Hickey & Associates, a global site location, incentive advisory, and workplace solutions firm, has released a new report on the changes to economic development policies over the past year in the United States. The report, H&A Legislative and Incentive Update – 2014 Recap and 2015 Look Ahead, also provides a preview of the programs and laws to be debated in state capitols in 2015.
Throughout the nation, States are embracing the competitive business climate with innovative economic development policies to attract the highest value industries and diversify their economies, thus bringing quality jobs and much-needed capital investment. Often times, these policies include the utilization of public incentives as a tool to induce companies to locate or remain in the community. At the same time, legislators are placing more focus on transparency and ensuring that the return on investment to the taxpayer meets expectations.
Over the past twelve months, state legislators established a number of new programs, expanded others, and took the axe to the remaining. Nevada awarded one of the largest public incentive packages in the nation’s history to recruit Tesla Motors, as Texas has put under review the Texas Enterprise Fund, a program championed by now former Governor Rick Perry. Meanwhile, California vastly expanded their incentive for film and television productions to rebuild one of their most famed industries, all while North Carolina drastically reformed their controversial tax credit for similar activities. Several States also introduced new measures to expand scrutiny on these programs and the businesses that receive funding.
Looking ahead at the upcoming year, each and every state legislature is scheduled to convene. A year where their tax revenues are to reach levels unseen for years. Will these new levels expand their economic development war chests? With nearly half of the States implementing minimum wage increases this year, will economic development policies be modified to meet the incremental labor costs? These are just a couple of the many questions to be answered over the coming months across the United States.
“Over this past year, we all witnessed an evolution of economic development policy across America. Whether it was the debate over tax credits for House of Cards, or the rollout of a new generation of incentive programs in States like California and New Jersey, taxpayers and business owners alike are set to navigate a new future in how communities attract and recruit investment,” remarked Jason Hickey, President and CEO of Hickey & Associates. “As we look ahead to 2015, we can only expect more discussion and examination of these policies from legislators, all while having increased revenues from their taxpayers.”
With three decades of experience in global corporate site selection, public incentive advisory, and workforce solutions, Hickey & Associates represents clients in a broad range of industries and regions. Utilizing state-of-the-art tools and techniques, the firm assists businesses in determining the best location to expand, relocate or consolidate anywhere in the world, all while guiding companies to secure, manage, and administer in excess of $2 billion in Public Incentive Partnerships.
To download a copy of the report, please visit our website: H&A Legislative and Incentive Update – 2014 Recap and 2015 Look Ahead.