POPULATION: 2,757,779 (2008)
LABOR FORCE: 1,383,743 (2008)
RIGHT TO WORK: Yes
TRADITIONAL INDUSTRIES: Manufacturing, mining, government, agriculture
EXPANDING INDUSTRIES: Life sciences, healthcare, outdoor products/recreation, advanced composites, autonomous vehicles, renewable energy, financial services, digital media
COLLEGE GRADUATES: (Age 25 and over) 27.2%
BASIC BUSINESS TAXES:
Corporate Income and Franchise Tax: 5 percent
Sales and Use Tax: 5.75–7.25 percent
Property Tax: Statewide property tax per capita of 2.4 percent
BUSINESS INCENTIVES:
Commonly used incentives:
- • Economic Development Zone tax increment financing
- • Industrial Assistance Fund (IAF)
- • Rural Fast Track Program (RFTP)
- • Enterprise zones
Specialty incentives:
- • Aerospace aviation tax increment financing (AATIF)
- • Custom Fit Training Program
- • Economic Opportunities (EO)
- • Film incentives
- • Private activity bonds (PABs)
- • Recycling zones
- • Rural Broadband Service Fund
- • Manufacturing equipment sales tax exemption
- • Short-term intensive training/ incumbent worker training
- • Workforce Investment Act (WIA)
- • Industrial development bonds
- • Aerospace tools tax exemption