Incentives
Incentives are another integral part of the business environment with the goal of promoting growth and strengthening a company’s presence in a geographic region. Discretionary incentives are generally negotiated with economic development officials in advance of the public announcement of a project. These incentives can include both tax benefits (e.g., credits, abatements, and exemptions) and non-tax benefits (e.g., grants, loans, and streamlined permitting).
Examples of Incentives
Cash grants
Forgivable loans
Impact and permit fee waivers
Income/franchise credits and exemptions
Industrial revenue/development bonds
Infrastructure assistance
Land grants or cost reduction
Low-interest loans
Payment in lieu of tax agreements
Payroll tax credits and rebates
Real and personal property tax exemptions, abatements, and rebates
Sales tax exemptions and refunds
Tax increment financing
Training grants
Utility rate reductions