POPULATION: 1,005,141 (2012 US Census Estimate)
LABOR FORCE: 507,863 (2013 Bureau of Labor Statistics)
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES:Natural resources, agriculture, tourism, manufacturing, energy
EXPANDING INDUSTRIES: Software, aerospace, value-added agricultural products, telecommunications, research and development, professional services, bioscience
COLLEGE GRADUATES: (Age 25 and over): 37.8% (2012 US Census Bureau)
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 approximately 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)
Source: U.S. Bureau of Economic Analysis, 2012
