Spring 2009
QUIZ
What three Southern states had the lowest state and local tax burden as percent of income in 2008?
(Scroll down for answer)
Tennessee's Rural Loan Fund Earns National Award
The Tennessee Rural Opportunity Fund has won the 2009 Multi-Community Program Award for populations over 100,000. The recognition has come from Bismarck, N.D.-based Business Retention and Expansion International. The rural development fund, considered the first of its kind in the South, is a $10 million revolving loan fund that is a partnership between the Tennessee Bankers Association, the Southeast Community Capital Corp. and the State of Tennessee. For more information on economic development in the rural South go to www.SmallTownSouth.com.
Kansas Enacts Business-Friendly Legislation
Kansas lawmakers have passed a bill that enables companies that create 100 new jobs or more within five years to retain 95 percent of state payroll withholding taxes for seven to 10 years. The number of years that withholding can be retained depends on the amount by which the wages paid exceed the average wage in the county where the project is located.
Huntsville, Ala. Tops Kiplinger's Best Cities List
Kiplinger's Personal Finance has named Huntsville, Ala. No. 1 in its 2009 Best Cities ranking. The ranking examined trends in population, unemployment, cost of living and income. Other markets in the South making it onto the top 10 include Washington, D.C., Charlottesville, Va., Athens, Ga., Austin, Tex. and Raleigh, N.C.
Top Cities for Defense Jobs
The South landed the majority of Forbes' recently published "Top Cities for Defense Jobs" with Orlando, Tampa-St. Pete, Huntsville and Dallas-Fort Worth making the top 10 and the Washington, D.C. region taking the top spot. A more comprehensive profile of the South’s top markets for defense jobs can be found on page 56 in this issue.
Volkswagen Sets Time Table for New Plant
In the spring quarter, Frank Fischer, CEO of Volkswagen's Chattanooga plant, announced a time table for the construction and opening of the facility. Fischer said that some equipment will be installed at the plant this year, with construction finishing up in 2010. A full system trial is expected in mid-2010 with production of mid-sized sedans in the first half of 2011. For more information on the South’s automotive industry, go to www.SouthernAutoCorridor.com.
Texas Nearing Eight Gigawatt Wind Energy Mark
Texas, which leads the nation in wind-power generating capacity, should top the eight gigawatt production mark this summer. Texas' wind energy capacity is the largest in the nation, more than doubling second place Iowa, which produces 2.9 gigawatts of power from wind generation.
Georgia Governor Signs Pro-Business Tax Bills
In the spring quarter, Georgia Gov. Sonny Perdue signed two bills that will give significant tax breaks to Georgia-based business. One of the two bills will base tax credits on wages a company plans to provide rather than on its in-state sales. The legislation will reward companies that bring high-paying jobs to The Peach State with tax credits even if the majority of their sales are made in other states or countries. The other bill, which will require a constitutional amendment subject to a statewide voter referendum, will eliminate the state tax on business inventories. There were opponents in Georgia against the bills, citing speculation that the state cannot afford any tax cuts for business during a recession.
Tulsa No. 1 Place to Live -- RelocateAmerica.com Cites Eight Southern Markets in Top 10
RelocateAmerica.com's annual "America's Top 100 Places to Live" for 2009 had eight Southern markets make the Web site's top 10. Tulsa, Okla. was named the No. 1 place to live, followed by Dallas/Fort Worth, Pittsburgh, Raleigh-Durham, Huntsville, Ala., Houston, Albuquerque, Lexington, Ky., Little Rock and Oklahoma City. RelocateAmerica.com determines its top 10 each year through a variety of factors, including economic environment, housing, educational opportunities and crime statistics.
Georgia Ranked No. 1 for Entrepreneurial Activity
The Kauffman Foundation recently published its Index of Entrepreneurial Activity and the state that ranked first this year was Georgia with 590 entrepreneurs for every 100,000 adults. The Index noted that entrepreneurial activity increased slightly from 0.30 percent in 2007 to 0.32 percent (320 of 100,000 adults created a new business each month) in 2008. Other Southern states that ranked in the top half of the study included Arkansas, Texas, Florida, Mississippi, Kentucky, Tennessee and Oklahoma.
QUIZ ANSWER
The three Southern states with the lowest tax burdens are Florida (7.4%), Tennessee (8.3%), and Texas and Louisiana are tied for third at 8.4%. The South's average is 8.6% while the national average is 9.7%.
