< Previous128 JANUARY 2025 SITE SELECTION LEGISLATIVE & POLICY UPDATE Senate File 2411 expanded the defi nition of work-based learning, allowed summer programs to be included, and created a Workforce Opportunity Fund to support equipment, instructional materials, stipends and other training related costs. Placemaking and economic development tools continued to be a focus for the Legislature. In 2023, the Iowa Economic Development Authority introduced Senate File 574, creating a new Major Economic Growth Attraction Program. The Senate passed the bill in 2023 and the House adopted the legislation during the 2024 session. The program provides IEDA with additional incentives for economic development deals that meet certain qualifi cations in certifi ed sites. In addition, the Destination Iowa Program received a $10 million appropriation for FY25. (Source: Iowa Chamber Alliance 2024 End of Session Summary, April 26, 2024) Iowa Economic Development Authority 1963 Bell Avenue, Suite 200 Des Moines, IA 50315 Debi Durham D IRECTOR 515-348-6200 https://www.iowaeda.com “I’m honored to be recognized by one of the nation’s premier economic policy think tanks, and grateful to the many Iowans who have helped make our state’s tax transformation possible. Fundamentally, that transformation is the triumph of simplicity over complexity, growth over spending, and bottom-up energy over top-down management.” — Gov. Kim Reynolds on being presented the 2024 Distinguished Service Award from the Tax Foundation Higher Ed. R&D Expenditure in $000s: $1,029,549 Number of NCRCs: 138,657 | Percent Improvement 2023–2024: 1.67% Business Tax Climate Rank Change 2024–2025: +13 Industrial power cost per kWh: $6.91 Total Revenue as Share of Total Expenses, FY 2008-2022: 104.88% 2024 Workers’ Comp Index Rate: 1.52 GDP 31 st 2023 GDP (in millions of current US$) $202,051 -2 -1 0 1 2 3 4 5 6 20232022202120202019 Iowa Pop. (2024): 3,236,114 Pop. growth 2024–2029: 0.24% Median household income (2024): $74,738 Median age (2024): 38.9 Credit Rating: AAA / Stable Right-to-work state: Yes GDP Growth Rate Trend Kansas Department of Commerce 1000 S.W. Jackson St. Suite 100 Topeka, KS 66612 David Toland S ECRETARY OF C OMMERCE 785-296-3481 https://www.kansascommerce.gov “There’s no doubt — this investment will grow our economy and create more opportunities for Kansans. Our eff orts to make Kansas one of the most pro-business states in the country [are] paying off for workers everywhere, including our rural communities.” — Governor Laura Kelly, on April 2, commenting on agricultural machinery manufacturer KMW’s plans to invest $105 million in a new facility in Sterling GDP 33 rd 2023 GDP (in millions of current US$) $183,796 -3 -2 -1 0 1 2 3 4 20232022202120202019 Kansas Pop. (2024): 2,954,309 Pop. growth 2024–2029: 0.07% Median household income (2024): $72,627 Median age (2024): 37.9 Credit Rating: AA- / Positive Right-to-work state: Yes LEGISLATIVE & POLICY UPDATE House Bill 2001 enables the use of the Sales Tax and Revenue (STAR) Bonds, an economic development tool, to expand Kansas’ portfolio of professional sports teams, paving the way for a bid to lure the Kansas City Chiefs across the state line. STAR Bonds allow the issuance of bonds to fi nance the development of major commercial, entertainment and tourism projects. Senate Bill 430 makes comprehensive reforms to the state’s workers’ compensation system. It provides coverage for members of the Kansas National Guard and streamlines the workers’ compensation process. The legislation also increases the maximum benefi ts for injured workers and adds a cost-of-living adjustment to those caps starting in 2027. Among other measures, House Bill 2551, the Omnibus Budget, provides $8.3 million in need-based fi nancial aid and scholarships, strengthening Kansas’ workforce pipeline. This funding includes $2 million to be invested in students who are pursuing