POPULATION: 5,711,000
LABOR FORCE: 3,072,000
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES:Manufacturing, agriculture,
forestry, tourism
EXPANDING INDUSTRIES: Trade, finance, biotechnology,
high-technology manufacturing,
healthcare
COLLEGE GRADUATES: (Age 25 and over) 25.8%
BASIC BUSINESS TAXES:
Single-factor tax treatment
Corporate Income Tax: 7.9 percent of net income
Sales and Use Tax: 5 percent of
gross receipts from sales, leasing,
or renting tangible personal
property and certain services,
with exemptions
Property Tax: Rates vary by taxing
jurisdiction (towns, villages,
cities, counties, school districts,
and special districts); nonmanufacturing
assessments are done
at the local level at some percentage
of market value; taxes
are levied within taxing jurisdictions
using the local assessment;
property tax exemptions
are offered for manufacturing
machinery, equipment, inventories,
machinery used exclusively
for R&D, computers, and computer
equipment; a sales tax
exemption for equipment and
energy used in the manufacturing
process
BUSINESS INCENTIVES:
Brownfields Initiative
Community Development
Block Grant programs
Economic Development
Tax Credit Programs
Industrial revenue bonds
Downtown development
Direct loans
Training grants
Technology Development Loan
Angel and Early-Stage Seed
Investment Tax Credit program
Global Business Development
grants
