Business Facilities - February 2009 - (Page 15)

D.C., global investments in green energy services grew 41% in the second quarter of 2008, raising more than $5.8 billion in venture capital and investments. Recognizing the potential of the green industry to provide new jobs, state business leaders have developed incentives to expand support for renewable energy and alternative energy technologies. These incentives not only will support sustainable energy companies, but also will provide jobs for the electrical contractors, builders, truck drivers, roofing companies, and other professionals involved in these types of projects. For example, Oregon’s Business Energy Tax Credit (BETC) program has been a key driver for Oregon’s emerging green economy. The BETC program allows manufacturers to apply during one calendar year to receive a $20-million credit over five years. The next year, manufacturers could apply for an additional $20million credit toward a second phase if the project meets eligibility tests. At the end of 2008, the state legislature doubled the amount of project costs, to $40 million, for companies that are eligible for 50% tax credits on renewable-energy plants. The BETC program helped lure SANYO Electric Company, a Japanese solar company, to Oregon. In September 2008, state officials announced that Sanyo will receive $40 million of renewable-energy tax credits to build a solar factory in the Renewable Energy and Technology Park in Salem, OR. In addition to the green tax incentives, the company also received $285,000 in workforce training dollars. This project is estimated to inject $84 million into the local economy. “We chose Oregon for its workforce and its forward-looking Business Energy Tax Credit program for renewable energy sources, such as solar,” said Misturu Yabuno, vice president of SANYO Solar of Oregon LLC. “BETC helps our cash flow, which is important because the business will be in a position to grow. We will need to hire more skilled workers, which will increase to as many as 200 as we move forward from 2010.” GROWTH FROM HIGH TECHNOLOGY AND BIOTECH Many state incentive programs are developing flexible and attractive incentive programs to draw highFla. Turnpike tech, biotech, and life science companies to their communities. New Jersey, well known for its pharmaceutical industry, has several incentive programs to promote hightech/biotech growth. The state makes cash grants available through the Business Employment Incentive Program (BEIP) to expanding or relocating businesses that create new jobs in the state. Companies must create at least 10 new jobs if they are high-tech/biotech companies and 25 new jobs if they are in non-technology business categories. In 2008, the program provided 27 grants worth an estimated $78 million over 10 years, with businesses planning to create nearly 4,300 new jobs. #1725 at www.BusinessFacilities.com BUSINESS FACILITIES 15 http://www.leesburgflorida.gov http://www.leesburgflorida.gov http://www.BusinessFacilities.com

Table of Contents Feed for the Digital Edition of Business Facilities - February 2009

Business Facilities - February 2009 Contents First Word Snapshots Corporate Moves: Ohio Governor's Report Growth Magnets Industry Focus: Automotive International Report: Luxembourg Corporate Moves: Tennessee Cream of the Crop in North Carolina Advertiser Index Ask the Expert

Business Facilities - February 2009

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