State Tax Incentives For Illinois Businesses

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State Tax Incentives For Illinois Businesses

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Author :
language : en
Publisher:
Release Date : 2007

State Tax Incentives For Illinois Businesses written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business enterprises categories.

Corporate Incentives In The State Of Illinois

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Author : Illinois Economic and Fiscal Commission
language : en
Publisher:
Release Date : 2001

Corporate Incentives In The State Of Illinois written by Illinois Economic and Fiscal Commission and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Community development, Urban categories.

Illinois Tax Incentives

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Author : Illinois Commission on Government Forecasting and Accountability
language : en
Publisher:
Release Date : 2009

Illinois Tax Incentives written by Illinois Commission on Government Forecasting and Accountability and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Illinois categories.

Commercial Business Industrial Tax Incentives In Illinois

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Author :
language : en
Publisher:
Release Date : 1986

Commercial Business Industrial Tax Incentives In Illinois written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Industrial promotion categories.

Doing Business In Illinois

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Author : Darlene Logsdon
language : en
Publisher:
Release Date : 1984

Doing Business In Illinois written by Darlene Logsdon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Business categories.

Enterprise Zones In Illinois

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Author : Kent Redfield
language : en
Publisher:
Release Date : 1991

Enterprise Zones In Illinois written by Kent Redfield and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Enterprise zones categories.

Annual Report

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Author : Illinois Enterprise Zone Program
language : en
Publisher:
Release Date : 2003

Annual Report written by Illinois Enterprise Zone Program and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Enterprise zones categories.

Rethinking Property Tax Incentives For Business

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Author : Daphne A. Kenyon
language : en
Publisher:
Release Date : 2012

Rethinking Property Tax Incentives For Business written by Daphne A. Kenyon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Electronic books categories.

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.

Final Report And Recommendations

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Author : Illinois. New Technologies Board
language : en
Publisher:
Release Date : 1994

Final Report And Recommendations written by Illinois. New Technologies Board and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Technology categories.

State Aid And Tax Law

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Author : Alexander Rust
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2012-12-01

State Aid And Tax Law written by Alexander Rust and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-01 with Law categories.

This book provides clear guidance on what constitutes State Aid in the area of tax law. It clearly explains the situations in which beneficial tax provisions for the taxpayer – e.g., lower tax rates for certain industries or for certain economic zones, advantageous depreciation rules, or exemptions – can be declared void by the European Commission. The difficult controlling concept of ‘selectivity’ of an aid is dealt with extensively. Drawing on familiarity with the practice of the Commission, as well as the jurisprudence of the General Court and of the Court of Justice, thirteen knowledgeable contributors present valuable arguments in case the Commission requires the repayment of advantages received. Among the topics and issues covered are the following: how unregulated tax incentive competition between States leads to a ‘win’ by one State and a ‘loss’ by another; the legal uncertainty attached to the Commission’s decision following notification of a proposed tax incentive; the role of the Commission’s Code of Conduct; calculating the amount of recovery of illegal State Aid; application of State Aid rules in the area of indirect taxation (e.g., VAT and excise duties); investment fund regimes; subnational regional aid; ‘patent box’ regimes; foreign source income; and taxpayers’ exclusion from infringement proceedings and subsequent appeals. Complete with case studies and analyses of the latest case law on selectivity, this invaluable resource will be welcomed by practitioners who, although they may be well-versed in tax law, are sure to benefit greatly from the authors’ expert guidance on State Aid provisions and the rules on harmful tax competition.