Business Facilities - January 2009 - (Page 20)

new employee, and then choosing whichever credit is larger. The maximum credit in the first five years equals up to 5% of the investment, or $2,500 per new employee. The credit doubles for most investments in excess of $40 million or for those qualified investments in an Enterprise Zone. Credits may reach as high as 10% of new investment, or $5,000 per new employee. OKLAHOMA’S TRAINING FOR INDUSTRY PROGRAM (TIP) is a no-cost/low-cost way for companies creating jobs in Oklahoma to get a skilled, focused, and motivated workforce. Offered through the Oklahoma CareerTech System, TIP offers a variety of customized services, including job analysis and training needs assessment; instructional materials and development; instructors; training facilities; pre-employment training to demonstrate the skills of potential employees before they’re hired; and post-employment technical and team-based training. OREGON The OREGON INVESTMENT ADVANTAGE helps businesses start or locate in most Oregon counties with a 10-year income tax holiday. Companies setting up operations in a qualifying county are eligible for a 10-year waiver on all income/excise taxes related to those operations—potentially avoiding state business tax liability for that period. To be eligible, a company must create at least five new full-time, year-round jobs and facility operations need to be the first of their kind in Oregon for that company and not compete within the local economy. Exemption of taxable income can be combined with an enterprise zone exemption. The STRATEGIC INVESTMENT PROGRAM exempts companies from property taxes on a portion of a large capital investment. It involves a locally approved 15-year property tax exemption of all investment value over $100 million in urban areas or $25 million in rural areas. The company pays a community service fee equal to 25% of the exemption, up to a yearly maximum of $2 million in urban areas or $500,000 in rural areas. The exemption also is available with pre-established local requirements and approval if the 20 JANUARY 2009 project will locate in a designated Strategic Investment Zone. OREGON BUSINESS DEVELOPMENT FUND (OBDF): This is a revolving loan fund that provides long-term, fixed-rate financing for land, buildings, equipment, machinery and permanent working capital. It emphasizes rural and distressed areas and businesses with fewer than 50 employees. Participants must create or retain jobs; must be a traded-sector business in manufacturing, processing, or a regionally significant tourist facility. The fund features a Targeted Development Account for distressed areas of Oregon. CONSTRUCTION-IN-PROGRESS: This is a property tax exemption for commercial, nonutility facilities while under construction and not in use on January 1 of the assessment year for up to two years. Exemption is generally valid for any manufacturing project, including any machinery or equipment located in the unoccupied facility on January 1, anywhere in Oregon. Exemption also applies to all qualified property being constructed or installed as part of any authorized enterprise zone project. OREGON CREDIT ENHANCEMENT FUND: This fund provides guarantees for working capital or fixed asset bank loans. It is available for manufacturing, production, and processing companies with less than 200 employees. It assists businesses in distressed areas and businesses that uses proceeds to clean up a brownfield site. Funds can be used for real property, buildings, machinery and equipment, working capital, and export financing. PENNSYLVANIA NEW PA VENTURE CAPITAL INVESTMENT PROGRAM provides loans for venture capital partnerships investing in technology-based, Pennsylvania-related companies. The program provides $60 million in loans to venture capital partnerships, leveraged by another $180 million of private equity, totaling $240 million for Pennsylvania-related companies. In addition, in order to increase the amount of capital available in traditionally underserved areas, the Commonwealth has instructed that 50% of the funds be made available to those venture capital part- nerships with primary offices staffed with at least one full-time, senior-level partner located in Pennsylvania counties which are outside the Philadelphia Metropolitan Statistical Area and which have a population of one million or less. All loans are made pursuant to the statutory authority of the Commonwealth Financing Authority. The EXPORT FINANCE PROGRAM (EFP) provides small businesses with access to preexport working capital and post-export accounts receivable financing through a direct loan program. Small businesses (250 employees or less) exporting goods or services internationally are eligible to apply. For Working Capital Loans, companies can apply for up to $350,000 or 50% of total eligible project costs, whichever is less; for Accounts Receivable loans, companies can apply for up to $350,000 or 85% of eligible project costs. Working capital loans and accounts receivable loans are for up to a 12month term, with an interest rate of 3.75% per annum. The MACHINERY AND EQUIPMENT LOAN FUND (MELF) makes available low-interest loans to acquire and install new or used machinery and equipment or to upgrade existing machinery and equipment. Manufacturing, industrial, agricultural processors, direct-mining operations, information technology, biotechnology and medical facilities are all available to apply for this fund. A medical facility may only use MELF funds for the acquisition and installation of equipment and technology necessary to comply with FDA requirements regarding pharmaceutical management. The loan applies to up to $5,000,000 or 50% of the total eligible project costs, whichever is less. Interest rates on the loan are 5% for up to a 10-year term, depending upon the useful life of the machinery being financed. There is a $25,000 cost per job retained or created, and the project must be directly related to the manufacturing process. The MARKET ACCESS GRANT (MAG) is designed to enhance the capability of small and mid-sized Pennsylvania companies to increase export sales and is available to export-ready Pennsylvania companies in

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Business Facilities - January 2009 Contents First Word Cover Story: State Incentives Guide Mexico Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Virginia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming No label Canada Alberta British Columbia Manitaba New Brunswick Nova Scotia Ontario Québec Saskatchewan Asia/Pacific International Caribbean Cental/South America Europe Advertiser Index

Business Facilities - January 2009

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