The Economic Development Digest - June 28, 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

Haley wants to see how road money is spent before backing more, The Greenville News (June 25, 2013) Governor Nikki Haley wants to see how officials handle this year's road and bridge money before deciding whether to support a push for more. Governor Haley signed a transportation funding bill that could raise more than $700 million for roads and bridges. Nikki Haley signs highway funding bill, Associated Press (June 24, 2013) Governor Haley signs highway funding legislation. South Carolina Governor signs legislation allowing businesses Angel Investment Credit, bna.com (June 2013)** South Carolina will provide nonrefundable income tax credits for certain investments in business start-ups under legislation signed by Gov. Nikki Haley (R). South Carolina enacts legislation expanding businesses eligible for Port Cargo Tax Credit, bna.com (June 2013)** South Carolina Gov. Nikki Haley (R) signed legislation that expands the types of businesses that qualify for the port cargo volume increase credit.

North Carolina

Big business-recruiting changes in store for North Carolina, Charlotte Business Journal (June 27, 2013) The North Carolina General Assembly votes this week on a bill that would make sweeping changes to how the state recruits companies and jobs -- privatizing the sales, marketing and support services of the state Commerce Department by moving those duties to a newly created private nonprofit. McCrory celebrates NC transportation money changes, The Associated Press (June 26, 2013) Governor McCrory earned two victories Wednesday first by signing transportation funding formula changes into law and second by receiving initial House support to shift many Commerce Department duties to an outside group. The transportation effort retools the recipe for how $1.5 billion in state and federal highway funds get spent annually. This week, the House gave tentative approval to McCrory-backed legislation to begin the process to shift department responsibilities for travel and tourism, international trade and economic recruitment to the yet-created private nonprofit corporation. NC bill that revamps regional ED partnerships gets preliminary approval, Charlotte Business Journal (June 26, 2013) North Carolina legislation authorizing a revamp of the state's regional economic development partnerships into eight "prosperity zones" under the authority of Commerce gets preliminary approval. Administration of employee benefit plans affected by Supreme Court decision, wcsr.com (June 27, 2013) The administration of employee benefit plans will be significantly affected by the requirement to recognize a same-sex spouse. Davie, Surry, Yadkin to remain in Triad economic development zone after proposed change, Winston-Salem Journal (June 19, 2013) Davie, Surry and Yadkin to stay in Triad economic zone. SB 127 passes House as amended, goes to Senate, wral.com (June 26, 2013) Lawmakers tentatively approved reorganizing the state Commerce Department.

Virginia

Red Sun farms growing expectations at New River Valley Commerce Park, The Roanoke Times (June 23, 2013) A major industrial food production greenhouse operation locates in Virginia, opening a discussion on the different types of industry that locate in Virginia and how industry infrastructure requirements change over time.

Texas

Texas Legislation extends small business tax exemption, creates historic tax credit, bna.com (June 2013)** Texas companies making less than $1 million are permanently exempted from paying the state's “margin tax,” and tax rates are temporarily reduced, as a result of legislation signed by Gov. Rick Perry (R). Texas Legislation authorizes captive insurance companies, bna.com (June 2013)** As a result of legislation signed by Gov. Rick Perry (R), Texas became the latest state to permit the formation of captive insurance companies.

California

Senate considers altering enterprise zone program, The Associated Press (June 25, 2013) California Senate considers altering the state’s enterprise zone program in order to do a better job of encouraging job growth. California Senate approves changes to Enterprise Zone Program, The Associated Press (June 27, 2013) California Senate approves changes to the state’s enterprise zone program.

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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.