Did the Community Renewal Tax Incentives Pirate Businesses From Other Places?

Smith, Richard

doi:10.1177/0891242415620008

Cited by 5 publications

(3 citation statements)

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“…Even when economic benefits are established, they can be outweighed by their costs (Bobonis & Shatz, 2007; Buettner & Ruf, 2007) or result from a reallocation of resources and labor force producing zero net growth (Calcagno & Thompson, 2004; Freedman, 2015; Harger & Ross, 2016; Smith, 2016). Incentives may also be more beneficial to local jurisdictions further away from economic centers (Meurers & Moenius, 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

Local Economic Development Policies and Business Activity: Dynamic Panel Data Analysis of All County Governments in the State of Georgia

Ivonchyk

2022

Economic Development Quarterly

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Governments use economic development incentives to attract new investment and retain existing businesses. Empirical evidence for their effectiveness remains inconclusive. This research tests the effect of incentives on the number of firms, employees, and their payroll in a longitudinal study of all county governments in the state of Georgia over 16 years. It incorporates a comprehensive set of incentives offered by counties to attract and retain businesses and accounts for the frequency of their use and financing level. Empirical findings indicate that industrial development bonds are significantly associated with the number of firms in the average county. This association is stronger in rural areas and not significant in urban counties. Subsidies, on the other hand, tend to be negatively associated with the number of firms in urban counties, but not in rural counties. No incentive is significantly correlated with firm employees or payroll.

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Section: Literature Reviewmentioning

confidence: 99%

Local Economic Development Policies and Business Activity: Dynamic Panel Data Analysis of All County Governments in the State of Georgia

Ivonchyk

2022

Economic Development Quarterly

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“…For decades, many economists, policymakers, and entrepreneurs have assumed that tax abatements and credits entice economic development. However, research suggests that the tangible benefits of these incentives are unknown, as cities rarely reject requests, stipulate conditions, or evaluate the performance of these incentives (Goss & Phillips, ; Hicks & LaFaive, ; Hula & Bromley‐Trujillo, ; Smith, ). The CBO puts the point succinctly, “With a $5 billion per year price tag, the inability to measure quantifiable outcomes raises concerns” (DeLuca et al, ).…”

Section: Assessing the Nmtc: Key Issuesmentioning

confidence: 99%

Private Investment and Public Redevelopment: The Case of New Markets Tax Credits

Hula

Jordan

2018

Poverty & Public Policy

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The U.S. federal government has increasingly relied on tax incentives to leverage private investment to spur economic redevelopment in poor communities. One such popular program is the New Markets Tax Credits (NMTC), established by the U.S. Congress in 2000. Community development entities transfer NMTC tax credits to private investors in exchange for equity and capital investments in qualifying projects in low‐income census tracts. Despite its popularity among private financiers and although nearly $40 billion has been allocated for NMTC, little scholarly attention has been paid to the program. We aim to close this information gap by describing the historical context under which NMTC emerged; detailing the practical elements and process of NMTC; and identifying critical, unanswered questions about this evolving relationship between the U.S. federal government and private investors. We use NMTC as a lens to consider the impact of the private sector's surging role in public redevelopment efforts in low‐income communities, and offer some suggestions for governing NMTC and similar partnerships moving forward.

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“…Hu et al, 2008), studies by e.g. Smith (2016) and Guimarães et al (1998) suggests this would not be the case. Regarding the social impacts, e.g.…”

Section: Introductionmentioning

confidence: 98%

How far and often do organizations relocate offices?

Christersson

Culley²

2018

NJSR

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Relocation is one of the tasks that corporate real estate management is responsible for. They are important events for organizations as there can be a variety of different impacts due to relocation. Previous research has made a distinction between long and short distance relocations. This paper focuses on contributing to the knowledge of the relocation phenomenon. The purpose is to examine the relocation distances and frequencies of companies' HQ relocations. The study uses quantitative data of address changes of Finnish companies. The data is qualitatively analyzed in respect to the relocation distance and the amounts of relocated companies in order to formulate an understanding of how far and often companies have relocated. The findings of this study indicate that the majority of relocations are short distance relocations. Two thirds were relocations of less than ten kilometers. The median relocation distance was less than five kilometers. Further, 30 percent of the companies had relocated at least once during the five and half year period and six percent during the last year of the dataset. In addition, there were some evidence of SMEs relocating more frequently and to a closer proximity than large corporations. The increased knowledge of the relocation phenomenon's scale, volume, and nature supports the development of relocation management, as well as the relocation related service business, thus enabling organizations, possibly, to relocate more efficiently and optimally. The dominant role of short-distance relocations suggests that from organizations' perspective, there are certain underlying drivers for organizations to remain within same region. Also as relocations appear to take place infrequently, sufficient knowledge of relocations within organizations should be ensured case-by-case.The findings of the study give an overall view of the scale and volume of the relocation phenomenon within the private sector in Finland by substantiating the phenomenon. The relocation distances or frequencies of Finnish HQs have not previously been studied in this detail and quantity. The importance of relocation management and workplace change requires more attention as opposed to the mere location selection approach.

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Did the Community Renewal Tax Incentives Pirate Businesses From Other Places?

Cited by 5 publications

References 40 publications

Local Economic Development Policies and Business Activity: Dynamic Panel Data Analysis of All County Governments in the State of Georgia

Local Economic Development Policies and Business Activity: Dynamic Panel Data Analysis of All County Governments in the State of Georgia

Private Investment and Public Redevelopment: The Case of New Markets Tax Credits

How far and often do organizations relocate offices?

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