state revenue

As the Nevada Legislature concluded its biennial session last week, Gov. Jim Gibbons signed several bills relating to renewable energy. In particular, SB 358 creates the position of Nevada Energy Commissionerwith responsibilities - among other duties - to review policies related to the R&D of geothermal energy in Nevada and to work with renewable energy developers in identifying suitable sites for their needs. As the Associated Press reported in their coverage of the bill's passage, the process of attaining land in Nevada is sometimes a cumbersome process because 86 percent of the state is controlled by the federal government.

Hawaii's tax credits for research and investment in high-tech companies have cost the state more than $747 million since it was instituted in 1999 through the end of 2007, according to the study. The Department found that the state's investment has yielded only one full-time job at the associated firms per $535,000 in credits. In response to the report and the state's tightening fiscal situation, Governor Linda Lingle announced that more restriction would be put on these credits under the upcoming biennial budget.

While the Presidential election takes center stage on November 4, voters in several states also will cast their votes on statewide ballot issues affecting the TBED community. In addition to the 11 gubernatorial races and more than 5,800 state legislative seats up for grabs, voters across the nation will consider measures to provide funding for public education, expand investment in alternative and renewable energy, lift restrictions on stem-cell research, and eliminate income tax and state spending caps. Following is a summary of selected ballot issues from across the nation.

Anticipated declines in property tax, local sales tax and local income taxes combined with increased expenditures for energy and fuel, infrastructure, and employee-related costs have city finance officers anticipating worsening fiscal conditions over the next two years.

Two weeks ago, Idaho Gov. C.L. “Butch” Otter vetoed legislation to repeal state R&D income tax credits for Idaho companies. Among his reasons for the veto, Gov. Otter claimed removing the credits would put Idaho at a competitive disadvantage because surrounding states over similar incentives. Was he right?