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Report Explores Tax Incentives Offered by 13 Western States
In 2010, eight of 13 Western U.S. states currently maintain at least one tax exemption to encourage research and development according to a report from the Council of State Governments. In Trends in Western State Business Incentive, CSG looks at trends in the type and number of incentive business programs being used by 13 Western states — Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington and Wyoming. Among the report's findings, all 13 states had tax incentives targeted at building a knowledge-based economy including:
- Twelve of 13 states provided a tax exemption for at least one of the following: goods in transit, inventory and new equipment;
- All 13 states provided a tax exemption on raw materials used in manufacturing;
- Every Western state offers two or more types of incentives for renewable energy and at least one type of incentive for energy efficiency; and,
- Nine states provided tax incentives for the creation of jobs or for industrial investment.
The report also provides state profiles and a brief review of economic trends in the west, including an evaluation of trends in employment, unemployment and gross domestic product. Read the report...