careers in nursing, $1.7 million for fi rst-generation students and children of teachers and paraprofessionals, and more than $1 million for National Guard members pursuing a master’s degree. Higher Ed. R&D Expenditure in $000s: $907,989 Number of NCRCs: 110,198 | Percent Improvement 2023–2024: 14.01% Business Tax Climate Rank Change 2024–2025: +1 Industrial power cost per kWh: $7.64 Total Revenue as Share of Total Expenses, FY 2008-2022: 103.04% 2024 Workers’ Comp Index Rate: 1.02 GDP Growth Rate Trend SITE SELECTION JANUARY 2025 129 LEGISLATIVE & POLICY UPDATE Gov. Janet Mills signed into law bipartisan legislation in April that would place a $25 million bond for Research, Development, and Commercialization on the Maine ballot in November. If approved by Maine voters (it was), the measure (LD 416) would make available competitive grants in order to provide matching funds for projects that drive commercialization and economic development in Maine. Increasing investments in R&D is a key recommendation of Maine’s 10-Year Economic Strategy, unveiled by Governor Mills in 2019. Grants made available by the bond would be distributed by the Maine Technology Institute (MTI) and investments would be aligned with Maine’s seven technology sectors: biotechnology; composites and advanced materials; environmental technologies; forest products and agriculture; information technology; marine technology and aquaculture; and precision manufacturing. Maine Dept. of Econ. & Community Dev. 59 State House Station Augusta, ME 04333 Heather Johnson C OMMISSIONER 207-624-9800 https://www.maine.gov/decd “Innovation is a proven driver of economic growth, but historically, Maine’s state investments in research & development have lagged behind much of the nation. If approved by Maine voters, this bond will make key investments to spur new technologies and economic growth and strengthen Maine’s economic future.” — Gov. Janet Mills, signing legislation to advance a research and development bond, which was approved by voters in November Higher Ed. R&D Expenditure in $000s: $198,712 Number of NCRCs: 504 | Percent Improvement 2023–2024: 11.01% Business Tax Climate Rank Change 2024–2025: +5 Industrial power cost per kWh: $12.30 Total Revenue as Share of Total Expenses, FY 2008-2022: 103.05% 2024 Workers’ Comp Index Rate: 1.67 GDP 43 rd 2023 GDP (in millions of current US$) $75,195 -2 0 2 4 6 8 20232022202120202019 Maine Pop. (2024): 1,392,259 Pop. growth 2024–2029: 0.21% Median household income (2024): $75,323 Median age (2024): 45.3 Credit Rating: AA / Stable Right-to-work state: No GDP Growth Rate Trend Maryland Department of Commerce 401 East Pratt Street Baltimore, MD 21202 Kevin Anderson S ECRETARY 410-767-6300 https://commerce.maryland.gov “In Maryland, we believe in tested programs that deliver results. Registered apprenticeships have helped us train and retain skilled workers for decades — and will help make Maryland more competitive for decades to come.” — Gov. Wes Moore on August 20, announcing nearly $23 million from the U.S. Department of Labor’s Apprenticeship Building America initiative to connect more than 7,000 jobseekers to new apprenticeship opportunities GDP 16 th 2023 GDP (in millions of current US$) $422,866 -5 -4 -3 -2 -1 0 1 2 3 4 5 20232022202120202019 Maryland Pop. (2024): 6,253,119 Pop. growth 2024–2029: 0.21% Median household income (2024): $100,479 Median age (2024): 39.5 Credit Rating: AAA / Stable Right-to-work state: No LEGISLATIVE & POLICY UPDATE House Bill 650/Senate Bill 511 requires the Maryland Department of Labor to submit a report by October 1, 2024, that analyzes the apprenticeship mentoring ratio for all nontraditional apprenticeable occupations in the state. (Source: Maryland Chamber of Commerce 2024 Legislative Report) The Critical Infrastructure Streamlining Act removes barriers to Maryland’s technology infrastructure growth by streamlining