Thursday, August 22, 2013, 12:57 PM

The Economic Development Digest - August 22, 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:

California
  • Entering a new zone, The Desert Sun (July 14, 2013)
    Governor Brown signed legislation ending enterprise zones in California and replacing them with a new program to promote economic development through incentives.
Florida
Georgia
  • Georgia DOR proposes to amend rule on investment tax credit for manufacturing, telecom, TaxAnalysts.com (August 15, 2013)**
    The Georgia Department of Revenue has proposed to amend an investment tax credit rule to update definitions and include establishments engaged in Internet services and specialized telecommunication services, such as satellite tracking, communications telemetry, and radar station operation, within the meaning of telecommunications.
  • State conveyance pieces finalized, The Union-Recorder (August 6, 2013)
    Georgia’s State Properties Commission works to streamline the legislative process to facilitate state property conveyances.
North Carolina
  • North Carolinians fear the end of a middle way, The New York Times (August 13, 2013)
    In North Carolina, Republicans are controlling all branches of government for the first time in more than a century, and the legislature just pushed through a wide range of conservative change.  The New York Times reports that Governor McCrory says he has met most of his major economic goals.
  • Hudson sees potential for county growth, The Enquirer-Journal (August 9, 2013)
    Representative Hudson of North Carolina receives a presentation given by Executive Director of Economic Development and Aviation about the Charlotte-Monroe Executive Airport and the county’s economic development efforts. Future plans for the airport include widening the taxiway and expanding the corporate area.
  • N.C. Biotech Center squeezes final juices from fiscal 2013, Triangle Business Journal (August 21, 2013)
    The North Carolina Biotechnology Center handed out $3.58 million in loans and grants in the quarter ending June 30. For the full fiscal year, North Carolina Biotech provided 151 awards totaling more than $10.7 million.
  • Durham OKs incentives to convert hospital to hotel, Triangle Business Journal (August 21, 2013)
    The Durham, North Carolina City Council pledged $1.3 million in incentives this week for the conversion of a hospital to a 143 room hotel. Durham County has also pledged $400,000 to the project.
  • Tata grapples with funding North Carolina's freeways of the future, Triangle Business Journal (August 20, 2013)
    North Carolina will boost annual transportation spending by $1 billion for regular wear and tear. Major new improvements would require an increase of $2 billion. Funding from private investment and also high occupancy toll lanes are also under consideration as funding sources.
  • BBVA Compass targets Raleigh for expansion, Triangle Business Journal (August 20, 2013)
    BBVA Compass is the U.S. banking subsidiary of BBVA, an international lender with large operations in Spain, Mexico, South America, etc. It plans to hire commercial bankers and open offices in Raleigh and Charlotte.
  • N.C. unemployment rate rises to 8.9% in July, Triangle Business Journal (August 19, 2013)
    North Carolina’s unemployment rate rose in July to 8.9%, the first increase in North Carolina’s jobless figure since January.
  • N.C. solar development seeing a summer spike, Triangle Business Journal (August 20, 2013)
    North Carolina’s solar development is on the rise as Strata Solar and SunEnergy1 lead the way, and SunEnergy1 is proposing $311 million worth of new solar construction this year alone.
National
South Carolina
  • South Carolina explains how engineering consulting firm should apportion gross receipts, TaxAnalysts.com (August 7, 2013)**
    The South Carolina Department of Revenue explained that an engineering consulting services firm that hires independent contractors in South Carolina should apportion its income based on where services are performed and should consider services performed by the independent contractors when calculating its South Carolina gross receipts.
Virginia
  • Virginia must be strategic in protecting state's most valuable asset, our ports, Daily Press (August 3, 2013)
    The Virginia Port Authority and Virginia Governor Bob McDonnell tout the Virginia port facilities as instrumental to economic growth and stability.  The Virginia Port Authority just enjoyed an upgrade in its bond rating by Moody’s Investors Service, and a bill passed this spring giving the Virginia Port Authority a way to possibly match competitive offers from port facilities in other states.

**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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