Tag Archives: tax credits and incentives

FOCUS ON MARYLAND

Annapolis, Maryland: Naval Academy Chapel Dome and Harbor Queen tour vessel at City Dock.

This month we travel to the birthplace of religious freedom in America, the state of Maryland. Formed by George Calvert in the early 17th Century, the state was intended as a refuge for persecuted Catholics from England. George Calvert was the first Lord of Baltimore and the first English proprietor of the then-Maryland colonial grant. Maryland was the seventh state to ratify the U.S. Constitution, and played a pivotal role in the founding of Washington D.C., which was established on land donated by the state.

Mid-Atlantic Maryland is defined by its abundant waterways and coastlines on the Chesapeake Bay and Atlantic Ocean. Its largest city, Baltimore, has a history as a major seaport, and is also home to such tourist attractions as the National Aquarium and the Maryland Science Center.

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FOCUS ON GEORGIA

Centennial Olympic Park and surrounding buildings in Atlanta at night

Centennial Olympic Park in Atlanta

The last of the original thirteen colonies is Georgia, the Peach State. Georgia is also known as the Empire State of the South. The state has varied terrain with mountains and natural rock in the northwest, urban areas, forest in the southern part and farmland.

There are also many points of interest that attract visitors to Georgia. In Atlanta, there are the World of Coca-Cola and the Georgia Aquarium. Stone Mountain, just north of Atlanta, is Georgia’s most popular attraction, receiving over 4 million visitors per year. Callaway Gardens, in western Georgia, is a family resort. The area is also popular with golfers.

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FOCUS ON WEST VIRGINIA

Harpers Ferry National Historical Park

Harpers Ferry National Historical Park

Known for its mountainous landscape and rolling hills, this month we travel east to West Virginia. The state has a rich history and is embedded in the Appalachian Mountains.

West Virginia is known for a wide range of outdoor recreational activities, such as skiing, whitewater rafting, fishing, hiking, backpacking, mountain biking and hunting. For something on the calmer side, the state offers many golf courses.

It is also one of the most densely Karstic areas in the world, making it a choice area for recreational caving and scientific research. Karstic topography is a landscape formed from the dissolution of soluble rocks such as limestone, dolomite, and gypsum. It is characterized by underground drainage systems with sinkholes and caves. These underground hydrology systems contribute to much of the state’s cool trout waters.

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FOCUS ON WYOMING

Moulton Barn with Bison in the Grand Teton National Park, Wyoming.

Moulton Barn with Bison in the Grand Teton National Park, Wyoming.

Vast plains and the Rocky Mountains paint the landscape of Wyoming, the Cowboy State. Its famed Yellowstone National Park, a nearly 3,500 square mile wilderness area, is home to hundreds of animal species (i.e., bears, wolves, bison, elk and antelope), dramatic canyons, alpine rivers, lush forests, hot springs and gushing geysers, its most famous geyser being Old Faithful. Yellowstone was the nation’s first national park and the first national monument was Devil’s Tower. Known for its backcountry skiing areas, forested trails and Snake River is Grand Teton National Park.

Just a few of the ways to explore Wyoming’s natural lands is to enjoy a sightseeing tour, soak in a hot spring or watch the wildlife. Yellowstone Lake offers plentiful fishing and boating during the warmer months.

Due to its sparse population, Wyoming lacks any major professional sports teams. However, college (e.g., the University of Wyoming) and high school sports are popular in the state. Rodeos and Rugby are also popular sporting events in Wyoming.

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Focus on Vermont

"Old maple sugar house in Warren, Vermont. Here, in the early spring, sap from maple trees is boiled down in wood fired vats to evaporate the water and harvest the syrup."

Old maple sugar house in Warren, Vermont.

The gold standard for fall foliage takes us to Vermont. With 75% of the state covered in forest and having the most land coverage of maple trees per capita, Vermont’s foliage season is the most vibrant. With its thousands of acres of alpine terrain, it is a popular destination for snowboarders and skiers. Trout fishing, lake fishing, ice fishing and hunting are also popular pastimes for residents and tourists alike. In the fall, hikers can catch some unforgettable views.

