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What Are The Effects Of Tax Abatements And Government Incentives On Economic Development
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Book Synopsis Rethinking Property Tax Incentives for Business by : Daphne A. Kenyon
Download or read book Rethinking Property Tax Incentives for Business written by Daphne A. Kenyon and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of property tax incentives for business by local governments throughout the United States has escalated over the last 50 years. While there is little evidence that these tax incentives are an effective instrument to promote economic development, they cost state and local governments $5 to $10 billion each year in forgone revenue. Three major obstacles can impede the success of property tax incentives as an economic development tool. First, incentives are unlikely to have a significant impact on a firm's profitability since property taxes are a small part of the total costs for most businesses--averaging much less than 1 percent of total costs for the U.S. manufacturing sector. Second, tax breaks are sometimes given to businesses that would have chosen the same location even without the incentives. When this happens, property tax incentives merely deplete the tax base without promoting economic development. Third, widespread use of incentives within a metropolitan area reduces their effectiveness, because when firms can obtain similar tax breaks in most jurisdictions, incentives are less likely to affect business location decisions. This report reviews five types of property tax incentives and examines their characteristics, costs, and effectiveness: property tax abatement programs; tax increment finance; enterprise zones; firm-specific property tax incentives; and property tax exemptions in connection with issuance of industrial development bonds. Alternatives to tax incentives should be considered by policy makers, such as customized job training, labor market intermediaries, and business support services. State and local governments also can pursue a policy of broad-based taxes with low tax rates or adopt split-rate property taxation with lower taxes on buildings than land.State policy makers are in a good position to increase the effectiveness of property tax incentives since they control how local governments use them. For example, states can restrict the use of incentives to certain geographic areas or certain types of facilities; publish information on the use of property tax incentives; conduct studies on their effectiveness; and reduce destructive local tax competition by not reimbursing local governments for revenue they forgo when they award property tax incentives.Local government officials can make wiser use of property tax incentives for business and avoid such incentives when their costs exceed their benefits. Localities should set clear criteria for the types of projects eligible for incentives; limit tax breaks to mobile facilities that export goods or services out of the region; involve tax administrators and other stakeholders in decisions to grant incentives; cooperate on economic development with other jurisdictions in the area; and be clear from the outset that not all businesses that ask for an incentive will receive one.Despite a generally poor record in promoting economic development, property tax incentives continue to be used. The goal is laudable: attracting new businesses to a jurisdiction can increase income or employment, expand the tax base, and revitalize distressed urban areas. In a best case scenario, attracting a large facility can increase worker productivity and draw related firms to the area, creating a positive feedback loop. This report offers recommendations to improve the odds of achieving these economic development goals.
Book Synopsis What are the Effects of Tax Abatements and Government Incentives on Economic Development? by : Jerry W. Rutherford
Download or read book What are the Effects of Tax Abatements and Government Incentives on Economic Development? written by Jerry W. Rutherford and published by . This book was released on 2012 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: The debate over whether government incentives and tax abatements will enhance economic development continues to receive serious consideration by granting agencies. The State of Texas authorized the use of economic development programs via the Development Corporation Act in 1989 and various incentives have been used by Texas cities since its enactment. Currently, all fifty states and over 13,000 cities utilize many types of government incentives to stimulate economic development.
Book Synopsis The Impact of Local Tax Policy on Urban Economic Development by : Roy W. Bahl
Download or read book The Impact of Local Tax Policy on Urban Economic Development written by Roy W. Bahl and published by . This book was released on 1980 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Information Bulletin explores the effects of local tax policy on urban economic development. The paper is practitioner-oriented and addresses the question of how local officials might best think through the advisability of adjusting local taxes to stimulate community job formation.
Book Synopsis Tax Incentives and Economic Growth by : Barry Bosworth
Download or read book Tax Incentives and Economic Growth written by Barry Bosworth and published by Brookings Institution Press. This book was released on 1984 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study the author attempts to clarify the basic analytic issues about incentives and to summarize the empirical evidence, and examines the difficulties of coordinating tax incentive measures with fiscal and monetary policies.
Download or read book Money for Nothing written by Gary Sands and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although widely utilized, industrial property tax abatements have a dubious record of accomplishments. In addition to failing to deliver promised jobs and investments, tax abatements appear to contribute to urban sprawl, impose substantial cost burdens on older municipalities and have limited positive effects on community economic health, This book uses Michigan's Industrial Facilities Tax abatement program to develop policy recommendations to make the use of these incentives more efficient and equitable.