Source: www.taxfoundation.org
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Spring 2009
QUIZ
What three Southern states had the lowest state and local tax burden as percent of income in 2008?
(Scroll down for answer)
Tennessee's Rural Loan Fund Earns National Award
The Tennessee Rural Opportunity Fund has won the 2009 Multi-Community Program Award for populations over 100,000. The recognition has come from Bismarck, N.D.-based Business Retention and Expansion International. The rural development fund, considered the first of its kind in the South, is a $10 million revolving loan fund that is a partnership between the Tennessee Bankers Association, the Southeast Community Capital Corp. and the State of Tennessee. For more information on economic development in the rural South go to www.SmallTownSouth.com.
Kansas Enacts Business-Friendly Legislation
Kansas lawmakers have passed a bill that enables companies that create 100 new jobs or more within five years to retain 95 percent of state payroll withholding taxes for seven to 10 years. The number of years that withholding can be retained depends on the amount by which the wages paid exceed the average wage in the county where the project is located.
Huntsville, Ala. Tops Kiplinger's Best Cities List
Kiplinger's Personal Finance has named Huntsville, Ala. No. 1 in its 2009 Best Cities ranking. The ranking examined trends in population, unemployment, cost of living and income. Other markets in the South making it onto the top 10 include Washington, D.C., Charlottesville, Va., Athens, Ga., Austin, Tex. and Raleigh, N.C.
Top Cities for Defense Jobs
The South landed the majority of Forbes' recently published "Top Cities for Defense Jobs" with Orlando, Tampa-St. Pete, Huntsville and Dallas-Fort Worth making the top 10 and the Washington, D.C. region taking the top spot. A more comprehensive profile of the South’s top markets for defense jobs can be found on page 56 in this issue.
Volkswagen Sets Time Table for New Plant
In the spring quarter, Frank Fischer, CEO of Volkswagen's Chattanooga plant, announced a time table for the construction and opening of the facility. Fischer said that some equipment will be installed at the plant this year, with construction finishing up in 2010. A full system trial is expected in mid-2010 with production of mid-sized sedans in the first half of 2011. For more information on the South’s automotive industry, go to www.SouthernAutoCorridor.com.
Texas Nearing Eight Gigawatt Wind Energy Mark
Texas, which leads the nation in wind-power generating capacity, should top the eight gigawatt production mark this summer. Texas' wind energy capacity is the largest in the nation, more than doubling second place Iowa, which produces 2.9 gigawatts of power from wind generation.
Georgia Governor Signs Pro-Business Tax Bills
In the spring quarter, Georgia Gov. Sonny Perdue signed two bills that will give significant tax breaks to Georgia-based business. One of the two bills will base tax credits on wages a company plans to provide rather than on its in-state sales. The legislation will reward companies that bring high-paying jobs to The Peach State with tax credits even if the majority of their sales are made in other states or countries. The other bill, which will require a constitutional amendment subject to a statewide voter referendum, will eliminate the state tax on business inventories. There were opponents in Georgia against the bills, citing speculation that the state cannot afford any tax cuts for business during a recession.
Tulsa No. 1 Place to Live -- RelocateAmerica.com Cites Eight Southern Markets in Top 10
RelocateAmerica.com's annual "America's Top 100 Places to Live" for 2009 had eight Southern markets make the Web site's top 10. Tulsa, Okla. was named the No. 1 place to live, followed by Dallas/Fort Worth, Pittsburgh, Raleigh-Durham, Huntsville, Ala., Houston, Albuquerque, Lexington, Ky., Little Rock and Oklahoma City. RelocateAmerica.com determines its top 10 each year through a variety of factors, including economic environment, housing, educational opportunities and crime statistics.
Georgia Ranked No. 1 for Entrepreneurial Activity
The Kauffman Foundation recently published its Index of Entrepreneurial Activity and the state that ranked first this year was Georgia with 590 entrepreneurs for every 100,000 adults. The Index noted that entrepreneurial activity increased slightly from 0.30 percent in 2007 to 0.32 percent (320 of 100,000 adults created a new business each month) in 2008. Other Southern states that ranked in the top half of the study included Arkansas, Texas, Florida, Mississippi, Kentucky, Tennessee and Oklahoma.
QUIZ ANSWER
The three Southern states with the lowest tax burdens are Florida (7.4%), Tennessee (8.3%), and Texas and Louisiana are tied for third at 8.4%. The South's average is 8.6% while the national average is 9.7%.
Source: www.taxfoundation.org
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