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Each year various levels of government in the United States award approximately
$3 billion in economic incentives to spur job growth by luring commercial enterprises
to their states and communities. In some communities, private incentives will make
lifestyle amenities more affordable to employees.
Services are available to locate and negotiate economic incentives on an anonymous basis (your project will be referenced only by a code name), which leads to competitive offers from preferred locations. Efforts will be customized and based on your business objectives, key business drivers and lifestyle preferences.
Government incentives provide benefits to minimize tax liabilities and offset capital costs associated with site-location decisions. In general, earlier negotiations may produce a greater incentive package considering that there is competition for such incentives.
Examples of State & Local Economic Incentives
Incentives are either statutory or negotiable and generally fall into the following categories:
- Cash Grants
- Employee Tax Credits
- Customized Training Grants
- Wage Subsidies
- Property Tax Abatements
- Investment Tax Credits
- Energy Investment Tax Credits
- Sales Tax Exemptions
- Low-Cost Financing
- Utility Rate Reductions
- Fee Waivers
- Infrastructure Grants
- Fast Track Permitting
- Inventory Tax Reductions
- Subsidized Land
How it's Done
After community options are clarified, researchers will target all available incentive and credit opportunities. Next, experts will develop a business case for incentives to be circulated to state and local economic development agencies and the results will be included in a competitive location assessment. All such work is done anonymously.
Once a location is selected, experts are available to coordinate the application process and facilitate the necessary authorizations and contracts required to receive the incentive awards. A lengthy amount of time may be involved because meeting requirements can be complicated and cumbersome.
Incentives Protection
More work is needed after incentives are in place: You must remain in compliance. You may assign tasks and deadlines to a management employee (with compliance duties specifically outlined in a job description). Alternatively, a turnkey arrangement with a compliance expert would make sure that you receive the full value of incentive awards as negotiated. Whatever path is taken, customized monitoring and reporting to ensure compliance is an absolute must. |
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