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Author : United States. Congress. House. Committee on Ways and Means
Publisher : Unknown
Page : 352 pages
File Size : 48,9 Mb
Release : 1976
Category : Government publications
ISBN : PURD:32754078873449
Author : American Enterprise Institute for Public Policy Research
Publisher : Unknown
Page : 64 pages
File Size : 44,5 Mb
Release : 1973
Category : Municipal bonds
ISBN : STANFORD:36105037028805
Author : United States. Congress. Joint Committee on Internal Revenue Taxation,United States. Congress. House. Committee on Ways and Means
Publisher : Unknown
Page : 24 pages
File Size : 48,5 Mb
Release : 1976
Category : Municipal bonds
ISBN : UOM:39015078703884
Author : United States. Congress. House. Committee on Ways and Means
Publisher : Unknown
Page : 86 pages
File Size : 42,7 Mb
Release : 1973
Category : Taxation
ISBN : UCR:31210019112273
Author : United States. Congress. House. Committee on Ways and Means
Publisher : Unknown
Page : 84 pages
File Size : 54,8 Mb
Release : 1973
Category : Taxation
ISBN : UFL:31262091097294
Author : United States. Congress. Joint Committee on Internal Revenue Taxation
Publisher : Unknown
Page : 24 pages
File Size : 55,7 Mb
Release : 1976
Category : Municipal bonds
ISBN : PURD:32754078873068
Author : Anonim
Publisher : Unknown
Page : 52 pages
File Size : 54,5 Mb
Release : 1998
Category : Aliens
ISBN : MINN:30000005590827
Author : United States. Congress. House. Committee on Ways and Means
Publisher : Unknown
Page : 418 pages
File Size : 49,9 Mb
Release : 1969
Category : Income tax
ISBN : IND:30000091097851
Focuses on proposals to eliminate use of farm losses and state and municipal bonds as tax deductions and shelters.
Author : Anonim
Publisher : Unknown
Page : 0 pages
File Size : 44,5 Mb
Release : 2008
Category : Electronic
ISBN : OCLC:1229475650
Author : United States. Internal Revenue Service
Publisher : Unknown
Page : 194 pages
File Size : 42,5 Mb
Release : 1969
Category : Electronic
ISBN : OSU:32437122655356
Author : Daphne A. Kenyon,Adam H. Langley,Bethany P. Paquin
Publisher : Unknown
Page : 0 pages
File Size : 49,5 Mb
Release : 2012
Category : Electronic books
ISBN : 1558442332
The use of property tax incentives for business by local governments throughout the United States has escalated over the last 50 years. While there is little evidence that these tax incentives are an effective instrument to promote economic development, they cost state and local governments $5 to $10 billion each year in forgone revenue. Three major obstacles can impede the success of property tax incentives as an economic development tool. First, incentives are unlikely to have a significant impact on a firm's profitability since property taxes are a small part of the total costs for most businesses--averaging much less than 1 percent of total costs for the U.S. manufacturing sector. Second, tax breaks are sometimes given to businesses that would have chosen the same location even without the incentives. When this happens, property tax incentives merely deplete the tax base without promoting economic development. Third, widespread use of incentives within a metropolitan area reduces their effectiveness, because when firms can obtain similar tax breaks in most jurisdictions, incentives are less likely to affect business location decisions. This report reviews five types of property tax incentives and examines their characteristics, costs, and effectiveness: property tax abatement programs; tax increment finance; enterprise zones; firm-specific property tax incentives; and property tax exemptions in connection with issuance of industrial development bonds. Alternatives to tax incentives should be considered by policy makers, such as customized job training, labor market intermediaries, and business support services. State and local governments also can pursue a policy of broad-based taxes with low tax rates or adopt split-rate property taxation with lower taxes on buildings than land.State policy makers are in a good position to increase the effectiveness of property tax incentives since they control how local governments use them. For example, states can restrict the use of incentives to certain geographic areas or certain types of facilities; publish information on the use of property tax incentives; conduct studies on their effectiveness; and reduce destructive local tax competition by not reimbursing local governments for revenue they forgo when they award property tax incentives.Local government officials can make wiser use of property tax incentives for business and avoid such incentives when their costs exceed their benefits. Localities should set clear criteria for the types of projects eligible for incentives; limit tax breaks to mobile facilities that export goods or services out of the region; involve tax administrators and other stakeholders in decisions to grant incentives; cooperate on economic development with other jurisdictions in the area; and be clear from the outset that not all businesses that ask for an incentive will receive one.Despite a generally poor record in promoting economic development, property tax incentives continue to be used. The goal is laudable: attracting new businesses to a jurisdiction can increase income or employment, expand the tax base, and revitalize distressed urban areas. In a best case scenario, attracting a large facility can increase worker productivity and draw related firms to the area, creating a positive feedback loop. This report offers recommendations to improve the odds of achieving these economic development goals.