Book Synopsis Local Development and Tax Abatements by : Anthony Lupo
Download or read book Local Development and Tax Abatements written by Anthony Lupo and published by . This book was released on 2000 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Who Benefits from Economic Development Incentives? by : Timothy J. Bartik
Download or read book Who Benefits from Economic Development Incentives? written by Timothy J. Bartik and published by . This book was released on 2018 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report presents results from a simulation model that examines the effects of economic development incentives (e.g., tax incentives such as property tax abatements or job creation tax credits) provided to businesses by state and local governments in the United States. The model simulates effects of incentive policies on the incomes of local residents, both for different income types (e.g., labor income versus property income) and for different income quintiles, under different assumptions about the economy’s workings and public policy. Net benefits of incentives for local incomes are greater if the incentives have greater job-creation effects conditional on their effects on business costs, and in particular if incentives have multipliers as great as have sometimes been estimated for high tech manufacturing. Incentive design and financing is also key. If tax incentives are replaced with customized services (e.g., customized job training) that are as productive as has sometimes been estimated, net benefits increase enormously, and in a progressive manner. The opportunity costs of how incentives are paid for—what taxes are increased or what spending is cut—also matter a great deal. For example, financing incentives by cutting back on productive services such as K–12 education has very negative effects on local incomes and highly regressive effects on the income distribution. Who gets the jobs matters: local incentive benefits increase, particularly for low- and middle-income groups, if a greater proportion of the jobs go to the local nonemployed rather than in-migrants. Finally, refocusing incentives on locally owned businesses has effects that vary enormously under different assumptions about who is assisted and how they are assisted.
Book Synopsis Local Government Tax and Land Use Policies in the United States by : Helen F. Ladd
Download or read book Local Government Tax and Land Use Policies in the United States written by Helen F. Ladd and published by Edward Elgar Publishing. This book was released on 1998 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offers an accessible, nontechnical evaluation of the most recent economic thinking on the nexus between local land use and tax policies. In Part I, the author summarizes the literature on the subject and explores theoretical controversies surrounding issues such as land use regulation as a fiscal tool, the effect of taxes on economic activity, and the success of tax policies to promote economic development. In Parts II and III, a group of experts presents new research on areas including the impact of growth on tax burdens and the shift to land value taxation in urban areas. For students, economists, planners, and policy makers. Annotation copyrighted by Book News, Inc., Portland, OR
Book Synopsis Effects of Tax Incentives and Subsidies on Economic Growth in Developing Economies by : ERICK OKOTH
Download or read book Effects of Tax Incentives and Subsidies on Economic Growth in Developing Economies written by ERICK OKOTH and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tax incentives are defined as tax rules that go against the generally accepted principles of tax neutrality and fairness which are aimed at fostering both foreign and local investment since they promote greater investment competitiveness among emerging nations, maximize returns on investments, and reduce costs and inefficiencies in the investment market. Subsidies on the other hand are described as any government aid to private industry producers or consumers, whether financial or in-kind, which requires no commensurate repayment to the government in exchange but prerequisite the benefit on a certain conduct by the receiving firm or industry. This study aims to investigate the potential effectiveness of tax incentives and subsidies in enhancing economic development and growth among developing economies. Most developing economies, if not all, that are members of the UN organization work toward achieving the SDGs by 2030,and this is significantly influenced by the amount of investment they attract to boost economic growth and encourage improvements in citizen welfare. This study uses secondary data from World Bank, IMF, and OECD reports for a target period of 2010 - 2022 to examine how tax incentives affect economic development in emerging economies with a focus on Indonesia, Kenya, Malaysia, and Türkiye. For this study, the researcher used STATA version 15 to investigate the underlying relationship between the variables. The researcher performed a panel data regression analysis using the generalized estimating equations approach. The P-value approach used by the researcher assesses the relevance of the study's variables, for which the p-value is set at 0.05. This is a comparative study, as such the researcher prefers to use the generalized estimating equation method to perform a panel data regression analysis because it can simulate the population as a whole and because the data may be correlated, which would violate the independence assumptions of other traditional regression procedures. The study obtained positive and significant effects of subsidies on investments and economic growth. Incentives on taxes on production, sales, and transfers and taxes on profits and capital gains registered a non-significant positive effect on investment; however, the effects were insignificant and negative for economic growth.
