Business Facilities - January 2008 - (Page 16) ness in Nevada, minimum job creation, employee health plans, minimum capital investment, and wage requirements. SALES TAX DEFERRAL: The state of Nevada offers a sales & use tax deferment program to qualified industries that purchase specific types of capital equipment in excess of $100,000. Taxes can be deferred interestfree for up to five years. RENEWABLE AND ENERGY STORAGE ABATEMENTS: For those companies involved in the production of energy from renewable sources such as wind and solar or a facility for the production of an energy storage device, there is a package of abatements available including sales/use tax and property tax. NEW HAMPSHIRE New Hampshire has no broad-base personal income tax and no tax on: sales, inventory, personal business property, capital gains, professional service, custom/modified software, equipment/machinery, and no Internet taxes. REVITALIZATION ZONE TAX CREDITS: Formerly knows as the CROP Zone program, Revitalization Zone Tax Credits are shortterm tax credits against the business profits and enterprise taxes. Through the CUSTOMIZED JOB TRAINING PROGRAM, training grants are available to qualified companies. The grants require a 1:1 cash match. The maximum grant request is $20,000 per company. Training can be facilitated through the New Hampshire Community Technical College System or a third party vendor. LOW INTEREST LOAN PROGRAM BASED ON NEW JOBS: The state offers a low-interest loan program through Citizens Bank that provides financing from $250,000 to $10 million. For every new job created, $40,000 can be allocated towards a loan for investments in machinery, equipment, and buildings. The interest rate is offered at 4.99%. The specified jobs must be created within three years after the funds are borrowed. ENERGY EFFICIENCY LOANS: In cooperation with Ocean Bank, New Hampshire offers a low interest loan (1% below prime) 16 JANUARY 2008 for the purchase of new energy efficient equipment. The state also offers free site visits to determine a strategy for improving energy efficiency. NEW JERSEY THE BUSINESS EMPLOYMENT INCENTIVE GRANT is available to companies that create at least 10 new jobs if they are high-tech or biotech companies, and 25 new jobs if they are in other non-technology business categories. There is a maximum award of up to 50% of new state income taxes generated as a result of new employees hired. It also provides an opportunity for grant awards up to 80% to companies that promote certain “smart growth” strategies. THE BUSINESS RETENTION AND RELOCATION ASSISTANCE GRANT helps to preserve jobs in danger of being relocated out-of-state. There must be a minimum of 250 retained full-time jobs from one or more locations within the state to new location(s) within the state. Grants are up to $1,500 per job. THE URBAN ENTERPRISE ZONE (UEZ) PROGRAM offers tax credits and other incentives to companies that locate and hire within 32 designated urban centers within the state. The benefits of being located within a UEZ include sales tax exemptions on equipment and supplies, including building materials; corporate tax credits for hiring designated employee groups; and qualified retail businesses may charge 50% of the mandated 6% sales tax on “in-person” customer purchases. The BROWNFIELDS REDEVELOPMENT LOAN PROGRAM enables developers entering into a Brownfields Redevelopment Agreement with the state to borrow up to $750,000 from the New Jersey Economic Development Authority (EDA) to meet remediation costs. The TECHNIUUM PROGRAM is broadbased assistance to support the evolution of technology and life sciences businesses and grow the state’s economy. Through Techniuum the state can assist with (1) technical support and mentoring services; (2) financing and incentive tools; and (3) real estate expertise and modern facilities. EDA assis- tance offered under its Techniuum umbrella includes angel and lease guarantees, lowinterest loans, access to venture capital, tax and business incentives, and affordable modern office, laboratory, and production space, and support services designed to meet the specialized needs of technology and life sciences companies. NEW MEXICO THE JOB TRAINING INCENTIVE PROGRAM funds classroom and on-the-job-training for newly created jobs in expanding or relocating businesses for up to six months. The program reimburses 50% to 70% of employee wages and required travel expenses. Custom training at a New Mexico public educational institution may also be covered. ANGEL INVESTMENT TAX CREDIT: A taxpayer who files a New Mexico income tax return and who is a “qualified investor” may take a tax credit of up to $25,000 (25% of a qualified investment of not more than $100,000) for an investment made in a New Mexico company that is engaging in hightechnology research or manufacturing. DOUBLE WEIGHT SALES FACTOR: A corporation with income from sources within New Mexico as well as from sources outside the state apportions the income based on a three-factor formula. New Mexico taxes the total corporate income times the average proportion of corporate sales, payroll, and property in New Mexico. The three factors (sales, payroll, and property) have equal weight in the formula. 25% FILM PRODUCTION TAX REBATE: New Mexico offers a 25% tax rebate on all direct production expenditures, including New Mexico labor, that are subject to taxation by the state. This is a refund, not a credit, on the full amount of the expenditure, not just the tax portion. NEW YORK INVESTMENT TAX CREDIT (ITC): Businesses that create new jobs and make new investments in production property and equipment potentially qualify for tax credits of up to 10% of their eligible investment. New businesses may elect to receive a refund of
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