Tuesday, July 30, 2013, 1:11 PM

The Economic Development Digest - July 30, 2013

Womble Carlyle’s Economic Development Digest aggregates news, opportunities and legislation impacting business in the Southeast and Mid-Atlantic U.S.

In this week's Economic Development Digest:

South Carolina
  • I-526 widening is on SCDOT Commission's priority list, The Post and Courier (July 23, 2013)
    1-526 widening (the controversial extension of Interstate 526 across Johns and James Islands) is on SC DOT Commission’s priority list. The board members of the S.C. Transportation Infrastructure Bank will meet next month with SC DOT officials to consider the state’s top priorities.
  • DOT board lists 7 big projects for new road money, The Associated Press (July 23, 2013)
    Seven road projects were approved last week by the SC DOT to be completed first. The SC DOT sent the list of projects to the S.C. Transportation Infrastructure Bank for consideration and funding. The S.C. Transportation Infrastructure Bank does not have to follow the SC DOT’s recommendations.
  • South Carolina Supreme Court: Partnership may not claim infrastructure credits, TaxAnalysts.com (July 24, 2013)**
    The South Carolina Supreme Court held that only a corporation, not a partnership wholly owned by corporate affiliates, may claim credits for infrastructure project expenses and rejected the taxpayer's contention that because it filed a consolidated return, all of its affiliates constituted a single taxpayer for purposes of the credit.
North Carolina
  • Governor Pat McCrory Signs Fiscally Responsible Budget, Office of Governor Pat McCrory (July 26, 2013)
    Governor Pat McCrory signed a $20.6 billion budget that increases K-12 education funding, incorporates fiscally-responsible tax reform and lays the foundation for economic growth and job creation. The budget reflects a 2.5 percent spending increase compared to the previous fiscal year.
  • N.C. tax overhaul Done for this legislative session, wcsr.com (July 24, 2013)
    The Conference Committee version of H998 has been signed by Governor McCrory. The bill has been promoted as a tax simplification and tax reduction measure, and as an attempt to neutralize North Carolina tax climate disadvantages relative to its neighboring states.
  • Dogfight over Charlotte airport exposes regional rifts, Charlotte Observer (July 21, 2013)
    The future of Charlotte Douglas International Airport is at stake, and it is a key to regional economic development. There is tension between the legislature and the city. The General Assembly of North Carolina created a new airport authority to run the airport, and Jerry Orr (longtime aviation director) departed his position.
  • A powerful comeback, Winston-Salem Journal (July 18, 2013)
    Governor Pat McCrory touts North Carolina’s “powerful comeback”, discussing education reform, economic development and advances in energy and transportation.
  • McCrory administration freezes Rural Center's cash, News & Observer (July 19, 2013)
    Governor McCrory signed "comprehensive tax reform" into law Tuesday, capping the income tax for all individuals at 5.8 percent and reducing the corporate tax to 6 percent in 2014.
  • Tax reform part of broader plan, Gaston Gazette (July 22, 2013)
    By broadening the tax base and lowering marginal tax rates, the tax-reform bill Republican leaders crafted and pushed through the General Assembly aims to attract private investment to North Carolina while preserving North Carolina’s ability to invest effectively in public assets such as roads and schools.
  • McCrory signs tax reform 'restoring confidence for NC businesses', wncn.com (July 23, 2013)
    Governor McCrory’s office froze state money at the N.C. Rural Economic Development Center on Thursday.  In freezing funds at the Rural Center, Governor McCrory’s office invoked a state law that allows it to protect taxpayer dollars by stopping grantees, such as the Rural Center, from spending state money.
Virginia
  • Candidates and experts agree: Virginia's tax code needs reform, TaxAnalysts.com (July 25, 2013)**
    Now that North Carolina has signed a sweeping package of tax cuts into law, tax policy commenters are turning their attention north to neighboring Virginia, where tax policy promises to feature prominently in this fall's race for governor.
California
Maryland
  • NoMa thrives as Odenton struggles on, Maryland Gazette (July 20, 2013)
    The NoMa district was considered the “hole in the doughnut” of D.C. development.  It had access to transit, and proximity to a growing cluster of federal workers as a number of federal facilities were relocating to the area. In 2009, the District of Columbia provided tax incentives to spur residential development in NoMa, encouraging developers to move forward with projects despite the economic downturn. NoMa is now thriving as a result of the commitment of the District of Columbia to its development.
Texas
  • Texas offers sales tax exemption for data centers, TaxAnalysts.com (June 14, 2013)**
    Under Texas HB 1223, data centers may be eligible for a sales and use tax exemption for qualifying purchases of electricity, emergency generators, cooling systems, data storage devices, network equipment, software, or other tangible personal property.
  • Texas bill provides for more state over site of school district property tax incentives, TaxAnalysts.com (June 14, 2013)**
    Texas HB 3390, signed June 14 by Gov. Rick Perry (R), amends multiple provisions of the Texas Economic Development Act, which permits school districts to offer incentives to businesses in the form of temporary limits on taxable values of new property, to provide for greater state oversight of local incentives, amend definitions and criteria, and penalize applicants who fail to create qualifying jobs.
  • Texas allows businesses to choose a sales or franchise tax break for R&D, TaxAnalysts.com (June 14, 2013)**
    Under Texas HB 800, business taxpayers may choose a sales and use tax exemption or a franchise tax credit for their research and development activities; the franchise tax credit is worth 5 percent, or 6.25 percent if the research takes place on a state university.

**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.

Womble Carlyle's Economic Development Team helps clients explore opportunities for locating or expanding operations in the Southeast and Mid-Atlantic U.S. Our Economic Development Team combines a thorough working knowledge of economic development incentives; land use and siting procedures; and regulatory matters at the state, county and local levels, drawing on strong relationships built over many years with key governmental and civic leaders. For more information visit www.wcsr.com/economicdevelopment.

If you have any questions about this Economic Development Digest, please e-mail EconDigest@wcsr.com or contact any member of Womble Carlyle's Economic Development Team.

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