Economic Incentives in the United States: Overview and Strategies
Explore the diverse economic incentives available in the United States, ranging from federal to local levels, industry-specific benefits, and strategic considerations for businesses. Discover how factors like tax credits, workforce training, and location selection play vital roles in economic development.
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Presentation Transcript
An Overview of Economic Incentives in the United States Kocaeli 9 February, 2015 John Woodward Senior Director, Foreign Investment Metro Atlanta Chamber Atlanta, GA, USA
Federal / State / Local Statutory / Discretionary Industry specific Geographic specific Macro
State Often Tax Credits Jobs-based Infrastructure (local collaboration) Workforce Training, e.g., Georgia Quick Start Targeted Industries, e.g., Georgia Film production, also included, digital media, interactive entertainment, etc State assets e.g., Georgia ports R&D
Local Real estate tax abatements Personal property / machinery & equipment Sales tax, e.g., construction, machinery Grants, Loans Industrial Development Authority Industrial Revenue Bonds Public Utilities Permitting (Money & Time)
Macro Incentives initial, up front, maybe 3, 5, 10 years if lucky Best economic incentive is selection of appropriate location
Chosen and managed correctly, these are incentives: Expenses - Operating & Capital Labor Costs Real Estate Taxes Regulations Workforce Skilled, educated Right-to-Work Access to Market Customers Suppliers Universities Quality of Life And other Intangibles
Cost of Living Index 240.0 220.4 220.0 200.0 180.0 161.6 160.0 139.7 140.1 140.0 120.0 115.3 107.6 104.2 U.S. Average: 100 100.0 95.9 95.3 80.0 Atlanta, GA Dallas, TX Denver, CO Miami, FL Chicago, IL Boston, MA Washington, D.C. San Francisco, CA New York , NY (Manhattan) Source: C2ER/ACCRA Cost of Living Index, 2013
Strategic Location Most of the U.S. population lives in the eastern third of the country More than 80% of U.S. consumers can be reached from Atlanta in two flight hours or two truckload delivery days GLOBAL & DOMESTIC ACCESS Atlanta
Georgia ranked as Top U.S. State for Business all in 2014 Atlanta
FORTUNE 500 http://cdn2.insidermonkey.com/blog/wp-content/uploads/2011/06/Asbury-Automotive-John-Murphy-Alydar.jpg FORTUNE 1000 http://www.yourlogoresources.com/wp-content/uploads/2013/01/carters-logo.jpg http://i1-news.softpedia-static.com/images/news2/Lawsuit-Accusses-Aaron-s-of-Spying-on-Customers-at-Home-2.jpg http://t1.gstatic.com/images?q=tbn:ANd9GcQQ-pBxX9IulVOCTHFqEA4Ny6T-ldyjR5lNSOcSupRKNu0N09Z5Aw http://t0.gstatic.com/images?q=tbn:ANd9GcSzAcu8ZL9DGakzwxECLseuKd8sX5EpbyQBfPJHLnVbASSvKc911Q http://www.leadershipdekalb.org/wp-content/uploads/2011/09/agl-resources.jpg http://www.perrasace.com/pictures/bluelinx.jpg http://t2.gstatic.com/images?q=tbn:ANd9GcR6LnDY1LBjuot9l17dM9E8zLuQG8RzW-MRRbROcSzHl2eyMQjNEA http://t3.gstatic.com/images?q=tbn:ANd9GcSSoQVts604LqQEWAwTa1xkFlNOB3F72iMrhMH78mjg2MxLmwI9Dg http://www.proactiveinvestors.com/genera/img/companies/logos/gentiva.jpg http://spi.multiview.com/userlogo/spi/1090420v1v1.jpg Sources: FORTUNE magazine, June 2, 2014
TURKISH PRESENCE IN ATLANTA Turkish Society of Georgia Tech http://usa.vitra.com.tr/images/vitra_logo.png
Incentives cannot make a bad site good. Joseph Folz General Counsel Porsche Cars North America
http://www.gannett-cdn.com/-mm-/88fe7ed62c2f60e3330eebd6cd30be893d12db0b/c=122-0-2021-1424r=x404c=534x401/local/-/media/CherryHill/2014/12/27/B9315656921Z.1_20141227211321_000_GV59H7SUO.1-0.jpghttp://www.gannett-cdn.com/-mm-/88fe7ed62c2f60e3330eebd6cd30be893d12db0b/c=122-0-2021-1424r=x404c=534x401/local/-/media/CherryHill/2014/12/27/B9315656921Z.1_20141227211321_000_GV59H7SUO.1-0.jpg In fact, incentives, when you look at the whole picture, it's just a small piece. We're making a 50-year decision, and a pile of incentives in Year One, Two or Three over a 50-year decision doesn't make a gigantic impact. Steve Cannon CEO Mercedes-Benz USA
Guidance/Assistance with: Business Incentives & Taxes Land Site & Building/Space Search Customized Market Research Talent Availability, Quality & Cost Access to Business & Academic Leadership Facilitation with Regulatory Authorities Relocation Assistance Global Business Expansion Gratis and Confidential
John Woodward Senior Director, Foreign Investment Metro Atlanta Chamber 235 Andrew Young International Blvd, NW Atlanta, GA 30303 USA +1.404.586.8447 jwoodward@macoc.com
