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A Guidebook of Financial Tools

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A Guidebook of Financial Tools Guidebook of Financial Tools 2008 Revision Table of Contents Foreword..................................................................................................................................Page i Comprehensive Financial Tools Section 1. Tools for Raising Revenue..................................................................... Page 1-1 1A. Taxes.............................................................................................Page 1A-1 1B. Fees and Special Charges..............................................................Page 1B-1 Section 2. Tools for Acquiring Capital................................................................... Page 2-1 2A. Bonds............................................................................................Page 2A-1 2B. Loans.............................................................................................Page 2B-1 2C. Grants……………………………………………………………Page 2C-1 Section 3. Tools for Enhancing Credit and Lowering Costs .................................. Page 3-1 Section 4. Tools for Building Public-Private Partnerships ..................................... Page 4-1 4A. Public-Private Partnership Arrangements.................................. Page 4A-1 4B. Public-Private Partnership Case Studies.......................................Page 4B-1 Section 5. Tools for Delivering Financial Outreach………………………………Page 5-1 1 Guidebook of Financial Tools 2008 Revision Table of Contents Targeted Financial Tools Section 6. Tools for Accessing State and Local Financing .................................... Page 6-1 Section 7. Tools for Financing and Encouraging Pollution Prevention and Recycling....................................................... Page 7-1 Section 8. Tools for Financing Community-Based Environmental Protection ...... Page 8-1 Section 9. Tools for Financing Brownfields Redevelopment................................. Page 9-1 Section 10. Tools for Financing Small Businesses and the Environmental Goods and Services Industry............................... Page 10-1 10A. Equity Capital.............................................................................Page 10A-1 10B. Debt.............................................................................................Page 10B-1 Appendices A. Environmental Financial Advisory Board ........................................................Page A-1 B. Environmental Finance Center Network...........................................................Page B-1 C. Environmental Financing Information Network...............................................Page C-1 2 Paying for Sustainable Environmental Systems: Guidebook of Financial Tools 2008 Revision Foreword This 2008 revision of the Guidebook of Financial Tools is a reference work examining a wide range of different tools for financing sustainable environmental systems. The term “sustainable environmental systems” refers to virtually any successful or potentially successful environmental protection initiative, including public and private environmental protection programs. Environmental protection initiatives that were not previously sustainable can be made productive and sustainable with the proper financing. The ten sections of the Guidebook present outline information on over three hundred financial tools that can help make environmental protection initiatives more sustainable. This intensive revision includes the addition of a new section titled “Tools for Accessing State and Local Financing” which includes many state grant programs. The Guidebook is designed to assist all interested parties in the public and private sectors with finding the means of financing environmental protection initiatives that are appropriate for them. Sections one through five of the Guidebook examine comprehensive financial tools, such as environmental finance organizations and websites, public-private partnerships, and traditional means of raising revenue, borrowing capital, and enhancing credit. Guidebook sections six through ten examine specialized financial tools, many of which are geared towards specific geographic areas and types of projects. These specialized financial tools include approaches to paying for pollution prevention, community-based environmental protection, and brownfields redevelopment. They also include ways of improving access to capital for small businesses and the environmental goods and services industry. Each financial tool in the Guidebook is divided into a “Description” section and a “Reference for Further Information” section that includes internet links and other references. The Guidebook is the product of a collaborative effort among the United States Environmental Protection Agency’s (EPA) Environmental Finance Program, which includes the EPA Environmental Finance Staff, members of the Environmental Financial Advisory Board (EFAB), the directors and staff of the university-based Environmental Finance Center Network (EFCN), and other contributors. The question of how to pay and who pays for environmental mandates is a central theme for the work of the Environmental Finance Program. The 2008 Guidebook revision and any future Guidebook revisions will remain as final drafts. One of the reasons for the ongoing “final draft” status is that the Guidebook’s contributors are continuously discovering more unique and innovative financial tools to add to the publication. In this spirit, new financial tools will be periodically added to the online version of the Guidebook. The Guidebook is available online at www.epa.gov/efinpage and hard copies are available on request. i Guidebook Section 1 Tools for Raising Revenue Introduction This section describes specific financial mechanisms which states and localities use to raise funds for environmental protection programs and initiatives. The following means for generating revenue are presented: general taxes, selective sales taxes, and fees. A tax is defined as a financial charge or other levy imposed on an individual or legal entity by a state or a functional equivalent of a state, such as a tribe. General taxes are levied on a very broad section of the general public, such as wage earners or property owners. Selective sales taxes are levied on the sale of particular commodities and services. A fee is defined as the price one pays as remuneration for services, such as government administrative services and utility services. Fees are also defined as financial charges for activities undertaken, including polluting activities such as solid waste disposal. Many of these tools for raising revenue are used primarily by state and local governments, and some are used by the federal government as well. Revenues from taxes typically go into the general funds for state and local governments. The process of gaining voter approval for dedication or earmarking of taxes for environmental protection initiatives is often difficult, considering that government-funded programs vigorously compete for monies and the popularity of environmental issues rises and falls over time. Revenues from fees are often deposited into special funds related to the product or service upon which the fees are levied, such as fees on fertilizer and pesticide sales being deposited into a dedicated fund for pesticide and fertilizer regulation. Taxes are by far the largest source of revenue for state and local governments. Fees, with the exception of user fees which raise significant revenue, are much less universally used and generate far less revenue than taxes. Some revenue generation tools are more suitably dedicated to specific environmental work than others. For example, large and relatively stable revenue sources may be ideal for environmental infrastructure capital and land-related projects such as parks, while smaller revenue sources can fund program operating functions such as personnel, monitoring, and technical assistance. Some taxes and fees have dual purposes in that they raise revenue in addition to acting as market devices to alter polluting behavior by requiring the polluter to pay for engaging in that behavior. 1-1 Section 1A: Tools for Raising Revenue (Taxes) 1. Alcoholic Beverage Taxes 2. Federal Fuel Taxes on Motorboats and Small Engines 3. Energy Taxes 4. Ecological Taxation 5. Occupancy and Public Accommodation Taxes 6. Insurance Premium Taxes 7. Litter Taxes 8. State Tax Check-off Programs 9. Earmarked Selective Sales Taxes 10. Motor Fuel Taxes 11. Motor Vehicle Sales and Registration Taxes 12. Aviation Taxes 13. Real Estate Transfer Taxes 14. Rental Car Taxes 15. Tobacco Taxes 16. Open Space Sales Taxes 17. Taxpayer Contributions Toward Toxic Waste Site Cleanup 18. Gross Receipts Taxes 19. Corporate Income Taxes 20. Estate and Inheritance Taxes 21. Individual Income Tax Deductions 22. Local Sales Taxes 23. Tangible Property Taxes 24. Real (Ad Valorem) Property Taxes 25. State Sales and Use Taxes 26. Solid Waste Collection Taxes 27. Severance Taxes Paying for Sustainable Environmental Systems: Guidebook of Financial Tools 1A-1 Alcoholic Beverage Taxes Description: Alcoholic beverage taxes are levied by states and the federal government on over- the-counter purchase of alcoholic beverages. They are based on volume or value of beverages sold, and include liquor, wine and beer. Since alcohol is distilled from agricultural products, the federal government or state governments could potentially justify dedicating a surcharge on alcoholic beverage taxes to agricultural runoff control or other land-based programs. Alternatively, since breweries
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