Happy Economic Development Week (May 9-16)!!
It’s International Economic Development! 🎉 The Growth Alliance (now operating as E-REP), along with others throughout the state are using this week to promote understanding of the practice and benefits of economic development.
Tax Abatement Explained: ‘Tax abatement’ is a good example of a misunderstood mechanism for supporting business investment. A better way to understand tax abatement is to think of it as tax ‘delay.’ As a company relocates to a new community, or expands in its current home community, delays the payment of new taxes. A community is not giving away taxes it is already receiving but is delaying the payment of new taxes as a way of helping the company cover the costs of start-up or expansion. It’s important to understand that current taxes are not eliminated.
Other incentives, such as workforce training grants, benefit the community and company directly and immediately, by improving the skills and earning potential of local workers to make them more employable and of immediate benefit to the company.
View local incentives available to qualifying companies through our team