Verified Document

Local Government And Tax Incentives Discussion Chapter

Related Topics:

Local Government and Tax Incentives Like federal and state governments, local governments offer tax incentives to businesses to help solve economic and/or environmental problems. Conduct an Internet search and find an example of a state or local government (perhaps your own) that offers an incentive to businesses and cite your resource(s). Describe the tax incentive you found, determine what economic problem(s) government is trying to solve by offering the incentive you highlight, and do your best to evaluate the costs and benefits of the incentive.

For business owners currently living in Philadelphia, PA, or those who hope to relocate their operations to the city, a wide selection of generous tax incentives have been provided on the federal, state, and municipal levels that are designed to incentivize this choice. According to the City of Philadelphia's Business Services division, there are more than a dozen tax incentives currently in place to alleviate operational costs for local business owners (2009), while positioning Philadelphia as a preferable location for businesses seeking to launch, expand, or relocate. Like all municipalities attempting to correct a deficiency, flaw, or problem within their local economy, Philadelphia has turned to tax incentives for businesses in an effort to reverse the...

Among the tax incentives listed on the City of Philadelphia's Business Services webpage are the Green Roof Tax Credit, through which "credits of 25% of all costs incurred to construct the Green Roof, to a maximum of $100,000, can be applied against Philadelphia's Business Income and Receipts Tax liability" (2009), and the Philadelphia Job Creation Tax Credit, which "offers eligible business owners a one-time tax credit of up to $5,000 for each new qualified full-time job created in the city" (2009). With the Mayor of Philadelphia, Michael Nutter, facing fierce criticism by City Council and union members over his proposed revisions to the city's property tax code (Mayes, 2013), the tax incentives currently in place were implemented to attract business owners from other states to relocate to Philadelphia, thereny neutralizing any expected losses in revenue due to reductions in the property tax rate.
2.) Property Taxes

Property taxes are invaluable to local governments and provide a good portion of their overall revenues. As such, it is valuable to learn more about them as they are often misunderstood. First, research property tax in your state: Who assesses property?…

Sources used in this document:
References

City of Philadelphia, Business Services Division. (2009). Credits, grants & other incentives. Retrieved from website: https://business.phila.gov/pages/taxcreditsotherincentives.aspx?stage=start&type=all business types§ion=financing & incentives&bspcontentlistitem=tax credits, grants & other incentives

Illinois Department of Revenue, Office of Local Government Services. (2012). The illinois property tax system: A general guide to the local property tax cycle. Retrieved from website: http://tax.illinois.gov/publications/localgovernment/ptax1004.pdf

Mayes, E. (2013, March 13). Mayor's budget: No new taxes, slight spending hike. The Philadelphia Tribune. Retrieved from http://www.phillytrib.com/newsarticles/item/8165- mayor's-budget-no-new-taxes,-slight-spending-hike.html

Mikesell, J.L. (2010). Fiscal administration: Analysis and applications for the public sector. Boston, MA: Wadsworth Publishing Company.
Cite this Document:
Copy Bibliography Citation

Related Documents

Fraud In Local Government
Words: 1020 Length: 4 Document Type: Essay

Introduction Fraud in local government is a serious and pervasive issue that can undermine public trust, waste taxpayer funds, and damage the integrity of public institutions. This illicit activity can take various forms, ranging from embezzlement and kickbacks to bribery and conflicts of interest. Local governments are particularly vulnerable to fraud due to a combination of factors, including: Limited resources: Local governments often operate with tight budgets and limited staff,

Government Role Renewable Energy and Sustainable Development
Words: 2667 Length: 9 Document Type: Essay

Government Role Renewable energy and sustainable development Why Australian Government should lead the initiative? Governmental initiatives Supply side interventions: Rebates and feed-in tariffs Renewable energy is derived from sources that are naturally replenish-able and supply of energy from these sources is infinite. The main purposes served by using renewable energy are many such as generation of power, transport fuel production, and for heating of houses and other living places. Except the naturally occurring main difference

Tax Expenditures One Typical Characteristic
Words: 580 Length: 2 Document Type: Discussion Chapter

In the meantime, you have a normal, functioning economy. Keynes's theory impelled a host of interventionist economic policies during the Great Depression and formed the essence of Roosevelt's New Deal which influenced Britain and other countries in dealing with their own related depressions. The Great Depression in all countries had compelled people to hoard their money causing the economy to stop at a standstill. Keynes's theory urged governments to

Local Land Use Little Rock
Words: 1053 Length: 4 Document Type: Term Paper

. The state gives tax incentives for the creation and restoration of private wetlands and riparian zones, and the state's "Acres for Wildlife" program encourages farmers to take land out of production for the benefit of wildlife (Arkansas, 2007). Environmental Concerns During Construction Environmental issues are accounted for in planning and in the granting of permits, usually on the basis of an Environmental Assessment (EA) as required by law. During construction, the

Tax Advise Table of Contents Optional Louise
Words: 2764 Length: 7 Document Type: A-Level Outline Answer

Tax Advise Table of Contents (optional) Louise is aged 50 and single. Since 1994 she has carried on a retail business as a sole trader. Her trading profits as adjusted for tax purposes and after capital allowances, for the year ended 30th April 2009 were $150,000. The business is carried out from a number of valuable retail outlets, all of which are owned by Louise personally. These units have been acquired over a

Tax System of One Country With That
Words: 4394 Length: 15 Document Type: Research Paper

tax system of one country with that of another is an exercise fraught with dificulties and ultimately doomed to failure . tax system will never be much more than a reflection of strongly national cultures and forces. discuss this statement in the light of your knowledge of comparative tax system in developing and/or developed countries i Tax Systems The following pages focus on analyzing the factors of influence on different countries'

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now