs or that provides a major investment in the state. A project must create 500 direct jobs, create or save at least 500 direct jobs at a facility that has been closed or a facility that risks closure, or provide a minimum initial investment of $500 million through the creation of a new facility or the expansion of an existing facility. In addition, the project must provide a substantial return on the investment by the state as measured by projected tax revenues.

The RESEARCH AND DEVELOPMENT TAX CREDIT provides a refundable tax credit of up to 40 percent to businesses that conduct research and development activities (or secure certain federal SBIR/STTR grants) within Louisiana. The tax credit depends on the number of Louisiana resident employees. Companies who incur research and development expenses may be able to receive credits against state income and corporate franchise taxes. Companies whose research and development tax credits exceed their tax liabilities receive a refund from the state.

ANGEL INVESTOR TAX CREDIT: Provides up to a 35 percent tax credit for individual investors who invest in early stage, wealth-creating businesses.

ECONOMIC DEVELOPMENT AWARD PROGRAM: Provides funding for site and/or infrastructure improvements for projects creating new jobs.

ENTERPRISE ZONE: Provides a $2,500 tax credit for each certified net new job created; and either a 4 percent sales/use tax rebate on capital expenditures or income and franchise tax credits up to 1.5 percent of investment.

INDUSTRIAL TAX EXEMPTION: Provides a100 percent property tax abatement for up to 10 years on materials used in new manufacturing.

LIVE PERFORMANCE TAX CREDIT: Provides a tax credit up to 35 percent on qualified production or infrastructure development expenditures, with additional tax credits available for payroll and transportation expenditures.

MODERNIZATION TAX CREDIT: Provides a 5 percent refundable state tax credit for manufacturers modernizing or upgrading existing facilities in Louisiana.

MOTION PICTURE INDUSTRY DEVELOPMENT TAX CREDIT: A transferable tax credit of 30 percent for qualified motion picture production expenditures and an additional 5 percent tax credit for Louisiana resident labor expenditures.

RESTORATION TAX ABATEMENT: Provides a five-year 100 percent property tax abatement for the rehabilitation of an existing structure.

SOUND RECORDING INVESTOR TAX CREDIT: Provides a 25 percent refundable tax credit for qualified production expenditures on state-certified sound recording projects.

TECHNOLOGY COMMERCIALIZATION CREDIT AND JOBS PROGRAM: Provides a 40 percent refundable tax credit for companies that invest in the commercialization of Louisiana technology and a 6 percent payroll rebate for the creation new, direct jobs.

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NC Statewide Economic Development Agencies

NC Utilities

NC Regional Economic Development Agencies

NC County Economic Development Agencies

NC City Economic Development Agencies

North Carolina State Incentives

ARTICLE 3J TAX CREDITS: North Carolina offers several types of tax credits to eligible taxpayers that undertake qualifying initiatives. One class of these credits, the Article 3J Tax Credits, may be used to offset up to 50 percent of the taxpayer’s state income and/or franchise tax liability, and unused credits may be carried forward for up to five years. Article 3J offers credits for:

• Creating jobs – Companies who meet a minimum threshold of new fulltime jobs created during the taxable year may claim a credit.
• Investing in business property – Companies can claim a credit based on a percentage of the cost of capitalized tangible personal property that is placed in service during the taxable year.
• Investment in real property – Companies located in a Tier 1 County (see below) that invest at least $10 million in real property within a three-year period and create at least 200 new jobs within two years are allowed a credit equal to 30 percent of the eligible investment.

CHANGES TO ARTICLE 3J IN 2011:

• Modifies the criteria applicable to companies that take the Article 3A tax credits to allow a company, otherwise required to maintain 200 employees, to take remaining credit installments if employment is above 125 and if the taxpayer makes an investment equal to $5,000,000 or greater than twice the amount of the remaining installments at the facility within two years of the employment level falling below 200.
• Establishment of port enhancement zones within 25 miles from a port allowing an Article 3J credit under certain conditions beginning 7/1/2013. The North Carolina Department of Commerce will publish a list of all PEZ and boundary descriptions annually.

TAX CHANGE FOR SMALL AND START-UP BUSINESS: This applies to calculating the North Carolina taxable income. A taxpayer may now deduct the first $50,000 of net business income the taxpayer receives during the taxable year.

