From Site Selection magazine, November 2001
STATE LEGISLATIVE ACTIVITY
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Hawaii
As of July, the state of Hawaii became the only state in the nation offering a 100 percent tax credit on equity investment in a qualified high tech business. The bill, Act 221, which was supported by the Hawaii Technology Trade Association, is designed to increase the growth of Hawaii's technology industries and appeal to technology companies and investors worldwide.
Gov. Ben Cayetano released $41.5 million this year to pay for numerous education, transportation and structural capital improvement projects.
Hi-Tech Hawaii will receive $10 million in special-purpose revenue bonds to assist in planning and construction of a high-tech R&D facility.
Governor: Benjamin J. Cayetano (D) 808-586-0034
Tax rates for individuals and corporations were cut during this session.
The investment tax credit was increased in counties with high unemployment rates.
A five-year, 3 percent tax credit was enacted for expanding broadband Internet connections to rural areas of Idaho.
Gov. Dirk Kempthorne released $5 million to build science and technology center University Place. The 50,000-sq.-ft. (4,645-sq.-m.) center is envisioned as a possible anchor for a technology corridor along I-15 between Rexburg and Pocatello.
Governor: Dirk Kempthorne (R) 208-334-2100
The General Assembly approved the Corporate Headquarters Relocation Act, which gives economic incentives up to 50 percent of eligible relocation costs.
The EDGE Program (Economic Development for a Growing Economy) payroll credit taxes have been expanded for a longer period of time.
$1.5 billion under new budget committed to education and work-force training.
Initiatives enacted to bolster the Illinois coal industry with bond guarantees and tax incentives.
Governor: George H. Ryan (R) 217-782-6830
General Assembly approved $21 million for professional development for teachers over the next two years.
Insurance premiums cut.
Created the 21st Century Research & Technology Fund - $50 million biennial appropriation.
Gov. Frank O'Bannon directed the Indiana Development Finance Authority to provide $190 million this year in tax-free financing for capital projects. Projects in the past were required to create new jobs; under new rules job retention would qualify as well.
Governor: Frank O'Bannon (D) 317-232-4567
Iowa Legislature passed an Enterprise Zone Program, which allows businesses to receive incentives and assistance if they construct, expand or rehabilitate a building with a minimum of $500,000 capital investment. Construction under this program must be completed within three years and must not be retail oriented.
The state hopes to spur the development of Ethanol industries with a new jobs and income tax credit or refund up to 10 percent of their investment in the production of Ethanol.
The state will also give businesses located in brownfield areas or other blighted areas additional points on applications for grants and economic assistance.
Iowa has also exempted this year's federal tax rebate from personal income tax.
Governor: Tom Vilsack (D) 515-281-5211
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