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Job Creation...Who, What, When, Where, How?

Creating new jobs ... vs. revamping old jobs requires a nursery of support. Here are ways job creation is being tackled.

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Creating green jobs...or any reasonable job...is a challenge today. With layoffs taking our unemployment rate above 6% and still climbing, entrepreneurs and small companies are facing severe challenges in job creation.

China Job Creation

Even China is giving tax breaks and grants to labor-intensive businesses to help secure and create jobs.

Following is a look at job creation incentives being touted by various states and past priorities by the federal government.

The Michigan Job Creation Incentive

A substantial Michigan Business Tax cut for any high-growth-. sector business that chooses to create new jobs. To ensure a job for every worker, the governor has made a commitment to go anywhere and do anything to bring jobs to Michigan.

Since taking office, her five trips overseas have attracted 35 businesses and more than 7,000 new jobs.

To make the state’s business climate more business-friendly, she enacted the most sweeping reform of business taxes in 30 years and has reduced permitting time for some permits from more than six months to less than 90 days. And the No Worker Left Behind program she introduced last year is ensuring that displaced workers have the training they need for jobs that are open today and that will be open tomorrow.

The governor will propose $150 million in building projects for necessary roads and buildings.

She proposes investing more than $800 million in bricks and mortar construction projects for Michigan’s higher education institutions, state parks, airports, military armories, and transportation facilities, and includes requirements for “green” construction.

She is proposing an increase in the Department of Environmental Quality general fund budget that would prevent any proposed fee increases for businesses during this economically challenging year. The moratorium is made possible through a one-time refinancing of some state bonds.

Invest Michigan! – An innovative new investment fund that will make capital available to businesses that agree to grow new jobs in Michigan.

Michigan Job Creation Incentive – A substantial Michigan Business Tax cut for any high-growthsector business that chooses to create new jobs in Michigan. New businesses in the top 50 growing sectors will pay no taxes in the first year of the tax cut; existing top 50 growth-sector businesses will get a triple tax credit on their Michigan Business Tax.

Expand Business Marketing and Tourism Promotion – Michigan will invest $50 million in promoting Michigan to job-growing business leaders and economy-boosting tourists from across the country and around the globe.

Make MEGA Credits More Flexible – The governor will ask the legislature to make changes to the existing Michigan Economic Growth Authority law that will make the state’s MEGA job creation credits more flexible and competitive.

Film Incentives –The governor will work with the legislature to soon offer the most aggressive incentives for film companies in the nation. The state will offer a 40 percent tax rebate to film companies that bring their productions – and the associated jobs – to Michigan.

An Aggressive Renewable Portfolio Standard – The goal is 25 percent of all Michigan’s electrical energy will be generated from renewable sources by the year 2025.

Centers of Excellence – Duplicating international successes, four alternative energy companies in Michigan will partner with universities to co-locate to conduct research and create new jobs. The centers will link a job-creating alternative energy company with a university. The company gets an incentive from the state, the university gets a partner to bring its alternative energy research to market, and the state gets jobs.

Anchor Zones become Michigan’s partners in business attraction by giving these companies tax credits based on their ability to attract or expand their own supplier base in Michigan.

Michigan will create incentives for wind developers to locate wind farms in the state by reducing the property tax on wind towers by 50 percent.

Massachusetts Job Creation Incentive Program

Newly created biotechnology and medical device manufacturing companies are eligible to receive incentive payments for new job creation.

In order to qualify for the job incentive payment, qualifying companies must, in one calendar year, increase their level of Massachusetts employment by at least 10 full-time equivalent biotechnology jobs over the previous calendar year. The jobs incentive payment equals fifty-percent of the salary attributable to the increase of biotechnology jobs multiplied by the Massachusetts personal income tax rate.

Arkansas Tax Incentives

When a business locates in Arkansas, it can take advantage of the following additional benefits:

  • Favorable unemployment insurance and workers' compensation rates;
  • A right-to-work state, as guaranteed by the Arkansas Constitution; and
  • Favorable individual and corporate income tax rates.

InvestArk is a sales and use tax credit program available to businesses established in Arkansas for two years or longer that invest $5 million or more in plant or equipment for new construction, expansion or modernization.

Advantage Arkansas participants investing at least $100,000 are eligible for the Tax Back program. Eligible businesses must derive at least 75% of their revenue from out-of-state sales

Colorado Job Creation Incentive Program

The Job Creation Performance Incentive Fund (PIF) provides a performance-based incentive payment to qualifying companies that have created net new jobs paying above average wages. The program is designed to support and encourage new business development, business expansions and relocations that have generated new jobs throughout the state. Additional programs include:
  • Bioscience discovery evaluation grants
  • Business incentives
  • Business loan funds
  • Business technical assistance
  • Business venture funds
  • Certified Captial Companies Program
  • Enterprise Zones
  • Feasibility Studies
  • Infrastructure assistance
  • Manufacturing revenue bonds

California's Job Creation Programs

California has the largest consumer markets for high technology, biotechnology, food and agriculture, apparel, and entertainment, and is a bell-weather for the nation’s economy. Hmmmm....