RENEWABLE ENERGY TAX CREDITS: North Carolina’s various renewable-energy tax credits are unified into a statute that addresses nearly all renewables. The statute provides tax credits eligible for the cost of equipment and associated design; construction costs; and installation costs by a taxpayer and placed into service in North Carolina during the taxable year. The credit is subject to various ceilings depending on sector and the type of renewable-energy system. The following credit limits for various technologies and sectors apply:

• A maximum of $3,500 for non-business solar energy equipment for active space heating, combined active space and domestic water-heating systems, and passive space heating;
• A maximum of $1,400 for non-business solar water-heating systems, including solar pool-heating systems;
• A maximum of $10,500 for renewable-energy systems for non-business use;
• A maximum of $8,400 for geothermal equipment installation;
• A maximum of $2,500,000 for solar, wind, hydro, geothermal and biomass applications on commercial and industrial facilities, including photovoltaic (PV), daylighting, solar water-heating and space-heating technologies.

INTERACTIVE DIGITAL MEDIA TAX CREDIT: North Carolina taxpayers that develop Interactive Digital Media (IDM) within the state are allowed a tax credit. Credits are awarded for taxpayer’s expenses that exceed $50,000 that are paid during the taxable year in development phases, and may not exceed $7.5 million.

NORTH CAROLINA PORTS TAX CREDITS: Provide tax credits toward income taxes paid by businesses or individuals using NC Ports facilities at Morehead City and Wilmington. Businesses who pay NC state income tax and use NC ports can qualify for tax credits on both inbound and outbound cargo. The credit is earned on cargo wharfage and handling fees paid to the N.C. State Ports Authority which exceed the average for over three tax years. The credit applies to taxes due to the state—up to 50 percent of the total tax liability for each tax year. Any unused credit may be carried forwarded up to five years for a total credit of up to $2 million.

TECHNOLOGY DEVELOPMENT TAX CREDIT: Businesses with qualified NC research expenses are allowed a tax credit equal to a percentage of those expenses. The allowable credits are determined by:

• Small Business status (annual receipts less than $1 million): Qualified businesses on the last day of the taxable year are allowed a credit of 3.25 percent.
• County Tier: Certain tax programs in NC are indexed to a county ranking system. For expenses for research performed in a Tier 1 county, a business is permitted a credit of 3.25 percent.
• Other research

JOB DEVELOPMENT INVESTMENT GRANTS (JDIG): Awards a limited number of cash grants directly to new and expanding businesses that will provide economic benefits to the State, and need the grant to carry out the project in North Carolina. Grants are based on the job creation and investment commitment made by companies in their formal applications to the State prior to a location decision. Grant funds are disbursed annually to approved companies based on a percentage of withholding taxes paid by new employees, following satisfaction of performance criteria set out in grant agreements.

ONE NORTH CAROLINA FUND: Helps recruit and expand quality jobs in high value-added, knowledge-driven industries and provides financial assistance to those businesses or industries deemed vital to a healthy economy that are making significant efforts to expand in North Carolina. Companies can receive money for:

• Installation or purchase of equipment.
• Structural repairs, improvements, or renovations of existing buildings to be used for expansion.
• Construction of, or improvements to, new or existing water, sewer, gas or electric utility distribution lines, or equipment for existing buildings.

SITE AND INFRASTRUCTURE GRANT FUND: Provides assistance for site development and infrastructure improvements for very high-impact projects.

JOB MAINTENANCE AND CAPITAL DEVELOPMENT FUND: Provides a limited number of grants to businesses located in Development Tier 1 counties, where the business has at least (i) 2,000 employees, and invests at least $200 million in capital improvements, or (ii) 320 employees, and invests at least $65 million in capital improvements to convert its manufacturing process to change the product it manufactures.

SALES AND USE TAX DISCOUNTS, EXEMPTIONS AND REFUNDS: Offers reduced rate allowances on certain parts, accessories and construction supplies for eligible industries and manufacturing processes.

INDUSTRIAL REVENUE BOND PROGRAM: Assist private business development and expansion by issuing low-interest tax-exempt bonds. It offers qualified manufacturing facilities and certain solid waste disposal facilities convenient, long-term, flexible financing. The Industrial Facilities and Pollution Control Financing Authority of each county issues these bonds in the county where the project is located.

IRBs can be either tax-exempt or taxable and can be used to finance an entire project, including the cost of land, construction of new or expanded facilities, acquisition and installation of depreciable property such as equipment, and construction period interest.

INDUSTRIAL ROAD ACCESS PROGRAM: Administered by North Carolina’s Department of Transportation (DOT), this program provides funds for the construction of roads to provide access to new or expanded industrial facilities. An access review committee comprised of representatives of the Department of Transportation performs a technical review of a requested project and makes recommendations about traffic and safety concerns and approval is based upon the resulting economic benefits of the project including the number of new jobs created, the amount of capital investment, highway’s use and the area’s economic conditions.

