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Full Final Report 12-28-2009

Full Final Report 12-28-2009

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Published by ArizonaGuardian

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Published by: ArizonaGuardian on Jan 06, 2010
Copyright:Attribution Non-commercial


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The Job Recovery Packagefor the State of Arizona
Prepared for:The Speaker of the House of Representatives, State of ArizonaDecember 2009Prepared by:Elliott D. Pollack & Company7505 East 6
Avenue, Suite 100Scottsdale, Arizona 85251
The Job Recovery Package for the State of Arizona
Table of Contents
Executive Summary
 1.0 Introduction
 1.1 Purpose of Study 11.2 Acknowledgements 2
2.0 Arizona’s Economy and Method of Taxation
 2.1 The Current Economic Environment 32.1.1 What Got Us Here? 32.1.2 How Do We Recover? 92.2 Explanation of What Makes an Economy Tick 102.2.1 Job Creation 102.2.2 Tax Revenue Generation 132.2.3 The Difficulty of Diversifying 152.3 What Drives Business Locations 162.3.1 General Competitive Issues 162.4 Current Tax Structure 172.4.1 Theory: What Should be Taxed? 182.4.2 Arizonas Major Tax Categories 212.5 Tax Law Recommendations 262.5.1 Targeted Reductions in Business Property Taxes 262.5.2 Corporate Income Tax Rate Reduction 32
3.0 Economic Development Incentives
 3.1 Overview of Corporation Site Selection 353.1.1 Business Climate Rankings 353.1.2 Key Strategic Drivers 383.2 How Do Incentives Win Business? 413.3 How Competitive is Arizona with Economic Incentives? 443.4 Arizonas Economic Incentives Toolbox vs. Other States 453.4.1 Inventory of Arizonas Incentive Programs 453.4.2 Inventory of Incentive Programs in Other States 493.5 2009 Economic Development Announcements in the U.S. 53
Elliott D. Pollack & Company
The Job Recovery Package for the State of Arizona
Elliott D. Pollack & Company
3.6 Best Practices of Economic Incentive Programs 543.6.1 Job Training Grant Programs 543.6.2 Payroll Rebate Programs 583.6.3 Deal Closing Funds 643.6.4 Retention Incentive Programs 673.6.5 Business Personal Property Tax Exemption 733.6.6 Tax Increment Financing 743.7 New Incentive Programs Enacted in 2009 753.8 Foundation for Arizonas Economic Development Policies 763.8.1 Guiding Principles 763.8.2 Key Features 773.8.3 Implementation and Accountability 793.9 Recommendations for Policy in Arizona 823.10 Summary Observations of Arizonas Competitiveness 86
Appendix A Three Approaches to Site Selection 87Appendix B Purpose of Economic Incentives 91
Appendix C Quantifying Arizona’s Competitive Disadvantage 94
Appendix D How is Arizona’s Competitiveness Enhanced with theRecommended Incentives? 102

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