the regulatory processes for industries that rely on backup power generators in the event of power outages. The act simplifi es the regulatory process and ensures Maryland is an ideal location for businesses in the growing Mid-Atlantic technology industry. The Transparent Government Act improves predictability for entrepreneurs and businesses seeking to grow in Maryland. The act requires state agencies to establish and publicize projected timelines for licensing and permitting applications, allowing business owners to plan accordingly for business growth. Higher Ed. R&D Expenditure in $000s: $5,866,249 Number of NCRCs: 2,494 | Percent Improvement 2023–2024: 14.56% Business Tax Climate Rank Change 2024–2025: -1 Industrial power cost per kWh: $9.94 Total Revenue as Share of Total Expenses, FY 2008-2022: 100.31% 2024 Workers’ Comp Index Rate: 1.04 GDP Growth Rate Trend130 JANUARY 2025 SITE SELECTION LEGISLATIVE & POLICY UPDATE House Bill 6 includes several key child care provisions in support of workforce participation. House Bill 8 includes several tax updates, including a new $5 million income tax credit for sales taxes paid by businesses on qualifi ed broadband investments. The bill includes no new expansions of the state sales tax base to business purchases or proposals to erode current business sales tax exemptions. House Bill 15 establishes a data privacy framework that meets the needs of consumers in a way that is workable for businesses and consistent with other states, including some surrounding states. Senate Bill 1 Establishes the endowed research fund to promote research consortiums between two or more public universities. (Source: Results for Business 2024, a report from the Kentucky Chamber of Commerce) Kentucky Cabinet for Economic Development Old Capitol Annex 300 W. Broadway Frankfort, KY 40601 Jeff Noel S ECRETARY 502-564-7670 https://ced.ky.gov “This is the single largest investment and job creation announcement we have on record for Shelby County, and it is the largest project Kentucky has seen this year. This project will solidify our role as a leader in the country’s energy storage sector and will transform our economy, creating opportunities for Kentucky families for generations.” — Gov. Andy Beshear on November 15, commenting on Shelbyville Battery Manufacturing’s announcement of a $712 million project in Shelby County that will create more than 1,500 jobs. Higher Ed. R&D Expenditure in $000s: $725,709 Number of NCRCs: 171,092 | Percent Improvement 2023–2024: 1.09% Business Tax Climate Rank Change 2024–2025: -4 Industrial power cost per kWh: $6.55 Total Revenue as Share of Total Expenses, FY 2008-2022: 102.09% 2024 Workers’ Comp Index Rate: 0.86 GDP 29 th 2023 GDP (in millions of current US$) $224,418 -3 -2 -1 0 1 2 3 4 5 20232022202120202019 Kentucky Pop. (2024): 4,556,825 Pop. growth 2024–2029: 0.17% Median household income (2024): $62,002 Median age (2024): 39.9 Credit Rating: A+ / Stable Right-to-work state: Yes GDP Growth Rate Trend PROJECT WATCH G overnor Andy Beshear attended the ribbon-cutting for pretzel manufacturer Stellar Snacks’ new facility in West Louisville on November 15. The $137 million project is forecast to create 350 jobs over the next 10 years. “Today’s ribbon-cutting event marks an incredible moment for Kentucky and the West Louisville community as we celebrate the next step for Stellar Snacks here in the commonwealth,” said the governor. “This project marks the largest investment and job- creation project in this community in decades, and Stellar Snacks is already fi lling positions at this new facility. Stellar Snacks is a perfect fi t for this community and the commonwealth, and I cannot wait to see the company’s next steps as they continue to grow here in Kentucky.” Stellar Snacks, founded in 2019 by mother-daughter duo Elisabeth and Gina Galvin, is the fi rst woman-owned pretzel manufacturer in the United States. The investment is establishing the company’s newest and largest industrial pretzel bakery in Louisville in an existing 434,000-sq.