INDUSTRIAL RAIL ACCESS SYSTEM: Administered by the North Carolina DOT for businesses that want to locate or expand their facilities in NC. This program ensures that industries have the tracks needed to transport freight and materials and also assists in refurbishing tracks.

Grant funding is contingent upon approval prior to the company making a decision to locate or expand in North Carolina and a private and/or local source match of funds. Approval is also based upon the economic benefits of the project including the number of new jobs created, the amount of capital investment, rail use and the area’s economic conditions.

FOREIGN TRADE ZONES (FTZ): Neutral, secured areas legally outside of the U.S. customs territory that offer economic advantages for businesses involved in international trade. There are six FTZs in North Carolina; several subzones are also approved for use by individual manufacturers.

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SC Statewide Economic Development Agencies

SC Utilities

SC Regional Economic Development Agencies

SouthernCarolina Regional Alliance
Danny Black
President
1321 Technology Drive
Barnwell, SC USA 29812
803-541-0023
sca@southerncarolina.org
www.southerncarolina.orgUpstate SC Alliance
Hal Johnson
President & CEO
124 Verdae Boulevard, Suite 202
Greenville, SC USA 29607
864-283-2300 301
marketing@upstatealliance.com
www.upstatealliance.com

SC County Economic Development Agencies

SC City Economic Development Agencies

South Carolina State Incentives

The JOB TAX CREDIT is a statutory incentive offered to companies, both existing and new, that create new jobs in South Carolina. The credit is available to companies that establish or expand manufacturing, distribution, processing, warehousing, research and development, corporate office, tourism and technology intensive facilities. Agribusiness operations are eligible effective January 1, 2011. In certain limited instances, service and retail facilities may also be eligible. The company must create a monthly average of 10 net new full-time jobs at the facility in a single taxable year. If a company has fewer than 99 employees worldwide, it may be eligible for a job tax credit if it creates a monthly average of two or more net new full-time jobs in a single taxable year. In most instances, companies can expect to receive from $1,500 to $8,000 per job depending on the development tier of the county. Credits can be used to offset up to 50 percent of South Carolina income tax in a single year, and unused credits may be carried forward for 15 years.

SINGLE FACTOR SALES APPORTIONMENT: Companies whose primary business in the state is manufacturing, distribution, or selling or dealing in tangible personal property will apportion its income by multiplying the net income remaining after allocation by a fraction consisting of a company’s sales made in South Carolina divided by its total number of sales. This new formula eliminates property and payroll from the equation and is advantageous for a company whose majority of sales occurs outside South Carolina. The new method is being phased in over a five-year period with a 20 percent reduction each year of income attributable to South Carolina which began in 2007. In 2011, the new formula will be fully applicable.

SALES TAX EXEMPTION: South Carolina offers a number of sales tax exemptions for manufacturers including manufacturing production machinery and applicable repair parts; manufacturing materials that become an integral part of the finished product; industrial electricity and other fuels used in manufacturing tangible personal property; research and development equipment; manufacturers’ air, water and noise pollution control equipment; material handling equipment for manufacturing or distribution projects investing $35 million or more; packaging materials; long distance telecommunication services, including 800 services; and parts and supplies used to repair or condition aircraft owned or leased by the federal government or commercial air carriers. An exemption for construction materials used in manufacturing or distribution facilities, investing at least $100 million over 18 months, was fully implemented July 1, 2011.

PRE-JOB TRAINING PROGRAM: The readysc™ program, offered through the S.C. Technical College System, provides pre-job training at little or no cost for eligible new or expanding companies with curricula tailored to meet a company’s workforce requirements. The comprehensive program includes recruiting, screening, testing, developing customized instruction material along with coordinating and upfitting training space.

JOB DEVELOPMENT CREDIT (JDC): A discretionary, performance-based incentive that rebates a portion of new employees’ withholding taxes that can be used to address the specific needs of individual companies. A company must meet certain business requirements and the amount a company receives depends on the company’s pay structure and location.

ECONOMIC DEVELOPMENT SET-ASIDE PROGRAM: Assists companies in locating or expanding in South Carolina through road or site improvements and other costs related to business location or expansion. Overseen by the Coordinating Council for Economic Development, it is the Council’s primary business development tool for assisting local governments with road, water/sewer infrastructure or site improvements related to business location or expansion.

ENTERPRISE ZONE RETRAINING PROGRAM: Helps existing industries maintain their competitive edge and retain their existing workforce by allowing them to claim a Retraining Credit for existing production employees. If approved, companies can reimburse themselves up to 50 percent of approved training costs for eligible production workers (not to exceed $500 per person per year).

