Tax incentives have always been the subject of controversy, but now they are expected to become a topic of debate during the gubernatorial elections next year, reports a Bloomberg BNA Daily Tax Reportarticle. Just as critics would not let President Obama forget his administration’s bid to support the failed solar panel maker Solyndra LLC in the 2012 election, governors across the country are being reminded of failed incentive deals as they seek re-election.
Members of both parties are under the gun for backing tax incentive programs that failed to meet their job creation goals. Many of the companies receiving tax incentives went bankrupt or donated to certain politicians, notes the article.
Among the governor’s under attack over incentive deals are Gov. Bobby Jindal (R-La.), Gov. Rick Perry (R-Texas), and Gov. John Kasich (R-Ohio).
Nebraska state senators met recently to see if various tax incentives, such as the Nebraska Advantage Act, offered in their state are actually creating jobs and meeting their intended goals, according to an article in the Lincoln Journal Star.
At least one state senator believes that, instead of offering tax incentives, Nebraska should entice businesses to their state by lowering the sales tax on business inputs or lowering the corporate income tax, notes the article.
It remains to be seen whether states will move away from using tax incentives to attract businesses to their jurisdictions. Either way, the issue will continue to be the subject of debate next year during election season.
For more information about Nebraska tax credits and other state tax incentives, check out Bloomberg BNA’s Credits and Incentives Portfolios.
The Illinois Department of Commerce and Economic Opportunity issued emergency regulations amending the criteria for designating enterprise zones, the scoring method used for enterprise zone applications, as well as expanding the types of companies that qualify as high impact businesses, according to a Bloomberg BNA Weekly State Tax Reportarticle.
By: Kathleen Caggiano
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