 

Vermont is attractive for more than just its environment. Vermont is also known for the manufacture and sale of artisan foods, fancy foods and novelty items such as Cabot Cheese, the Vermont Teddy Bear Company (where visitors can build their own Teddy Bear), Burton Snowboards and Ben and Jerry’s Ice Cream (where tours end by tasting your favorite flavor).  Continue reading

FOCUS ON IDAHO

Rapids on the Clearwater River of Idaho along Highway 12 downstream of Lolo Pass. Picture taken in April. In the summer this stretch of the river is a favorite whitewater rafting area.

Rapids on the Clearwater River

This month, we travel west to Idaho, the 14th largest state in the U.S. Known for its mountainous landscapes, vast swaths of protected wilderness and outdoor recreation areas, Idaho is bigger than all of the New England states combined. Boise, the capital and largest city, is set in the Rocky Mountain Foothills and is bisected by the Boise River, a popular destination for rafting and fishing.

Although Idaho is best known for its great fishing, other outdoor recreational adventures attract people to mountain biking at the Schweitzer Mountain Resort, and jet boating on the Snake River. Rafting and Kayaking are also popular activities. Idaho is ranked number one in the U.S. and in the world for whitewater adventures by Outdoors Magazine. And for something on the calmer side, excellent golf courses await throughout Idaho. Idaho has more than 100 golf courses nestled amongst the gorgeous Idaho landscape.

 

Business Climate

Idaho is a prominent agricultural state. Nearly one third of the nation’s potatoes are grown in the state. Additionally, all three varieties of wheat are grown in Idaho: dark northern spring, hard red and soft white. But Idaho is more than outdoor recreation and farming. Some major industries include food processing, lumber and wood products, machinery, chemical products, paper products, electronics manufacturing, silver and other mining and tourism.

Recently, Idaho expanded its commercial base as a tourism and agricultural state to include the science and technology industries. Science and technology have become the largest single economic center (over 25 of the state’s total revenue) within the state and are greater than agriculture, forestry and mining combined.

 

Tax Climate

Idaho is the 10th highest of states in the U.S. that levy an income tax. Idaho’s individual income tax system consists of seven brackets with a top rate of 7.4%. Corporations based in Idaho must pay a corporate income tax at a flat rate of 7.4%.  Among all of the states in the country, this corporate rate is the 19th highest. Continue reading

Focus on Alaska

Northern Lights (Aurora borealis) over snowscape.

 

As the holiday season, Christmas and a new year come our way, there has been the inevitable emergence of cold weather imagery in stores, restaurants, etc.  The mascot of the season, of course,  is none other than Santa Clause! Do you ever stop and think of where Santa Clause came from and lives?  People say it’s the North Pole.  But could that famous workshop maybe be in Alaska?

For our State of the Month, we decided to take a journey up north and show you our largest state. This might just be the place where Santa spends most of his days.

Business Climate

Alaska’s land area of 663,300 square miles is more than twice the size of Texas, yet despite its incredible land size, its population of 735, 601 (as of 2014), is one of lowest in the nation. A much smaller Rhode Island has a bigger population (1.055 million) than Alaska. Nonetheless, its lack of citizens does not speak poorly of its business environment. Continue reading

Focus on Arizona

SF vs AZ blog pic

Picture from inside the new Levi’s Stadium in Santa Clara, CA on December 28, 2014. Miles Consulting Group was invited by the Arizona Commerce Authority to watch the San Francisco 49ers play the Arizona Cardinals.

Last month the Arizona Commerce Authority (“ACA”) hosted an event to watch the San Francisco 49ers take on the Arizona Cardinals at the new Levi’s Stadium in Santa Clara. Gilbert Gonzalez, Vice President of Business Attraction Northern California, of the ACA invited us to attend. While we had a great time at the game, we also got to learn more about what the ACA offers to businesses expanding or relocating into Arizona. The state offers various appealing tax credits and incentives (some very similar to what California offers, watch out Golden State!) as well as a great business climate that may just steal a few California businesses.

As our way of saying thanks, we decided to put our focus on the Grand Canyon State for this feature of the State of the Month.

