The Lowcountry Economic Network's 2009 Legislative Agenda

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The Lowcountry Economic Network's 2009 Legislative Agenda

  1. 1. Lowcountry Economic Network’s Legislative Agenda for the 2009 Session
  2. 2. Suggested State Policy Changes
  3. 3. Qualifying Criteria <ul><li>Per Capita Income: </li></ul><ul><ul><li>ED qualification criteria is based on Per Capita Income. Beaufort County is highest in the state ($39,308), S.C. ($29,688) </li></ul></ul><ul><li>Recommendation: Use Average Regional Wage </li></ul><ul><ul><li>More accurately conveys income standing of the working population </li></ul></ul>
  4. 4. Qualifying Criteria <ul><li>Beaufort County Average Regional wage </li></ul><ul><ul><li>Weekly $579 </li></ul></ul><ul><ul><li>Hourly $14.48 </li></ul></ul><ul><ul><li>Calculation: Central county weighted and averaged with adjoining counties in the region. Only looks at private sector employment, does not include government numbers. </li></ul></ul>
  5. 5. Headquarters <ul><li>S.C. Job Creation Qualifications: </li></ul><ul><ul><li>Minimum of 40 new HQ jobs created must earn 2 times state per capita income to receive tax credits </li></ul></ul><ul><li>S.C. Recommendations: </li></ul><ul><ul><li>Minimum 10% of corporate payroll dedicated to HQ employees who earn 2 times state PCI </li></ul></ul><ul><ul><li>Company still has to meet capital investment requirements </li></ul></ul>
  6. 6. Jobs Tax Credit Types of Qualifying Business A business must be engaged in manufacturing, processing, tourism, warehousing, banking, distribution, or research and development, or must be a qualifying service-related facility, a corporate office facility, extraordinary retail establishment, or a technology intensive facility. A retail facility or service related industry (a) located in a distressed county or a least developed county or (b) for tax years beginning after 2007 located in an underdeveloped county not traversed by an interstate highway may also qualify for the credit. The statute contains definitions of “manufacturing facility,” “processing facility,” “warehousing facility,” “distribution facility,” “research and development facility,” “corporate office facility,” qualifying service-related facility,” “tourism facility,” “technology intensive facility,” and “extraordinary retail establishment.”
  7. 7. Incentives for Knowledge-Intensive Industry <ul><li>Recommendations </li></ul><ul><li>Add a knowledge-intensive business to definition of types of qualifying business: </li></ul><ul><li>An establishment that is primarily dependant upon the professional and intellectual expertise of its workforce and the translation and distribution of its product to various markets. These companies include the healthcare, computer and information technology, architecture, business and financial operations, arts and design sectors. </li></ul>
  8. 8. Incenting Sustainable Development <ul><li>S.C. Recommendations </li></ul><ul><ul><li>Add tax credit to MCIP for companies whose new construction meets LEED and Energy Star standards. </li></ul></ul><ul><ul><li>Value credit based on level of ‘green’ building certification </li></ul></ul>
  9. 9. Local Policy Changes
  10. 10. Local Action <ul><li>Recommendations: </li></ul><ul><ul><li>Further denote properties under municipal and county control that can be offered to relocating businesses. </li></ul></ul><ul><ul><li>Create business license fee programs that fit the county’s four economic development focus areas. </li></ul></ul>
  11. 11. Local Action <ul><li>Recommendations </li></ul><ul><ul><li>Fast track building permit process for commercial and industrial projects that intend on meeting either LEED or Energy Star certifications </li></ul></ul><ul><ul><li>Consider sustainable development bonuses on height and density for projects that meet LEED and Energy Star standards </li></ul></ul>
  12. 12. Local/State Breakdown <ul><li>Qualifying companies </li></ul><ul><li>Headquarters relocation </li></ul><ul><li>Incenting sustainable development </li></ul><ul><li>Incenting knowledge-intensive industry </li></ul><ul><li>State action </li></ul><ul><li>State and local action </li></ul><ul><li>Local action </li></ul><ul><li>State action </li></ul>

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