Importance The ongoing negative trends in the Russian economy necessitate incentives for investment and creation of conditions for investors in regions as major objectives of socio-economic development. Regional authorities use different measures to attract investors. An analysis of performance of State support measures to investors should increase the efficiency of regional investment policy. Objectives The purpose of the article is to consider measures of State support to investors, analyze their fiscal performance, identify the economic effect of tax incentives for regional development. Methods The study employs methods of statistical analysis, calculation of indicators of tax incentives efficiency that show the cost- effect relation, and methods of comparative analysis. Results I calculated total budget efficiency of tax incentives for investors on the Ulyanovsk oblast case, performed a comparative analysis of activities of Alabuga, Togliatti, Kaluga and Ulyanovsk special economic zones with regard to investor attraction. The paper includes calculated indicators of budget efficiency of activity in special economic zones as far as return on invested budget funds in the infrastructure is concerned, and identifies the most effective regions and special economic zones. Conclusions The measures of State support are rather inefficient. It is crucial to search for new solutions to improve the efficiency of investment processes, including through attracting investors and cooperating with them.
Keywords: investment, State support measures, fiscal incentives, special economic zone, fiscal performance
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