-ft. building. Governor Andy Beshear speaks at Stellar Snacks’ new facility ribbon-cutting in West Louisville. Photo courtesy of the Offi ce of the Governor132 JANUARY 2025 SITE SELECTION Louisiana Economic Development 617 North Third Street Baton Rouge, LA 70802 Susan Bourgeois S ECRETARY ED 225-342-5388 https://www.opportunitylouisiana.gov “Meta’s investment establishes the region as an anchor in Louisiana’s rapidly expanding tech sector, revitalizes one of our state’s beautiful rural areas, and creates opportunities for Louisiana workers to fi ll high-paying jobs of the future.” — Gov. Jeff Landry on December 4 at Meta’s $10 billion AI data center project announcement GDP 26 th 2023 GDP (in millions of current US$) $248,616 -6 -4 -2 0 2 4 6 20232022202120202019 Louisiana Pop. (2024): 4,645,401 Pop. growth 2024–2029: -0.10% Median household income (2024): $58,284 Median age (2024): 38.6 Credit Rating: AA / Stable Right-to-work state: Yes LEGISLATIVE & POLICY UPDATE SB 494, Act 590, provides that the Louisiana Economic Development agency shall develop and implement a plan to seek federal, private and other grants to support the activities of the agency and to advance the economic growth and prosperity of the State of Louisiana. A major provision is that with the approval of the state Commissioner of Administration, the agency will have the authority to enter into a cooperative endeavor agreement providing for the lease of property under the control and supervision of the agency for establishment and operation of a facility for the purpose of creating economic benefi ts to the state, including new jobs, payroll, or other benefi ts. Eff ective June 11, 2024. (Source: 2024 Louisiana Legislative Update: New Laws That Aff ect Your Business or Home, a report posted by Lillian E. Eyrich with the Steeg Law Firm, LLC, New Orleans, on July 19, 2024, on the fi rm’s website) The Positioning Louisiana to Win bill was signed into law on June 11, 2024. It establishes a private sector-led board – the Louisiana Economic Development Partnership (LEDP) – charged with developing an economic development strategic plan and advising on policies, programs and initiatives that promote economic growth in the state. It also provides the agency with critical fl exibility to operate at the speed of business by exempting it from state procurement and technology services bottlenecks. Higher Ed. R&D Expenditure in $000s: $963,915 Number of NCRCs: 286,591 | Percent Improvement 2023–2024: 12.65% Business Tax Climate Rank Change 2024–2025: 0 Industrial power cost per kWh: $5.88 Total Revenue as Share of Total Expenses, FY 2008-2022: 100.55% 2024 Workers’ Comp Index Rate: 2.13 GDP Growth Rate Trend PROJECT WATCH M eta, the parent company of Facebook and Instagram, announced on December 4 plans to build a $10 billion artifi cial intelligence data center at a 2,250-acre site in Richland Parish, east of Monroe, in the northern part of Louisiana. The 4-million-sq.-ft. campus is forecast to support 500 or more new jobs and more than 1,000 indirect jobs. It will be the largest of Meta’s more than 20 data centers worldwide. “Meta is building the future of human connection and the technology that makes it possible. And this data center will be an important part of that mission,” said Meta Director of Data Center Strategy Kevin Janda in a press release. “Richland Parish in Louisiana is an outstanding location for Meta to call home for a number of reasons. It provides great access to infrastructure, a reliable grid, a business-friendly climate and wonderful community partners that have helped us move this project forward. We’re thrilled to be a new member of the Richland Parish community and are committed to investing in its long-term vitality.” To power the data