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IEDC Definitions

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4a Tax Incentive

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Terms in this set (364)

4a Tax Incentive

Local incentive used to attract new industrial development, assist with expansion, or provide related infrastructure.

Approval given by the IRS granting exemption from federal income tax to a nonprofit organization. Generally referred to as "charitable organizations"

Approval given by the IRS granting exemption from federal income tax to a business league, including trade and professional associations.

Abandonment of Property

According to the Mortgage Bankers Association of America, a property status indicating that (1) the property has been surrendered and is not being maintained, and (2) the property is not offered for sale or rent with a broker.

Absolute Advantage

Term used when comparing two economies. An economy has an absolute advantage over another when it can produce more of a product, simply because it has more resources. Says nothing of efficiency or opportunity cost.

the rate at which a space is leased or sold

Accounts Payable

represents the claims of suppliers related to goods and services they have furnished to an entity but for which they have not yet been paid. It is part of the current liabilities.

Accounts Receivable

Money owed to the entity by its customers. Part of the current assets.

Money owed to providers of goods or services for which typically no bill exists or is ever sent. Includes wages, payroll taxes, interest due on loans, and rent.

A tax levied on the value of the taxed item. Local property taxes are generally ad valorem taxes.

The rehabilitation of old property for a new purpose

Any paid form of non-personal mass media presentation of image, goods or services by an identified sponsor.

AFDC (Aid to Families with Dependent Children)

provides income assistance to low income families. This has been replaced by TANF, Temporary Assistance to Needy Families.

Affordable Housing

Housing which consumes no more than 30% of household income.

Agriculture Zoning

protects agricultural land from development, by restricting the lot size, formulating design criteria