Book Synopsis Making Sense of Incentives by : Timothy J. Bartik
Download or read book Making Sense of Incentives written by Timothy J. Bartik and published by W.E. Upjohn Institute. This book was released on 2019-10-15 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bartik provides a clear and concise overview of how state and local governments employ economic development incentives in order to lure companies to set up shop—and provide new jobs—in needy local labor markets. He shows that many such incentive offers are wasteful and he provides guidance, based on decades of research, on how to improve these programs.
Book Synopsis Municipal Use of Tax Incentives for Economic Development by :
Download or read book Municipal Use of Tax Incentives for Economic Development written by and published by . This book was released on 1988 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Development Tax Incentives by : Peter Calcagno
Download or read book Economic Development Tax Incentives written by Peter Calcagno and published by . This book was released on 2018 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Did you know that some lucky companies have agreements with state and local governments to pay less in taxes than their competitors? These deals are called “economic development tax incentives,” and they are all justified in the name of creating jobs. But do they? Is it the job of the government to decide which businesses succeed and which ones fail? How do these deals affect political contributions? This chapter reviews the consequences of such targeted tax incentives, showing how these deals hurt taxpayers and providing policy recommendations that would treat all businesses equally. Key takeaways: (1) Governments sometimes take taxpayers' money and give it to a few favored corporations. (2) If states are going to use targeted economic development tax incentives, disclosing their costs would improve transparency.
Book Synopsis The Role of Local Government in Economic Development by : Jonathan Q. Morgan
Download or read book The Role of Local Government in Economic Development written by Jonathan Q. Morgan and published by Unc School of Government. This book was released on 2009 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report discusses the findings from a mail survey of local government economic development activities that was sent to all 540 municipalities and 100 counties in North Carolina. An important part of the analysis examines whether cities and counties differ significantly in their economic development efforts and whether smaller jurisdictions employ different types of development strategies and tools than larger ones. The survey findings also highlight the barriers that local governments face in promoting economic development and identify important technical assistance needs and gaps in local capacity.
Author :New Jersey State and Local Expenditure and Revenue Policy Commission Publisher : ISBN 13 : Total Pages :44 pages Book Rating :4.3/5 (126 download)
Book Synopsis The Impact of State and Local Government Taxes, Spending, and Regulations on Business Climate and Economic Development by : New Jersey State and Local Expenditure and Revenue Policy Commission
Download or read book The Impact of State and Local Government Taxes, Spending, and Regulations on Business Climate and Economic Development written by New Jersey State and Local Expenditure and Revenue Policy Commission and published by . This book was released on 1987 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Literature Review by : Luke Middleton
Download or read book Literature Review written by Luke Middleton and published by . This book was released on 2001 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Increasing Use of Property Tax Abatement as a Means of Promoting Sub-National Economic Activity in the United States by : Robert W. Wassmer
Download or read book The Increasing Use of Property Tax Abatement as a Means of Promoting Sub-National Economic Activity in the United States written by Robert W. Wassmer and published by . This book was released on 2009 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The swift increase in stand-alone property tax abatement programs (SAPTAPS) allowed within the United States (from 30 percent of the states allowing them in 1964 to 70 percent in 2004), the nationwide erosion in property tax base they likely generate, and the wide variety of arguments given both pro and con for the continued existence of these programs are the reasons their use is explored in this paper. The paper first offers evidence on the increasing use of property tax abatement in the United States, and the arguments previously put forth in favor and against the use of this form of economic development incentive. Next, the economic theory indicating why abatement may promote sub-national economic development is summarized. This is followed by a description of the types and prevalence of SAPTAPs currently in the United States, and a summary of the best empirical evidence that exists on the effects of property tax abatements. The conclusion offers my own recommendations in regard to how sub-national decision makers should view the offering of SAPTAPs and policy suggestions for the future of property tax abatement in the United States.
Book Synopsis Rethinking Investment Incentives by : Ana Teresa Tavares-Lehmann
Download or read book Rethinking Investment Incentives written by Ana Teresa Tavares-Lehmann and published by Columbia University Press. This book was released on 2016-07-12 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments often use direct subsidies or tax credits to encourage investment and promote economic growth and other development objectives. Properly designed and implemented, these incentives can advance a wide range of policy objectives (increasing employment, promoting sustainability, and reducing inequality). Yet since design and implementation are complicated, incentives have been associated with rent-seeking and wasteful public spending. This collection illustrates the different types and uses of these initiatives worldwide and examines the institutional steps that extend their value. By combining economic analysis with development impacts, regulatory issues, and policy options, these essays show not only how to increase the mobility of capital so that cities, states, nations, and regions can better attract, direct, and retain investments but also how to craft policy and compromise to ensure incentives endure.
