ECONOMIC

Strategy 4:

Attract new businesses and industry to the region.

About The Objectives

The fourth strategy looks at bringing in new businesses and industries that do not currently exist within the IND15RPC region. This strategy has four supporting objectives.

Tax Incentives

Tax incentives are great tools for government agencies to use to attract development and increase economic development within the community. They are exclusions, exemptions, or deductions from taxes that a business would owe the government. These can come in the form of businesses not paying certain taxes, reduction in the amount of taxes that have to be paid, refunds and rebates, and credits that can be accumulated and used as needed.

Tax incentives may have requirements in order for a business to be given one. The business may have to be a part of a particular industry that is struggling or nearly emerging, create a certain number of jobs, or offer a particular wage for employees. These requirements can vary from place to place based on what type of outcome the government is looking for.