Financial Assistance Programs
Financial assistance
programs are a development incentive, a tool a state or a community uses to
attract private companies and the jobs and tax base they can bring when they
expand or relocate.
Assistance programs and incentives are
not just for big companies building big facilities. Nor are they just
for firms that are new to a state or community. Programs are available
to assist most all businesses that create or retain jobs or make an
investment in equipment or facilities.
Some programs are targeted to
certain industries, and most all incentives are geared toward
encouraging job or tax base growth in manufacturing, distribution and
technology fields. Few programs are available to those businesses in
service or retailing. The requirements in this regard vary from
program to program, and a company will need to examine each closely to
find those that are appropriate to their project and industry.
There are several major types of incentive programs.
Tax abatements are perhaps the most widely recognized type of
development incentive. They are however just one type of
assistance available. Other equally important programs include
targeted tax credits and loan programs. Grants directly to
private, for-profit firms are not common.
The links below provide extensive detail on local,
state and federal assistance programs. Please contact us with any
questions about these programs.