POPULATION: 2,900,872 (2013)
LABOR FORCE: 1,337,300 (2014)
RIGHT TO WORK: Yes
TRADITIONAL INDUSTRIES: Manufacturing, mining, government, agriculture
EXPANDING INDUSTRIES: Life sciences, software/IT, aerospace/defense, financial services, energy, healthcare, outdoor products/recreation, advanced composites
COLLEGE GRADUATES: (Age 25 and over) 30.4% (with four-year degree or post-grad - 2011)
BASIC BUSINESS TAXES:
Corporate Income and Franchise Tax: 5 percent
Sales and Use Tax: 5.95-8.35 percent
Property Tax: Property tax per capita of 2.55 percent (2011)
BUSINESS INCENTIVES:
Commonly used incentives:
• Economic Development Tax Increment Financing (EDTIF) (a post performance refundable tax credit incentive)
• Industrial Assistance Fund (IAF)
• Rural Fast Track Program (RFTP)
• Technology Commercialization and Innovation Program (TCIP)
• Enterprise zones
Specialty Incentives:
• Industrial Revenue Bonds (IRB) / Industrial Development Bonds (IDB)
• Custom Fit Training
• Motion Picture Incentive Fund
• Private Activity Bond (PAB)
• Recycling Market Development Zones
• Renewable Energy Development Incentive (REDI)
• Research Tax Credits
• Sales Tax Exemption for Manufacturing Equipment
