Incentives Watch: New Year, New Credits


With a new year comes the vow to make resolutions. This year, a number of states have already vowed to focus on offering new credits and incentives to entice businesses to their jurisdictions. Some of the new credits and incentives that have been enacted by states in the past few weeks are listed below:  

The Michigan Community Revitalization Program provides community revitalization incentives, such as loans and grants, to brownfield sites, historic buildings, and blighted properties. For more information about the program, check out Bloomberg BNA State Tax Law Editor Denise Ryan’s article in the Weekly State Tax Report, which can be read in its entirety here.  

Meanwhile, the Grow New Jersey Assistance Program was enacted to create tax credits for certain businesses in qualifying development zones that make capital investments of at least $20 million and create or retain at least 100 full-time jobs. Details about this program are available here.  

In New York, a credit was enacted for companies that provide transportation to individuals with disabilities. For more information about this credit, check out Bloomberg BNA State Tax Law Editor Denise Ryan’s article in the Weekly State Tax Report, which can be read in its entirety here.

In other developments . . .

While making resolutions, it is often useful to reflect on the previous year’s accomplishments and then look ahead to the future. In Iowa, Governor Branstad delivered his annual State of the State address and mentioned the success of the High Quality Jobs Program over the past year.

Interested in other State of the State addresses? Check out Stateline’s complete listing of the governors’ 2012 State of the State speeches here.
 

Compiled by:  Kathleen Caggiano