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Gaining Honorable Mention Awards in this category were Greater MSP (Minneapolis Saint Paul Regional Economic Development Partnership) and Columbus (OH) 2020. The city has created two Tax Increment Financing Districts with a third in process, to expand the municipal infrastructure to industrial and commercial zones.
If a business entity invests in a qualifying project that meets certain requirements and is approved by the Alabama Department of Revenue, and maintains minimum annual requirements, the company may receive an annual credit against its income tax liability generated from the qualifying project.
It is a credit of five percent of the capital costs of a qualifying project, to be applied to the Alabama income tax liability or financial institution excise tax generated by the project income, each year for 20 years. The credit is 20 percent of the actual costs limited to the employer’s income tax liability.
The study included cities in a variety of climatic zones—including Miami, Phoenix, St. Louis, Minneapolis, and Bismarck. Savings were greatest in the “cold weather” zones. Using a rain-resistant air barrier may help avoid financial liabilities due to project delays, which means one less potential problem to worry about.
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