RURAL INFRASTRUCTUR FUND (RIF): Assists qualified counties in the state’s rural areas by providing financial assistance for infrastructure and other activities that enhance economic growth and development. It can be used for job creation and/or product development. Qualified counties are designated as “Tier III” or “Tier IV” by the Department of Revenue and have received approval for an economic development strategic plan by the Coordinating Council for Economic Development.

PORT VOLUME INCREASE CREDIT: A possible credit against income taxes or withholding taxes to entities that use state port facilities and increase base port cargo volume by 5 percent over base-year totals. To qualify, a company must have 75 net tons of non-containerized cargo or 10 loaded TEUs transported through a SC port for their base year. The total amount of tax credits allowed to all qualifying companies is limited to $8 million per calendar year.

TOURISM INFRASTRUCTURE DEVELOPMENT GRANT: Supports new or expanding tourism or recreation facilities or designated development areas primarily through infrastructure projects. This program is generated from a share of the state admissions tax on qualified tourism and recreation establishments and is overseen by the Coordinating Council for Economic Development.

The COORDINATING COUNCIL FOR ECONOMIC DEVELOPMENT was established by the General Assembly in response to a general need for improved coordination of economic development efforts by those state agencies involved in the recruitment of new business and the expansion of current enterprises throughout the state.

ECONOMIC IMPACT ZONE INVESTMENT CREDIT: Allows manufacturers locating in Economic Impact Zone (EIZ) counties a one-time credit against a company’s corporate income tax of up to 5 percent of a company’s investment in new production equipment. The actual value of the credit depends on the applicable recovery period for property under the Internal Revenue Code.

CORPORATE HEADQUARTERS CREDIT: Provides a 20 percent credit based on the cost of the actual portion of the facility dedicated to the headquarters operation or direct lease costs for the first five years of operation. The credit can be applied against either corporate income tax or the license fee. These credits are not limited in their ability to eliminate corporate income taxes and can potentially eliminate corporate income taxes for as long as 10 years from the year earned. Eligibility is determined by meeting a number of specific criteria.

RESEARCH & DEVELOPMENT TAX CREDIT: A credit equal to 5 percent of the taxpayer’s qualified research expenses in the state. The credit taken in any one taxable year may not exceed 50 percent of the company’s remaining tax liability after all other credits have been applied. Any unused portion of the credit can be carried forward for 10 years from the date of the qualified expenditure.

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TN Statewide Economic Development Agencies

TN Utilities

TN Regional Economic Development Agencies

TN County Economic Development Agencies

TN City Economic Development Agencies

Tennessee State Incentives

Through the FAST TRACK INFRASTRUCTURE DEVELOPMENT PROGRAM (FIDP), funds are allocated to assist local governments in providing infrastructure to support new or expanding industry. The following types of activities are eligible: water systems, wastewater systems, transportation projects, site improvement, or other specific infrastructure improvements required to support economic growth. Grants are limited to a maximum of $750,000 with amounts determined for individual projects.

The TENNESSEE SMALL BUSINESS ENERGY LOAN PROGRAM is designed to assist in the identification, installation, and incorporation of approved energy-efficiency measures for existing Tennessee businesses. Businesses of fewer than 300 employees or $3.5 million in annual gross sales or receipts can receive loans of up to $300,000. These loans are repaid at 3 percent interest over a period of time not to exceed seven years.

The FASTTRACK JOB TRAINING ASSISTANCE PROGRAM (FJTAP) provides training assistance as an incentive to attract new investment and to encourage existing business and industry to make additional investments in Tennessee. The training assistance is customized to each company’s individual training needs. Levels of training assistance are determined by the amount of the company’s investment, number of new hires, and the skills and knowledge that must be possessed by the prospective or newly hired employees. A customized training plan can be developed in direct coordination with company personnel. The training can be both pre-employment and post employment, including classroom and on the job. Reimbursement of instructional cost by company personnel and selected vendors is eligible for support. The expense of travel, for the purpose of training, is a viable option for the training of new hires and persons who will serve as company instructors.

TENNESSEE JOB SKILLS (TJS) is a work force development program giving priority to the creation and retention of existing jobs while focusing on employers in industries that promote high-skill, high-wage jobs in high technology, demand and emerging occupations. Training grants can be awarded to employers as an incentive for investing in new technologies, with the training being focused on the performance skills of their present employees affected by the introduction of the new technology. Training assistance can also be awarded to employers who certify that a specific job or job openings exist and at the completion of the training project those participants in the project will fill such job openings. The starting wage for a new job created through the project will be equal to or greater than the prevailing starting wage for that occupation in the local labor market.

BUSINESS ENTERPRISE RESOURCE OFFICE (BERO): Provides technical, financial and business plan development advice for small, minority-owned and woman-owned businesses across the state.

COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM (CDBG): Grant dollars are available to communities with a population of fewer than 50,000 residents for the purpose of providing community development projects and attracting new or expanding companies, as long as the projects align with one of three national objectives:

• Principally benefit low and/or moderate income people
• Eliminate or prevent slums and/or blight
• Address imminent health and/or safety problems.

GREEN ISLAND CORRIDOR GRANT: Administered by the Tennessee Department of Transportation, assists retail vehicle fuel stations and farm co-ops with up to 80 percent of the cost to convert or install storage and fuel dispensing equipment for E85 and B20 pumps, with a cap of $45,000 per pump. TDOT advertises biofuel station locations on the Official State Map and provides interstate signage at exits with participating biofuel stations. This program is working to establish a statewide network of E85 and B20 pumps alongside interstate and major highway corridors to make these fuels available to citizens, travelers and fleets.

RURAL SMALL BUSINESS AND ENTREPRENEURSHIP LOAN FUND: Helps small businesses, specifically micro-businesses or micro-enterprises, grow and maintain their businesses. A micro-enterprise is a business with five or fewer employees including the owners. It is an alternative source of capital for small business owners who can’t get conventional bank loans and don’t want to use credit cards.

JOBS TAX CREDIT: Allows “qualified business enterprises” a credit against their franchise and excise taxes based on their capital investment and the number of jobs created. The amount of the credit and the period of time during which it can be used varies according to the size of the investment.

JOBS TAX SUPER CREDIT: Applies to those qualified businesses investing capital of $100 million or more and creating a minimum of 100 jobs paying at least 100 percent of Tennessee’s average occupational wage or investing $10 million in a qualified headquarters facility with the creation of at least 100 new headquarters jobs paying 150 percent of the average occupational wage.

These credits can be used to offset up to 100 percent of the company’s F&E tax liability each year for 3 to 20 years starting the first tax year after the job creation and capital investment thresholds have been met. The Super Credit does not include carry-forward provisions. The Super Credit is in addition to the regular Job Tax Credit, which will still have the 15 year carry-forward and 50 percent of offset. The only difference is by qualifying for the Super Credit, the amount of the regular Job Tax Credit increases to $5,000 per new occupational wage job instead of the regular $4,500.

RURAL OPPORTUNITY INITIATIVE ENHANCED JOB TAX CREDIT: If a qualified business enterprise locates or expands in a Tier 2 or Tier 3 Enhancement County (based on unemployment, per capita income and poverty levels), the company will be eligible for an annual Enhanced Job Tax Credit of $4,500 for each qualified job, provided that the job remains filled during the year in which the credit is being taken. The annual credit may be used to offset up to 100 percent of the company’s total franchise and excise (F&E) tax liability each year for a three-year period in Tier 2 counties and a five-year period in Tier 3 counties. The Enhanced Job Tax Credit for Tier 2 and Tier 3 Enhancement Counties is in addition to the regular Job Tax Credit and cannot be carried forward.

INDUSTRIAL MACHINERY TAX CREDIT: For capital investments in industrial machinery, it may be used to offset up to 50 percent of the company’s F&E tax liability. To qualify for this credit, companies are not required to create new jobs. The credit applies to the purchase, installation and repair of industrial machinery as defined in T.C.A. 67-6-102. The credit also applies to the purchase and installation of computer, computer software and certain peripheral devices purchased in order to meet the capital investment thresholds of the Job Tax Credit. Any unused Industrial Machinery Tax Credit may be carried forward for up to 15 years. The percentage of Industrial Machinery Credit allowed is dependent upon the investment made during the investment period.

HEADQUARTERS TAX CREDIT: A suite of enhanced tax credits to companies that establish or expand a qualified headquarters facility in Tennessee. A “qualified headquarters facility” means a regional, national or international headquarters facility where the taxpayer has made a minimum investment and either:

• Located its headquarters facility in a Central Business District or Economic Recovery Zone and received approval from the Commissioner of Revenue as a “qualified headquarters facility”
• $50 million in a headquarters building or buildings, newly constructed, expanded or remodeled during the investment period, or
• $10 million in a headquarters facility and the creation of 100 new full-time jobs paying at least 150 percent of Tennessee’s average occupational wage during the investment period.

DATA CENTER TAX CREDIT: Companies may obtain tax credits for the purchase of materials related to the construction of a qualified data center, which is defined as a building or buildings housing high technology computer systems and related equipment in which the taxpayers had made a minimum capital investment of $250 million and has created 25 new jobs paying at least 150 percent of the state’s average occupational wage.

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