The federal Opportunity Zone program represents one of the most comprehensive place-based economic and community development initiatives in decades. Passed as part of the Tax Cuts and Jobs Act of 2017, the program has the potential to unleash trillions of dollars in unrealized capital gains into underdeveloped census tracts nationwide.
There are many different economic incentives available to help area manufacturers expand and strengthen their business. From tax abatements to economic development grants, local and state agencies offer these incentives to promote job creation and economic growth in our communities. Incentives can often mean the difference between a company starting a project or shelving it.
With two seats on the Erie County Industrial Development Agency (ECIDA) board of directors, the Buffalo Niagara Partnership provides the lone and important private sector voice on the issues affecting development and job growth in the region.
Tax Foundation report places state at third worst for business tax climate
The Tax Foundation, a leading independent tax policy research organization, recently released its State Business Tax Climate Index, comparing the tax systems of all 50 states.
University of Michigan study reports on economic impact of the Great Lakes Restoration Initiative (GLRI)
It is an environmental restoration program, but it has produced significant economic benefits for the Great Lakes region, including Buffalo Niagara.
Promoting Buffalo Niagara’s recently improved public image and attracting professional talent to the region go hand in hand. The Buffalo Niagara Partnership discussed the critical nexus between these efforts as part of our annual our annual cross-council boat tour of the Buffalo River and Outer Harbor.
Buffalo’s revitalization isn’t just happening within city limits. Communities throughout the region are using economic development tools to their benefit.
The Buffalo Niagara Partnership’s publication series Metro 50 Buffalo Niagara is a factsheet-style resource that evaluates Buffalo Niagara’s performance in topical areas related to economic development. Metro 50 takes a look at the progress of other peer metros – regions similar to ours in population, resources and economic challenges – and compares their progress to our own. This gives context to the performance of Buffalo Niagara and offers us the opportunity to learn from their best practices.
For years, we have written about the disinvestment that our region has had in its transportation network. Unmaintained roadways, bridges in disrepair and a limited public transit system, hindered by a lack of operating and capital improvement funds. These conditions have been a challenge to our economy, our workforce and our quality of life.
In December, Washington passed the much-debated Federal Tax Cuts and Jobs Act, which brought sweeping changes to the tax structure for individuals and companies in the United States. For many, this bill represented a potential turning point for the American economy.