POPULATION: 974,989
LABOR FORCE: 499,162
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES: Natural resources, agriculture,
tourism, manufacturing, energy
EXPANDING INDUSTRIES: High tech, aerospace, value-added
agricultural products, telecommunications,
research and development,
professional services, bioscience
COLLEGE GRADUATES: (Age 25 and over) 26.7%
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)
Sales and Use Tax: None
Property Tax: Levied primarily by
local jurisdictions; the state levies
about 101 mills and ensures equal
treatment of property by standardizing
assessment and appraisals;
tax liability is determined by applying
the appropriate tax rate for the
property (14 classes of property) to
market value, then multiplying by
mill levy.
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/grants
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)