Business Climate

The manufacturing industry in Arizona plays a pivotal role in serving other industries. The state has over 4,500 establishments and employs over 155,000 people in manufacturing. The average wage of a manufacturing position is 50% more than the average wage for any position in Arizona. In 2012, the total manufacturing output was $23.66 billion, equivalent to more than 10% of Arizona’s Real GDP.

Another key sector in Arizona’s economy is the aerospace & defense industry. This industry has over 1,200 companies including major contractors such as Raytheon Missile Systems (11,900 employees) and Honeywell Aerospace (10,100 employees). This sector represents over 150,000 jobs and contributes $15 billion to the gross state product. Continue reading

2014 – The Year in Review

Happy New Year from Miles Consulting Group!

 

Thank you to all of our regular readers! The blog was an exciting addition to our firm this year and we’ve enjoyed bringing you current and thought provoking articles and summaries related to multistate topics.

 

 

 

We covered a lot this year, including:

  1. State of the Month – Every month we featured a different state of the union, covering its economic climate, tax scheme, and relevant tax credits and incentives available, along with some fun facts. Some of the recent states that we covered include Florida, Colorado, and Ohio.
  1. California Credits and Incentives Landscape – During 2014, California rolled out three new tax credits and incentives under the GO-Biz program (to replace the repealed EZ program), as well as enhancing the film tax credit. We reported on all of those here, including the California Manufacturers’ Exemption, Hiring Credit, and California Competes.
  1. Federal & Multistate Updates – The Marketplace Fairness Act was in the news a lot during 2014, although it was ultimately tabled by House Speaker John Boehner. Here are a few of the blogs in which we introduced the act, highlighted the updates, and provided our take on it.
  1. When we’re not blogging about multistate tax issues or tax credits and incentives we have also written about fundraising tips, charitable giving, and even fun topics such as calculating the amount of sales tax Santa Claus would hypothetically collect.

We hope you’ll continue to follow Miles Consulting Group in 2015 as we bring you the latest in multistate tax news.

In the meantime, we wish you and yours a very happy new year. See you in 2015!

 

Photo Credit: maaco via Flickr

Focus on Colorado

The word colorado means “colored red” in Spanish. The Colorado River was given this name by Spanish Explorers because of the red sandstone soil in the surrounding region. The territory inherited the name after the river and eventually became the 38th state of the US. This week we focus on Colorado.

 

Business Climate

Colorado is considered the 8th largest state area wise and has a very diverse geography. From the Colorado Eastern Plains to the Rocky Mountains, the state takes full advantage of the land and much of it is favored towards the agriculture industry. In fact, over 60% of Colorado’s land  is used for agriculture. Livestock is one area of agriculture that has done especially well. Colorado has over 15,000 beef producers, 200 feedlots, and 20 USDA certified slaughter plants. Beef is the number one agricultural commodity from the state. In addition to livestock, the state is also the nation’s leader in producing beer, with nearly 150 breweries. Denver, Colorado is known as the “Napa Valley of Beer.”

The extensive geography  plays in the state’s favor also for tourism. In 2013, Colorado experienced 64.6 million travelers and visitors spent $17.3 billion. Colorado is considered the “Switzerland of America,” because of its collection of mountains that are ideal for winter sports. These mountains attract millions of tourists to flock to ski resorts and has contributed in making Colorado #1 in the nation for overnight ski visits. Asides from the winter attractions, Colorado’s outdoors is just as enjoyable in all the other seasons. In fact, this past summer the tourism industry experienced waves of visitors and the state expects to break previous tourism records. Some are skeptical though and believe it is because of the legalization of medicinal and recreational marijuana use that more and more people are flocking into the state. Regardless, Colorado’s tourism industry is doing well.

Taxes

Colorado has a favorable tax climate according to the State Business Tax Climate Index. Of the 50 states, it ranked 19th due to having low corporate income tax (8th lowest) and individual income tax rates (13th lowest). Both are flat rates of 4.63%. In 2014, from January to July the state collected $5,650 million in individual income tax and $716 million in corporate income tax. Continue reading