  • limit state spending and refinance the state’s debt
  • comprehensive workers’ compensation reform bill (SB 899), reducing employer costs by billions of dollars
  • Public Utilities Commission (PUC) to implement measures to accelerate power production
  • bonds to finance up to $350 million a year for research and development of stem cells.
  • reformed employer litigation and Californians overwhelmingly approved lawsuit limitations
  • Million Solar Roofs plan which helps residential and commercial utility users to install and operate solar panels on their property
  • Strategic Growth Plan that makes major improvements to the State’s infrastructure, thus reducing congestion and air pollution
  • Established “Building America's Future,” which will rally support for a renewed federal commitment to funding America’s infrastructure needs with state partners. “Building America's Future” is a not-for-profit organization that will be made up of elected and executive officials serving at the state and local levels of government.
  • AB 32, California's landmark bill that establishes a first-in-the-world comprehensive program of regulatory and market mechanisms to achieve real, quantifiable, cost-effective reductions of greenhouse gases.
  • California supports creativity and innovation with a superior educational system and job training that produces an unrivaled, highly skilled labor force.
  • Over 2.3 million students are enrolled in 213 colleges and universities. Over 266,000 college graduates every year.
  • California is a major center for design of automobiles, furniture, apparel, software, electronics, telecommunications services, computers and semiconductors.
  • Forbes.com announced that California leads all states in categories of "200 Best Small Companies" and "Fastest-growing Tech Companies", of which four of the top five are in California.
  • California boasts nearly 621 members of the National Academy of Sciences and 111 Nobel Laureates.
  • High-tech exports totaled $52 billion in 2006, ranked first nationwide, and high-tech goods represent nearly 41% of the state’s annual exports.
  • California leads the nation in several strategic high-tech industry segments, comprising between 20-60% of U.S. market share in electronic components, commercial aerospace, medical instruments, biotechnology and transportation.
  • California has been the #1 manufacturing state since 1977.
  • California also leads in ‘Green Tech’ and ‘Green Collar Jobs’. California is home to many aspects of renewable energies. Solar, wind, and bio diesel and just a few of the technologies that are being researched, developed, and manufactured in the Golden State.
  • California leads the nation in research and development (R&D) and benefits from receiving almost half of the nation’s venture capital investment.
  • Public biomedical companies that are doing business in California invested an estimated $27 billion in research and development of new products for unmet medical needs in 2006. The typical California biomedical company committed 44% of its cash to R&D expenditures.
  • California ranks first in nanotechnology companies, holders of over 200 patents. More research and VC funding for this emerging industry is invested here than anywhere else. The Silicon Valley has established a Blue Ribbon Task Force on Nanotechnology. The National Science Foundation predicts industry revenue will reach $1 trillion by 2015.
  • California offers a 15% R&D tax credit for in-house research and 24% for contract research, the highest in the nation.
  • California is the number on state for attracting foreign direct investment.
  • Currently, only three minority markets at the state level exceed $100 billion in buying power annually, and two of them are in California. Hispanic buying power comprises $228 billion in California and California’s Asian consumer market totals $150 billion.
  • California is globally connected with worldclass infrastructure.
  • California has 18 foreign trade zones (FTZ) which allow tenants to delay or forgo import and export duties on goods and raw materials until they enter U.S. commerce. If the goods are warehoused in an FTZ, then exported to other countries, no duties are paid at all. In addition, California also has 42 Enterprise Zones (EZ) and 8 Local Agency Military Base Recovery Areas (LAMBRA).
  • Residents here have the highest life expectancy in the country and receive the best health care. Our population has a median age of only 34.4 years.
  • California leads the nation in tourism with $93.8 billion in revenues in 2006 and having the most towns on CNN Money Magazine’s 2007 list of ‘Best Places to Live’.

    With all this infrastructure, why is it so hard to balance the budget, or create new jobs?

    California Investment Assistance

    • Targeted Tax Credits
    • Employee Training
    • Financial Assistance
    • Local Incentive Options
    State Taxes

    Prior Federal Actions - Senate Finance Committee 2003

    In 2003, The Federal Reserve did its best to revive the sluggish economy. In 2002, the Fed lowered the short-term interest rate eleven times, down to 1.25 percent. There was not much more rate to cut, so, the Senate turn to fiscal policy - tax cuts and spending increases. They then focused on ways to strengthen the economy by increasing consumption. They then looked at long-term economic growth by examining incentives to increase investment.

    When the economy is weak – stimulus is needed. And stimulus can only come about if consumers and businesses spend more money now. Consumption – not savings.

    To avoid inflation and encourage economic growth, we need higher productivity and new capacity.

    House and Senate Budget Committees on a set of principles for short-term stimulus. They agreed that any economic stimulus proposal must be: Timely. Take effect quickly. Be sizable. Be targeted at consumers and businesses who will spend it. Get the most bang for the buck. End in a year. And not increase longer-term budget deficits.

    Almost all states have balanced budget requirements. So when faced with deficits, they must lay off workers, cut spending on programs, or raise taxes. These actions only make the economy weaker.

    Second, we need to extend unemployment benefits to the people left out when the labor market is tough. A Department of Labor study found that every dollar in unemployment benefits results in $2.15 in GDP. For every dollar spent on unemployment benefits – we more than double the impact on the economy.

    Third, we should give a tax cut to those who will spend it.

    ...and we see where those strategies of five years of free market consumption and investment landed us in 2008!



    Edited by Carolyn Allen, owner/editor of California Green Solutions
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