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Summary of Provisions of the Tax Fairness and Economic Incentive Act of 1992

Author: United States. Congress. Joint Committee on Taxation
Publisher:
ISBN:
Category : Government publications
Languages : en
Pages : 24

Book Description

Summary of Provisions of the Tax Fairness and Economic Incentive Act of 1992

Author: United States. Congress. Joint Committee on Taxation
Publisher:
ISBN:
Category : Government publications
Languages : en
Pages : 24

Book Description

Summary of Provisions of the Tax Fairness & Economic Incentive Act of 1992

Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :

Book Description

Summary of Provisions of the Tax Fairness and Economic Incentive Act of 1992

Author:
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 13

Book Description

Rethinking Property Tax Incentives for Business

Author: Daphne A. Kenyon
Publisher:
ISBN: 9781558442337
Category : Electronic books
Languages : en
Pages : 0

Book Description
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.

Proposals and Issues Relating to Tax Incentives for Enterprise Zones

Author: United States. Congress. Joint Committee on Taxation
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 64

Book Description

Assessing the Theory and Practice of Land Value Taxation

Author: Richard F. Dye
Publisher: Lincoln Inst of Land Policy
ISBN: 9781558442047
Category : Political Science
Languages : en
Pages : 32

Book Description
The land value tax is the focus of this Policy Focus Report, Assessing the Theory and Practice of Land Value Taxation. A concept dating back to Henry George, the land value tax is a variant of the property tax that imposes a higher tax rate on land than on improvements, or taxes only the land value. Many other types of changes in property tax policy, such as assessment freezes or limitations, have undesirable side effects, including unequal treatment of similarly situated taxpayers and distortion of economic incentives. The land value tax can enhance both the fairness and the efficiency of property tax collection, with few undesirable effects; land is effectively in fixed supply, so an increase in the tax rate on land value will raise revenue without distorting the incentives for owners to invest in and use their land. A land value tax has also been seen as a way to combat urban sprawl by encouraging density and infill development. Authors Richard F. Dye and Richard W. England examine the experience of those who have implemented the land value tax -- more than 30 countries around the world, and in the United States, several municipalities dating back to 1913, when the Pennsylvania legislature permitted Pittsburgh and Scranton to tax land values at a higher rate than building values. A 1951 statute gave smaller Pennsylvania cities the same option to enact a two-rate property tax, a variation of the land value tax. About 15 communities currently use this type of tax program, while others tried and rescinded it. Hawaii also has experience with two-rate taxation, and Virginia and Connecticut have authorized municipalities to choose a two-rate property tax. The land value tax has been subjected to studies comparing jurisdictions with and without it, and to legal challenges. A land value tax also raises administrative issues, particularly in the area of property tax assessments. Land value taxation is an attractive alternative to the traditional property tax, especially to much more problematic types of property tax measures such as assessment limitations, the authors conclude. A land value tax is best implemented if local officials use best assessing practices to keep land and improvement values up to date; phase in dual tax rates over several years; and include a tax credit feature in those communities where land-rich but income-poor citizens might suffer from land value taxation.

Summary of Provisions of the Tax Fairness and Economic Incentive Act of 1992 PDF Download

Summary of Provisions of the Tax Fairness and Economic Incentive Act of 1992

Summary of Provisions of the Tax Fairness and Economic Incentive Act of 1992

Summary of Provisions of the Tax Fairness & Economic Incentive Act of 1992

Summary of Provisions of the Tax Fairness and Economic Incentive Act of 1992

Rethinking Property Tax Incentives for Business

Proposals and Issues Relating to Tax Incentives for Enterprise Zones

Assessing the Theory and Practice of Land Value Taxation

Monthly Catalog of United States Government Publications

Overview of the Federal Tax System

Monthly Catalogue, United States Public Documents

CIS Annual