Business Facilities - January 2008 - (Page 15) FREIGHT RAIL SERVICE GRANT PROGRAM: This program is designed to make grants available to counties and municipalities so that the governing authorities of such may utilize these grants to assist counties in defraying expenses relating to the upgrading of railroad services to promote industrial development and public safety. The maximum grant amount is $250,000 per project; funding is derived from the issuance of state general obligation bonds. MISSOURI The MISSOURI QUALITY JOBS PROGRAM provides tax incentives for businesses that create jobs paying equal to or greater than the average county wage where the jobs are located, as well as provide healthcare benefits for employees. The ENHANCED ENTERPRISE ZONE TAX BENEFIT PROGRAM offers tax credits to new or expanding businesses located in a Missouri Enhanced Enterprise Zone. Enhanced Enterprise Zones are specified geographic areas designated by local governments and certified by the Missouri Department of Economic Development. Zone designation is based on certain demographic criteria, the potential to create sustainable jobs in a targeted industry and a demonstrated impact on local industry cluster development. The NEW JOBS TRAINING PROGRAM provides assistance to companies creating a substantial number of new jobs in Missouri. Whether the company is expanding or relocating, this program is designed to assist with the costs of training the employees in the newly created jobs. WELFARE TO WORK PROGRAM provides a financial incentive for employers to hire longterm welfare recipients. A certification for a federal income tax credit of up to $8,500 will be issued for each new hire that is certified by the Missouri Division of Workforce Development as a member of the long-term welfare recipient target group. The credit is equal to 35% of the first $10,000 of wages for the first year of employment ($3,500 maximum), and 50% of the first $10,000 of wages in the second year of employment ($5,000 maximum) for a maximum credit of $8,500. FILM PRODUCTION TAX CREDIT: State tax credits are issued to a qualified film production company for up to 35% of the amount expended in Missouri for production or production-related activities to facilitate film production in Missouri. MONTANA NEW INDUSTRIAL PROPERTY TAX ABATEMENTS: New industrial property, including real and personal property, is eligible for a reduced taxable valuation rate of 3% (normally 3.3% for real property) for the first three years of operation. Personal property is taxed at 3%. “New industry” means any organization that establishes a new plant in Montana for the operation of a new industrial endeavor, as distinguished from a simple expansion, reorganization, or merger of an existing industry. BIG SKY ECONOMIC DEVELOPMENT TRUST FUND program provides grant dollars to local governments that can be used to assist businesses that create new jobs in Montana. This program will provide funding to local governments that can use the funds to reduce interest rates for a commercial loan to a business, provide a grant or low-interest loan for relocation expenses or provide rental assistance or lease buy-downs for a relocation or expansion project, all for relocations of expansion projects for basic sector companies. ALTERNATIVE FUEL BUSINESS TAX CREDIT FOR MOTOR VEHICLE CONVERSIONS: A state tax credit is available to businesses to convert motor vehicles licensed in Montana to operate on alternative fuels. The amount of tax credit allowed is as much as 50% of the costs of equipment and labor for the conversion of a motor vehicle. NEBRASKA THE NEBRASKA ADVANTAGE ACT is new legislation that contains five tiers of benefits: • Tier 1: Nebraska Small Business Advantage—Businesses that invest $1 million and create 10 new jobs are eligible for a refund of half of the sales tax paid for qualified property purchases at the project, the full sliding scale wage credit of 3% to 6% depending on wage level, and a 3% invest- ment tax credit. This tier is available to manufacturers, research and development or testing businesses, and listed technologyrelated services where at least 75% of the sales and licensing are to out-of-state customers or to the federal government. • Tier 2: Businesses that invest $3 million and create 30 new jobs qualify for sales tax refunds for capital purchases at the project, the sliding scale wage credit, and a 10% investment credit. • Tier 3: Jobs-only tier—Businesses that create 30 new jobs can receive the sliding scale wage credit. No capital investment is required. • Tier 4: Businesses that invest $10 million and create 100 new jobs receive a personal property tax exemption for turbine-powered aircraft, mainframe computers, agricultural product processing machinery, and personal property used in a distribution facility for up to 10 years. This is in addition to qualifying for the sales tax refund, jobs credit, and the investment credit. • Tier 5: Investment-only tier. This requires $30 million in new investment and no new jobs. Companies receive a refund of sales taxes paid on eligible property with the project. THE INVEST NEBRASKA ACT allows companies to qualify for wage benefit credits. These credits may be used against withholding tax liability, for funding employee programs, and for offsetting a company’s income taxes. A company has up to seven years to earn these credits. Upon attainment, the company has up to 10 years to earn and use the credits. After that period, unused credits can be carried over and used for an additional eight years. THE CUSTOMIZED JOB TRAINING PROGRAM provides training assistance on projects that offer an opportunity for economic development in Nebraska. Use of the funds is limited to eligible companies and eligible training projects. NEVADA PERSONAL PROPERTY TAX ABATEMENT: An abatement of personal property tax is available to businesses with operations consistent with Nevada’s state plan for economic diversification and development. Qualifying criteria include a commitment to doing busiBUSINESS FACILITIES 15
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