center, which at its largest point extends more than one mile from front to back, Entergy will add clean, effi cient power plants to its system to meet growing power demands, including from the data center, according to the release. Meta has pledged to match its electricity use with 100% clean and renewable energy and will be working with Entergy to bring at least 1,500 MW of new renewable energy to the grid through its Geaux Zero program. GoV. Jeff Landry at Meta’s $10 billion data center project announcement Photo courtesy of Louisiana Economic Development134 JANUARY 2025 SITE SELECTION Michigan Economic Development Corporation 300 N. Washington Square Lansing, Michigan 48913 Quentin Messer, Jr. C HIEF E XECUTIVE & E CONOMIC C OMPETITIVENESS O FFICER 517-241-1400 https://www.michiganbusiness.org “Here, we make stuff — whether it’s ships, semiconductor chips or potato chips. We have the grit and know-how to produce anything America needs.” — Gov. Gretchen Whitmer, July 22, 2024, announcing the creation of the $50 million Michigan Maritime Manufacturing (M3) Initiative in partnership with the Department of Defense, the U.S. Navy and U.S. Department of Labor GDP 14 th 2023 GDP (in millions of current US$) $554,256 -6 -4 -2 0 2 4 6 8 20232022202120202019 Michigan Pop. (2024): 10,070,141 Pop. growth 2024–2029: -0.09% Median household income (2024): $71,476 Median age (2024): 40.5 Credit Rating: AA / Stable Right-to-work state: No LEGISLATIVE & POLICY UPDATE The $82.5 billion FY2025 budget’s economic development measures include $45.5 million for Talent and Growth that includes specialized economic assistance to businesses locating or expanding in Michigan to meet their talent and workforce needs; $100 million to construct more aff ordable housing, building on a $1.4 billion investment to build or rehabilitate almost 10,000 homes and another $50 million set aside for housing; $500 million in the Strategic Outreach Attraction Reserve fund to attract new manufacturers and industries to Michigan; and $60 million to establish an Innovation Fund to invest in scalable startups. In February the Michigan Legislative approved legislation to repeal the state’s Right to Work law. Also in February, the Make it in Michigan Competitiveness Fund was announced to “help companies leverage unprecedented federal opportunities made available through the Biden-Harris administration’s CHIPS Act, Infl ation Reduction Act and Bipartisan Infrastructure Law,” including $40 million toward the Hemlock Semiconductor expansion receiving $325 million in direct funding for a new 1,000-job facility. A measure signed in July secured $3.3 million to improve turnaround time and public outreach for environmental permitting. Higher Ed. R&D Expenditure in $000s: $3,162,241 Number of NCRCs: 652,723 | Percent Improvement 2023–2024: 0.61% Business Tax Climate Rank Change 2024–2025: -3 Industrial power cost per kWh: $8.16 Total Revenue as Share of Total Expenses, FY 2008-2022: 102.91% 2024 Workers’ Comp Index Rate: 1.00 GDP Growth Rate Trend LEGISLATIVE & POLICY UPDATE In November Governor Maura Healey signed into law the Mass Leads Act, an economic development bill that includes a $500 million capital reauthorization of the state’s Life Sciences Initiative over 10 years and an expansion of a tax credit program designed to spur job creation and growth in the life sciences industry; an “unprecedented” investment of $400 million in climate-tech initiatives and a new tax incentive program to support climate-tech companies in Massachusetts; and $100 million to create the Massachusetts AI Hub to boost innovation and attract AI talent to the state. Mass Leads will also “advance several permitting reforms to expand opportunity and improve predictability for development, including updates to support expedited permitting, allow for permitting extensions, and create a permit regulatory offi ce” within the