POPULATION: 935,670 (2005 estimate)
LABOR FORCE: 493,407 (2005 annual average)
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES: Natural resources, agriculture, tourism, manufacturing
EXPANDING INDUSTRIES: High tech, aerospace, value-added agricultural products, telecommunications, research and development, professional services
COLLEGE GRADUATES: (Age 25 and over) 25.5% (2004)
BASIC BUSINESS TAXES:
Corporate License (Income) Tax: 6.75 percent of all net income; corporations subject to apportionment may choose between worldwide combined reporting and the water’s-edge combination method of reporting (7 percent tax rate for water’s-edge)
Property Tax: Levied primarily by local jurisdictions, although the state, in ensuring that all property is treated fairly, handles property appraisal, assessment, and equalization of the value of all property for the purpose of taxation; tax liability is based on the market value of the property, the statutory tax rate for the appropriate class of property (12 property classes), and the mill levy in the jurisdiction where the property is located.
BUSINESS INCENTIVES:
Workforce Training Grants
Business Economic Development Loans
Stand-Alone and Pooled Industrial Revenue Bond Programs
Research and Commercialization Grants
Community Infrastructure
Development Loans
Tax Increment Financing
Infrastructure Incentives
Property Tax Incentives (for new or expanding industries)
Targeted Industry Tax Incentives (for film productions, aerospace, renewable energy, and others)
Economic Development Trust Fund Grants (for new job creation)