Business Friendly States: Arizona in Profile
While sources such as Forbes and CNBC have ranked Arizona to be within the middle of their scales when comparing the business friendly nature of each state throughout the country, business owners that have based their companies here believe this number should be much higher. With plenty of tax incentive programs in place, a strong economy, and unlimited growth opportunities throughout the state many business owners find Arizona to be thoroughly welcoming to new business ventures.
Financial and Tax Incentives in Arizona
Business owners understand that tax incentives are not always the most important aspect of growing their company. However, these financial incentive programs do help tremendously when you are trying to start a business with a national economy that is struggling. Business tax incentives include the Qualified Facility program, which provides refundable income tax credit for companies that make a Capital Investment toward establishing or expanding a Qualified Facility. The CDC offers business Transaction Privilege Tax and Use Tax exemptions within the state, local, and county levels for businesses that purchase qualifying CDC equipment for their company. Businesses that conduct research and create development activities that have a positive impact on the state of Arizona's business industry can qualify for a R&D tax credit to fund their programs. Up to an 80 percent reduction in state real estate and personal property tax is available to businesses located within foreign trade zones and sub-zones within the state of Arizona. These are just a few examples of the many tax incentives available to businesses in the state.
Employment in Arizona
Some of the world's largest public and private employers have chosen to locate their headquarters in Arizona. Companies such as Honeywell International Accounts Payable, ON Semiconductor Corporation, Intel Corporation, Scottsdale Healthcare Hospitals, General Dynamics CR Systems, Boeing, and Providence Service Corporation are just a few examples of the businesses that are taking advantage of the prosperous opportunities on offer here.
Education and Innovation in Arizona
The majority of businesses, regardless of their specific industry or size, depend on technology and innovation to help them advance within the business world. Arizona can meet these demands with the numerous top ranking universities, secondary learning institutes, and technical schools that are situated throughout the state. Students from Arizona State University in Tempe, University of Arizona in Tucson, Northern Arizona University in Flagstaff, and the hundreds of others are enhancing the state's workforce and giving businesses the ability to fill their companies with fresh and innovative professionals. Choosing to work with these educational facilities provides businesses with the ability to gain access to affordable staff, while providing the students that take part in apprenticeship and training programs with top notch hands on experience in their chosen field of study.
Working and Living in Arizona
Metropolitan areas of Arizona including Phoenix, Tempe, Tucson, Mesa, and Avondale are just a few of the major populated areas you will find available for creating a successful business establishment. Even during the toughest economical trials felt around the United States, companies within these regions have helped to sustain the entire state of Arizona. The warm weather, plentiful housing, and affordable real estate found in Arizona allow both business owners and employees to establish comfortable lifestyles.
Recent development programs that have been created throughout Arizona are targeting the congestion that business owners are experiencing when commuting to and from work. These programs are helping to create more roads and highways for ease of traveling. The transportation systems in place give businesses an extra edge for commuting as well.
There are corporate tax rates that are imposed on larger businesses throughout the state of Arizona. These fees are in place to ensure that Arizona's economy is stable even during trying economical times. With the many incentive programs that are offered the corporate tax rates expected to be paid by larger companies keeps these businesses from experiencing financial hardships themselves.
New entrepreneurs will find that capital is easy to obtain when setting up their business in Arizona. This, combined with an excellent transportation network, highly educated workforce, tax incentives and development programs, make Arizona an ideal location for new businesses.