The Economic Development Digest - June 21, 2013

In this week's Economic Development Digest:

South Carolina

Legislative committee agrees on roads 'concept', The Greenville News (June 15, 2013) A group of lawmakers have agreed on a concept which mixes borrowed money, one-time funds and revenue from the sales tax on cars to repair the state's infrastructure. Negotiators reach accords on state budget, Anderson Independent-Mail (June 14, 2013)** Agreements were reached by negotiators working on the state budget regarding ways to finance road projects. South Carolina road solutions are far from perfect, The Greenville News (June 13, 2013) South Carolina needs to develop meaningful solutions to address its infrastructure funding needs. EcoDual establishing new production facility in Beaufort County, sccommerce.com (June 20, 2013) Governor Haley said today that EcoDual's decision to invest more than $13 million and to create 307 new jobs in Beaufort is a big win for the State of South Carolina. Court of Appeals rules in favor of S.C. Chamber, scchamber.net (June 14, 2013) The U.S. Court of Appeals for the Fourth Circuit issued a decision in favor of the South Carolina Chamber of Commerce regarding the National Labor Relations Board (NLRB). Tax credit measure for building rehab approved by South Carolina's Governor, bna.com (June 2013)** Taxpayers investing in the rehabilitation of abandoned South Carolina buildings may now claim tax credits under a bill signed into law this month by Gov. Nikki Haley (R).

North Carolina

Bypass bill getting closer to passage, The News & Observer (June 15, 2013) Uncertainty over toll road's path appears to be nearing its end. Politicians and the powerful touch NC Rural Center cash, The News & Observer (June 16, 2013) The N.C. Rural Economic Development Center is involved in awarding grants, funded by taxpayer dollars. McCrory says budget deal by July 1 uncertain, The News & Observer (June 17, 2013) Governor McCrory said he is unsure if he and other Republican leaders can agree on a final North Carolina budget before the new fiscal year starts in two weeks. NC GOP rolls back era of Democratic laws, The News & Observer (June 16, 2013) Many educational programs are being eliminated in the budgets proposed by Governor McCrory, the Senate and the House. Social Security tax bill could be political minefield for NC republicans, The News & Observer (June 19, 2013) The Senate is pushing a bill to impose a state tax on some Social Security income. McCrory initiatives designed to boost employment move forward, The News & Observer (June 19, 2013) A state House Commerce Committee approved the administration's plan to privatize the state's job recruitment functions.  Modeled after a similar initiative in Indiana, the nonprofit corporation is designed "to move at the speed of business," the Commerce Secretary said.

Virginia

The Falls project gets a little help, Bristol Herald Courier (June 12, 2013) The Falls commercial project appears ready to progress, largely attributable to a $5.5 million funding guarantee from the Virginia Tobacco Commission.

New York

N.Y.U. gives its stars loans for summer homes, New York Times (June 17, 2013) NYU makes loans available to executives and star professors in what is called a "bold new frontier for university compensation."

Florida

Florida strikes deal with Amazon, TaxAnalysts.com (June 13, 2013)** Florida Gov. Rick Scott (R) announced that Amazon.com has agreed to invest more than $300 million to establish warehouse facilities in Florida, which will create some 3,000 jobs; Amazon must begin collecting the 6 percent Florida sales tax from Florida customers once the facilities are complete, as required by state law. Amazon to build distribution center in Florida, collect sales tax, TaxAnalysts.com (June 17, 2013)** Amazon.com has announced that it will build a distribution center in Florida, a move that exposes it to the state's 6 percent sales tax. Florida DOR explains exemption for industrial machinery, equipment, TaxAnalysts.com (June 10, 2013)** The Florida Department of Revenue has explained the state's sales and use tax exemption, effective April 30, 2014, for purchases of industrial machinery and equipment used at a fixed location in the state by an eligible manufacturing business that will manufacture, process, compound, or produce for sale items of tangible personal property. Detert has spot on Paris journey, Herald-Tribune (June 17, 2013) Florida participates in 50th International Paris Air Show this week in efforts to convince aerospace companies to invest in Florida.  This is an effort by Florida to fill the void left by NASA discontinuing the shuttle program.

International

BIRD makes matches for Israeli tech and US business, The Times of Israel (June 20, 2013) The Binational Industrial Research and Development Foundation "BIRD" looks for companies for which to provide monetary investments.  BIRD searches for promising Israeli technologies, exposes them to potential U.S. partners and then supplies assistance to get the project going (up to one third of the total project costs).

**Note: a paid subscription is required to access this article. A brief description has been provided. Please contact Womble Carlyle’s Economic Development Team for more information on these developments.