Economic Development Incentives

What are incentives?

  • Economic development incentives are inducements offered by state, local and federal agencies to attract investment and job creation.
  • Incentives are not “give away” programs; rather, they are investments by communities intended to generate a positive economic return.
  • In a successful project, everyone wins- the business, the community and its citizens.

Who qualifies?

  • Non- retail businesses creating more than 15 new jobs and investing in building improvements or capital equipment may be eligible to receive economic developement incentives.
  • The level of incentives depends on many factors, including: the number of jobs to be created; average wage of the new jobs; proposed capital investment; type of industry; competition for the project; and project location.

Type of incentives

The types and value of incentives vary by community, with common incentives including:

  • Corporate income Tax Credits
  • Property Tax Abatement
  • Subsidized Real Estate
  • Discretionary Funds
  • Infrastructure Grants
  • Training Assistance
  • Low- Interest Project Financing
  • Reduced Permitting Fees

Triggers (fro economic development services)

If a company is:

  • Adding Jobs
  • Buying or Building a New Facility
  • Considering Acquisition / Merger
  • Relocating Operations
  • Expanding / Downsizing Operations
  • Purchasing Equipment
  • Attempting to Use Existing Incentives

Tools

Potential Incentives

  • Property Tax Abatement
  • Job Tax Credits
  • R&D Tax Credits
  • Training Grants
  • Public Infrastructure Assistance
  • Tax Increment Financing
  • Fast Track Approvals

Information provided by: Bingham Economic

Economic Development

 

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