Business Facilities - January 2009 - (Page 8)

businesses that are expanding or relocating to California. The CALIFORNIA ALTERNATIVE ENERGY & ADVANCED TRANSPORTATION AUTHORITY (CAEATA) for zero emission vehicles (ZEV) provides industry in California with alternative methods of financing alternative energy and advanced transportation technologies. An exemption is created through a sales lease-back approach where: CAEATFA purchases specified equipment (tangible personal property, not real property) on behalf of company X. CAEATFA finances this purchase through a bond or loan. Company X then leases the equipment from CAEATFA, with the lease payments paying for the bond or loan. As envisioned, the lease would stay in existence only from the time of the equipment purchase until the equipment is placed in use. By statute, CAEATFA does not have to pay sales tax on the equipment it purchases. ENTERPRIZE ZONES offer tax credits to companies that are located within them. The first major Enterprise Zone tax credit is equivalent to the sales and use tax paid on the first $20 million of qualified new or used manufacturing equipment purchased each year. The second major Enterprise Zone benefit takes the form of a credit equal to a percentage of the wages paid to a qualified employee. The credit is based on the lesser of the actual hourly wage or 150% of the stateestablished minimum wage. Other Enterprise Zone benefits may include a 15-year carryover of up to 100% of net operating losses and expensing of certain depreciable property. companies, as well as companies retraining employees in new technologies. The typical award is approximately $800 per trainee. The COLORADO FILM PRODUCTION 10% CASH REBATE INCENTIVE is a performancebased incentive plan that may rebate up to 10% of the cost of producing a film, documentary, or television program when that project is produced and filmed in Colorado. To qualify, a production must spend at least 75% of total below-the-line expenditures and 75% of total payroll in Colorado. Out-ofstate production companies must spend at least $1 million, and Colorado-based companies must spend at least $100,000. A preapplication must be approved before beginning production. The 10% incentive is paid upon completion and verification of the qualifying expenditures. The MANUFACTURING REVENUE BOND PROGRAM provides favorable tax-exempt Private Activity Bond financing targeted to small manufacturers in Colorado. The program provides for the financing of real estate, machinery, and equipment associated with expansion projects specific to manufacturers. Borrowers must meet all eligibility thresholds and federal tax code requirements, and often must compete for available volume, which is capped statewide under federal rules. CONNECTICUT JOB CREATION TAX CREDIT: A tax credit is available to taxpayers that create at least 10 new jobs in Connecticut and if the jobs are filled for twelve months. The credit may be up to 60% of the state income tax withheld from the employee’s wages and may be granted for five consecutive years. THE BIOSCIENCE FACILITIES FUND is a $45-million fund administered by Connecticut Innovations, the state’s venture capital organization; this fund can be used for the development of laboratory and related space. Since its inception in 1998, the program has committed more than $37 million for more than 350,000 square feet of lab and support space throughout the state, including 10,600 square feet. at 25 Science Park at Yale. The program is open to biotech firms that are located in Connecticut or willing to locate to the state. COLORADO BIOTECHNOLOGY SALES AND USE TAX REFUND: Qualified companies may seek a refund every year for all Colorado sales and use taxes they paid on purchases including microscopes, chemical reagents, and software, used directly and predominantly in the research and development of biotechnology. COLORADO FIRST & EXISTING INDUSTRY CUSTOMIZED JOB TRAINING PROGRAMS: These programs are intended to increase employee retention and provide customized job training assistance for new and expanding 8 JANUARY 2009 MANUFACTURING MACHINERY AND EQUIPMENT LOCAL PROPERTY TAX ABATEMENT: A 100% five-year abatement of local property tax on newly acquired manufacturing machinery and equipment, eligible for five-to-seven year depreciations. The local property tax on manufacturing machinery and equipment in Connecticut will be phased out at a rate of 20% per year over the five-year period from 2007 to 2011. The URBAN AND INDUSTRIAL SITE REINVESTMENT TAX CREDIT PROGRAM is a dollarfor-dollar corporate tax credit of up to 100% of capital investment on eligible projects with a minimum investment of $5 million in distressed communities or an industrial site project and $50 million in all other communities. The credits can be used over 10 years. Should a company not be in a position to take advantage of the earned credits, credits can be carried forward for five consecutive years or be transferred to another corporate taxpayer to be used in the same year the credits were earned. A $1,500 per worker CORPORATE TAX CREDIT is available to companies that hire workers who were employed in Connecticut and let go by a previous employer as a result of corporate restructuring in which at least 10 workers were terminated by the same employer; credit is allowed during the first 12 months of the worker’s re-employment. ENTERPRISE ZONE INCENTIVES: Up to a five year, 80% local property tax abatement on real estate and personal property as well as up to a 10-year, 50% corporation tax credit for companies locating in one of Connecticut’s 35 enterprise zone/enterprise corridor zone communities. MANUFACTURING ASSISTANCE ACT: Incentive-driven financial assistance packages for projects in which there is a significant economic development impact. DELAWARE A key component of the Governor’s New Economy Initiative, the THE TECHNOLOGY BASED SEED FUND (TBSF) directly invests in technology related businesses positioned for growth. Seed capital ranging between $50,000-$100,000 may be available to early

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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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