In Site Selection’s annual ranking of state business climates, Georgia took first place this year, according to the magazine’s article. North Carolina came in second followed by Texas and Ohio in third and fourth place respectively.
The ranking is based on a survey of business climate rankings given to corporate site selectors, as well as certain other factors, including the state taxation of new and established companies and certain qualified projects located in the state.
Interestingly, Site Selection also surveyed corporate real estate executives regarding what they consider to be the most important criteria for deciding where businesses should locate their facilities. The location’s state and local tax scheme came in third place on the list of most important location criteria. The flexibility of incentive programs, ranked seventh, followed by the availability of incentives, which came in eighth.
Along those lines, Georgia offers several tax incentives, including job credits and other economic development tax credits. Last year, Georgia’s governor signed legislation that provided a sales tax exemption for energy used in manufacturing, reports the article. The incentive was enacted to increase the state’s competitiveness and encourage more economic development in the state, notes the article.
Other states are also offering incentives to encourage development in their jurisdictions. Texas, for example, permanently extended the margin tax exemption for small businesses and reduced the franchise tax rates for fiscal years 2014 and 2015, reports a Bloomberg BNA Weekly State Tax Reportarticle.
For more information about state tax credits and incentives, check out Bloomberg BNA’s Credits and Incentives Portfolios.
In other developments . . .
Wisconsin is providing $7 million in enterprise zone tax credits to Amazon.com in return for the company’s agreement to locate a distribution facility in the state, according to a Bloomberg BNA Weekly State Tax Reportarticle.
By: Kathleen Caggiano
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