Executive Offi ce of Economic Development (EOED). Among other measures, the bill also codifi es and recapitalizes the Rural Development Program at $100 million and includes a $400 million reauthorization for the MassWorks program, which supports public infrastructure improvements; $100 million for the Seaport Economic Council to support growth in coastal communities; and $250 million for the new Mass Impact Fund to support large, transformational projects that have the potential to yield signifi cant economic impact. Exec. Offi ce of Econ. Dev. 1 Ashburton Place, Rm 2101 Boston, MA 02108 Yvonne Hao S ECRETARY 617-788-3610 https://www.mass.gov “Accelerating clean energy development will create good jobs, lower costs, attract more businesses to Massachusetts, and grow our climate- tech economy.” — Gov. Maura Healey , November 21, 2024, on signing the “An Act promoting a clean energy grid, advancing equity, and protecting ratepayers” Higher Ed. R&D Expenditure in $000s: $4,786,106 Number of NCRCs: 1,515 | Percent Improvement 2023–2024: 11.32% Business Tax Climate Rank Change 2024–2025: +5 Industrial power cost per kWh: $17.88 Total Revenue as Share of Total Expenses, FY 2008-2022: 96.89% 2024 Workers’ Comp Index Rate: 1.05 GDP 12 th 2023 GDP (in millions of current US$) $615,505 -4 -2 0 2 4 6 8 20232022202120202019 Massachusetts Pop. (2024): 7,079,401 Pop. growth 2024–2029: 0.22% Median household income (2024): $99,644 Median age (2024): 40.3 Credit Rating: AA+ / Stable Right-to-work state: No GDP Growth Rate Trend SITE SELECTION JANUARY 2025 135 LEGISLATIVE & POLICY UPDATE A bill signed by Gov. Walz in June shortens and streamlines the energy permitting process. Reforms are estimated to result in time savings of nine to 12 months for permitting and building renewable energy and transmission projects as the state aims for 100% clean electricity by 2040. Pursuant to record $1.8 billion in funding passed in 2023 for the Minnesota Department of Employment and Economic Development (DEED), Gov. Walz in March announced nearly $20 million in grants through the Drive for Five Workforce initiative, a new eff ort to prepare more Minnesotans for high-demand jobs in fi ve occupational categories: technology, the trades, caring professions, manufacturing and education. DEED announced two rounds of Child Care Economic Development Grants (a program in place since 2017) totaling a record $12.4 million and launched a new offi ce to coordinate the child care provision eff orts of state government, communities, businesses and non-profi ts. After signing a record $2.6 billion infrastructure package in 2023, Gov. Walz last January proposed a $982 infrastructure plan that ultimately failed to pass. Minnesota Dept. of Employment & Econ. Dev. Great Northern Building 180 E. 5th St., Ste. 1200 St. Paul, MN 55101 Matt Varilek C OMMISSIONER 651-259-7114 https://mn.gov/deed “Solventum’s expansion reinforces Minnesota’s track record as a globally recognized leader in manufacturing, health care innovation and medical technology.” — Governor Tim Walz, October 30, 2024, announcing a $200 million, 2,000-job R&D expansion by health care company Solventum in Eagan Higher Ed. R&D Expenditure in $000s: $1,308,559 Number of NCRCs: 28,511 | Percent Improvement 2023–2024: 1.10% Business Tax Climate Rank Change 2024–2025: 0 Industrial power cost per kWh: $9.20 Total Revenue as Share of Total Expenses, FY 2008-2022: 104.34% 2024 Workers’ Comp Index Rate: 1.55 GDP 20 th 2023 GDP (in millions of current US$) $390,908 -4 -2 0 2 4 6 20232022202120202019 Minnesota Pop. (2024): 5,826,205 Pop. growth 2024–2029: 0.40% Median household income (2024): $86,801 Median age (2024): 39.0 Credit Rating: AAA / Stable Right-to-work state: No GDP Growth Rate Trend136 JANUARY 2025 SITE SELECTION Montana Department of Economic Development 301 S. Park Ave. Helena, MT 59620 Paul Green D IRECTOR 406-841-2700 https://commerce.mt.gov “A college degree may not be for everyone, and now more than ever before, hardworking Montanans have the opportunity to thrive in a career across a wide variety of industries.” — Gov. Greg Gianforte, November 22, 2024, celebrating a record-breaking 25% increase in active apprenticeships in the state in 2023 to 3,150, many in such fields as industrial engineering and health care GDP 46 th 2023 GDP (in millions of current US$) $57,373 -2 -1 0 1 2 3 4 5 20232022202120202019 Montana Pop. (2024): 1,139,672 Pop. growth 2024–2029: 0.83% Median household income (2024): $70,243 Median age (2024): 41.1 Credit Rating: Not Reported / — Right-to-work state: No LEGISLATIVE & POLICY UPDATE After signing a measure in June 2023 that delivered Montanans $120 million in permanent, long-term property tax relief, Gov. Gianforte in February 2024 held the fi rst meeting of his Property Tax Task Force, established by executive order the previous month and charged with reforming the property tax system and reducing the burden of property taxes on taxpayers. The Montana Chamber expects taxes to be a hot topic during the 2025 legislative session. In November Gov. Gianforte unveiled a budget plan for the next biennium that includes an $850 million cut in income taxes, reducing the rate most Montanans pay from 5.9% to 4.9%. His proposed homestead rate tax cut will lower property taxes for Montana homeowners by 15% and for small businesses by 18%. The propose budget also expands the business equipment tax exemption from $1 million to $3 million, eliminating the business equipment tax burden for more than 700 small businesses, farms, and ranches. A bipartisan Housing Task Force created in July 2022 delivered its third report to Gov. Gianforte with recommendations expected to be considered by the Legislature in 2025 in measures that could help increase the supply of aff ordable, attainable workforce housing in Montana. Higher Ed. R&D Expenditure in $000s: $346,235 Number of NCRCs: 1,876 | Percent Improvement 2023–2024: 0.21% Business Tax Climate Rank Change 2024–2025: 0 Industrial power cost per kWh: $7.80 Total Revenue as Share of Total Expenses, FY 2008-2022: 108.99% 2024 Workers’ Comp Index Rate: 1.46 GDP Growth Rate Trend LEGISLATIVE & POLICY UPDATE As reported by The Beacon, the Missouri Legislature passed 48 bills in its 2024 session, including a measure that off ers new tax breaks for an expansion at the National Nuclear Security Administration nuclear weapons parts campus operated by Honeywell in Kansas City. The Regulatory Sandbox Act creates an Offi ce of Entrepreneurship and identifi es state regulations that could be waived in the fi rst years of a business. The Missouri Rural Access to Capital Act provides a tax credit for certain investments made in businesses located in rural areas. Provisions of a new property measure allow counties to establish land banks, which allow cities to take control of vacant properties. The bill also creates a tax credit program for rehabilitating historic buildings. Missouri Dept. of Econ. Dev. Box 1157 Jeff erson City, MO 65102 Michelle Hataway A CTING D IRECTOR 573-751-4962 https://ded.mo.gov “Our policy for economic development includes eliminating the state personal income tax. Since I’ve been in offi ce, we have cut personal income tax from 6% to 4.7% … we believe there’s a way through kind of the old theory of Reaganomics, of increasing our state’s economy, and eventually ramping out our state’s personal income tax.” — Former Lieutenant Gov. and newly elected Gov. Mike Kehoe, July 2024, Springfield Daily Citizen Higher Ed. R&D Expenditure in $000s: $1,772,740 Number of NCRCs: 182,427 | Percent Improvement 2023–2024: 8.13% Business Tax Climate Rank Change 2024–2025: -1 Industrial power cost per kWh: $7.90 Total Revenue as Share of Total Expenses, FY 2008-2022: 103.40% 2024 Workers’ Comp Index Rate: 1.54 GDP 21 st 2023 GDP (in