Author : Jon David Vasche
Publisher : Unknown
Page : 412 pages
File Size : 44,7 Mb
Release : 1982
Category : Bonds
ISBN : UCLA:L0096135645
Author : United States. Department of the Treasury,United States. Congress. House. Committee on Ways and Means
Publisher : Unknown
Page : 12 pages
File Size : 47,7 Mb
Release : 1975
Category : Revenue
ISBN : PURD:32754077530040
Author : Joseph J. Cordes,Robert D. Ebel,Jane Gravelle
Publisher : The Urban Insitute
Page : 522 pages
File Size : 46,8 Mb
Release : 2005
Category : Business & Economics
ISBN : 0877667527
"From adjusted gross income to zoning and property taxes, the second edition of The Encyclopedia of Taxation and Tax Policy offers the best and most complete guide to taxes and tax-related issues. More than 150 tax practitioners and administrators, policymakers, and academics have contributed. The result is a unique and authoritative reference that examines virtually all tax instruments used by governments (individual income, corporate income, sales and value-added, property, estate and gift, franchise, poll, and many variants of these taxes), as well as characteristics of a good tax system, budgetary issues, and many current federal, state, local, and international tax policy issues. The new edition has been completely revised, with 40 new topics and 200 articles reflecting six years of legislative changes. Each essay provides the generalist with a quick and reliable introduction to many topics but also gives tax specialists the benefit of other experts' best thinking, in a manner that makes the complex understandable. Reference lists point the reader to additional sources of information for each topic. The first edition of The Encyclopedia of Taxation and Tax Policy was selected as an Outstanding Academic Book of the Year (1999) by Choice magazine."--Publisher's website.
Author : Daphne A. Kenyon,Adam H. Langley
Publisher : Unknown
Page : 0 pages
File Size : 47,5 Mb
Release : 2010
Category : Municipal services
ISBN : 1558442162
Charitable nonprofit organizations, including private universities, nonprofit hospitals, museums, soup kitchens, churches, and retirement homes, are exempt from property taxation in all 50 states. At the same time, these nonprofits impose a cost on municipalities by consuming public services, such as police protection and roads. Payments in lieu of taxes (PILOTs) are payments made voluntarily by these nonprofits as a substitute for property taxes. In recent years, municipal revenue pressures have led to heightened interest in PILOTs, and over the last decade they have been used in at least 117 municipalities in at least 18 states. Large cities collecting PILOTs include Baltimore, Boston, Philadelphia, and Pittsburgh. Boston has one of the longest standing and the most revenue productive PILOT program in the United States. PILOTs are a tool to address two problems with the property tax exemption provided to nonprofits. First, the exemption is poorly targeted, since it mainly benefits nonprofits with the most valuable property holdings, rather than those providing the greatest public benefit. Second, a geographic mismatch often exists between the costs and benefits of the property tax exemption, since the cost of the exemption in terms of forgone tax revenue is borne by the municipality in which a nonprofit is located, but the public benefits provided by the nonprofit often extend to the rest of the state or even the whole nation. PILOTs can provide crucial revenue for certain municipalities, and are one way to make nonprofits pay for the public services they consume. However, PILOTs are often haphazard, secretive, and calculated in an ad hoc manner that results in widely varying payments among similar nonprofits. In addition, a municipality's attempt to collect PILOTs can prompt a battle with nonprofits and lead to years of contentious, costly, and unproductive litigation. For this policy focus report, authors Daphne A. Kenyon and Adam H. Langley have researched the continuing policy debate over property tax exemptions among municipalities and nonprofit organizations, and they offer the following recommendations. PILOTs are one revenue option for municipalities. They are most appropriate for municipalities that are highly reliant on the property tax and have a significant share of total property owned by nonprofits. For example, a Minnesota study found that while PILOTs could increase property tax revenue by more than ten percent in six municipalities, there was negligible revenue potential from PILOTs for the vast majority of Minnesota cities and towns. Similarly, PILOTs are not appropriate for all types of nonprofits. PILOTs are most suitable for nonprofits that own large amounts of tax-exempt property and provide modest benefits to local residents relative to their tax savings. Municipalities should work collaboratively with nonprofits when seeking PILOTs. The best PILOT initiatives arise out of a partnership between the municipality and local nonprofit organizations, because both sectors serve the general public and have an interest in an economically and fiscally healthy community. In some cities, case-by-case negotiation with one or several nonprofits is best, as is the case between Yale University and New Haven. In cities with a large number of nonprofits, such as Boston, creating a systematic PILOT program can promote horizontal equity among tax-exempt nonprofits and raise more revenue than negotiating individual agreements.