 From Site Selection magazine, November 2004 
U.S. LEGISLATIVE UPDATE
|
|
Montana
A Dept. of Revenue calculation due to occur in October 2003 was to have determined whether wages and salaries had reached a statutory growth rate (2.85-percent or greater) that would trigger the phase-out of property taxes on business equipment beginning in 2005, with their complete elimination by 2008. This potential development would save existing businesses some $68 million. A new law raises taxes on cigarettes, other tobacco products and lodging, while lowering the state's income tax rate beginning in 2005. Taxes will go from 10 brackets ranging from 2 to 11 percent, to seven brackets ranging from 1 percent to 6.9 percent. The measure also provides a tax credit of 1 percent on capital gains, which increases to 2 percent in 2007. A new work force training fund has been established by diversion of employee income tax withholding.
Nebraska
Changes were made to the Employment Expansion and Investment Incentive Act to require a minimum investment of $250,000 and creation of five full-time jobs with a minimum wage indexed to Nebraska's average weekly wage by county.
Nevada
Tort reform and property taxes will be among the issues on the table when the Legislature convenes in February 2005. Gov. Kenny Guinn declined to call a special session of the Legislature in 2004 to address the property tax issue, saying it can be dealt with at the start of the 2005 session.
New Hampshire
A law was passed giving municipalities more flexibility in establishment of economic development and revitalization districts. Gov. Craig Benson and business leaders formed the New Hampshire Business Incubator Network to encourage development of small businesses.
New Jersey
Gov. James E. McGreevey signed an executive order in September that discourages state agencies from hiring contractors that rely on overseas workers. State enacted a bill eliminating complimentary tax on casinos and a separate bill that will channel $62 million in casino reinvestment funds into Atlantic City Construction projects. Bill A3120, known as the Comp Tax Phase-Out, will gradually eliminate the 4.25-percent tax the State imposes on complimentary items. The tax will be phased out completely by June 30, 2009. The bill A3121 creates the Atlantic City Expansion Fund, and extends the casinos' "investment alternative tax obligation" -- a payment from casinos that the State keeps in an escrow account for community improvement projects -- from 35 to 50 years. The bill further directs that half of the casino alternative tax obligation from years 36 to 50 will fund projects in North Jersey and half in South Jersey, not including Atlantic City. For Atlantic City, the bill sets aside $62 million to create the Atlantic City Expansion Fund.
| ||||||||||||||||
|
| ||||||||||||||||
 | Site Selection Online | SiteNet | Feedback | Search SiteNet | ©2004 Conway Data, Inc. All rights reserved. SiteNet data is from many sources and is not warranted to be accurate or current.
|