The new year signals a time of inner reflection and change – whether it be starting a New Year’s resolution or getting back into the swing of things at work.
Yet, sometimes, the more things change, the more some things stay the same. This is true even with state tax credits because the issue of businesses being offered state tax incentives to attract them to a particular jurisdiction, or to keep them from moving out of a jurisdiction, continues to be a topic of debate.
Last Monday night, the BCS national championship game was watched by college football fans across the country. And whether you’re a Seminoles fan or a Tigers fan, chances are good you probably watched the game highlights on ESPN’s SportsCenter.
And, just like Boeing in South Carolina and General Motors in Michigan, ESPN has received millions in state tax incentives, according to an article in The New York Times. In fact, ESPN has received approximately $260 million in tax incentives from Connecticut.
And ESPN says that it “has provided an exceptional return on the investment,” in terms of increased job creation and economic development in the state, notes the article.
Supporters of tax incentives argue they are necessary to ensure ESPN does not leave Connecticut, whereas opponents argue that the money should be spent elsewhere and question whether the company is really on the verge of moving out of state, the article reports.
It will be interesting to see how many more tax incentives are given out this year by states seeking to attract, or retain, big businesses in their jurisdictions.
For more information about state tax credits, check out Bloomberg BNA’s Credits and Incentives Portfolios.
In other developments . . .
Wisconsin increased the tax credit amount for the historic rehabilitation credit, according to a Bloomberg BNA Weekly State Tax Reportarticle.
By: Kathleen Caggiano
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