millions of current US$) $348,487 -3 -2 -1 0 1 2 3 4 5 20232022202120202019 Missouri Pop. (2024): 6,232,540 Pop. growth 2024–2029: 0.17% Median household income (2024): $68,138 Median age (2024): 39.5 Credit Rating: AAA / Stable Right-to-work state: No GDP Growth Rate Trend SITE SELECTION JANUARY 2025 137 LEGISLATIVE & POLICY UPDATE LB1393 changes the allowable yield factor when determining the combined tax rate under the state’s Employment Security Law and lowers the rate by 5% from Jan. 1, 2025, through Dec. 31, 2029, according to the Unicameral Update from the Nebraska Legislature. A new measure limits annual increases in city and county property tax collections and modifi es an existing property tax relief program to ensure it benefi ts more Nebraskans. LB 34 provides for the frontloading of refundable income tax credits to off set school property taxes. “We’re making sure that 45% of Nebraskans who have not been getting that credit will now receive a 20% property tax cut,” said Gov. Pillen. Legislation passed during the summer special session produced $185 million in new tax relief and established caps on local tax collections. Nebraska Dept. of Econ. Dev. 245 Fallbrook Blvd, Suite 002 Lincoln, NE 68521 Joe Fox D IRECTOR 402-471-8604 https://opportunity.nebraska.gov “We have unique strengths as a state that we can brag about to bring in business. Nebraska has amazing people, abundant natural resources and the most sustainable ag production on the planet.” — Governor Jim Pillen, August 13, 2024, at the “One Nebraska” summit on agriculture and economic development held in Kearney Higher Ed. R&D Expenditure in $000s: $635,715 Number of NCRCs: 7,642 | Percent Improvement 2023–2024: 13.79% Business Tax Climate Rank Change 2024–2025: +6 Industrial power cost per kWh: $7.63 Total Revenue as Share of Total Expenses, FY 2008-2022: 104.83% 2024 Workers’ Comp Index Rate: 1.25 GDP 34 th 2023 GDP (in millions of current US$) $145,020 -1 0 1 2 3 4 20232022202120202019 Nebraska Pop. (2024): 1,999,429 Pop. growth 2024–2029: 0.34% Median household income (2024): $74,572 Median age (2024): 37.4 Credit Rating: AAA / Stable Right-to-work state: Yes GDP Growth Rate Trend LEGISLATIVE & POLICY UPDATE The Business & Industry Association of New Hampshire legislative report after the 2024 session noted the passage of legislation to reform the state’s site evaluation committee membership to make the siting process for new energy sources in New Hampshire more effi cient should aid eff orts to lower the state’s high energy costs. Several measures to improve workforce housing failed to move forward, as did multiple tax-related bills “seen as benefi cial to business,” reported the BIA, which noted successes in the failure of bills to establish a four- day work week and to raise the minimum wage. A bill established the New Hampshire-Ireland Trade Council, which aims to strengthen economic and cultural ties. New Hampshire Div. of Econ. Dev. 100 North Main Street, Suite 100 Concord, NH 03301 Cynthia Harrington D EPUTY D IRECTOR 603-271-0496 https://www.nheconomy.com “We have so many phenomenal people in this state. We have a great state. We emphasize freedom. We have a lower tax burden and we have so much opportunity in New Hampshire.” — Gov.-elect Kelly Ayotte, November 15, 2024, Concord Monitor Higher Ed. R&D Expenditure in $000s: $534,353 Number of NCRCs: 8,145 | Percent Improvement 2023–2024: 1.91% Business Tax Climate Rank Change 2024–2025: 0 Industrial power cost per kWh: $15.76 Total Revenue as Share of Total Expenses, FY 2008-2022: 102.74% 2024 Workers’ Comp Index Rate: 1.39 GDP 39 th 2023 GDP (in millions of current US$) $93,467 -4 -2 0 2 4 6 8 10 20232022202120202019 New Hampshire Pop. (2024): 1,407,251 Pop. growth 2024–2029: 0.33% Median household income (2024): $93,143 Median age (2024): 43.8 Credit Rating: AA+ / Stable Right-to-work state: No GDP Growth Rate TrendNext >