BLOGS: Womble Carlyle Economic Development Digest

Friday, October 25, 2013, 1:57 PM

The Economic Development Digest - October 25, 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
Florida
  • Florida DOR Explains Capital Investment Credit, TaxAnalysts.com (October 21, 2013)**
    The Florida Department of Revenue issued a technical assistance advisement informing a taxpayer that it may calculate its Florida Capital Investment Tax Credit by applying the state's apportionment fraction to its annual taxable income and applying the state's corporate income rate of 5.5 percent.  
Georgia
International
North Carolina
South Carolina
  • South Carolina Supreme Court denies petition to enjoin local sales and use tax ballot measure, TaxAnalysts.com (October 17, 2013)**
    The South Carolina Supreme Court denied the state's petition to enjoin a county from placing a measure on the ballot to reimpose a 1 percent sales and use tax for new infrastructure improvements while previous projects earmarked for the tax remain unfinished, finding that the county complied with the statutory requirements of the tax's reimposition.
  • Rice: New Water Resources Act good news for SC, Post & Courier (October 23, 2013)
    The Water Resources Reform and Development Act, if approved by Congress, could fund improvements for waterways and smaller ports such as Georgetown, South Carolina.
Virginia
Washington D.C.
  • Cuccinelli and McAuliffe on transportation issues, The Washington Post (October 21, 2013)
    Political efforts in Virginia to raise funding for rising infrastructure costs gains national attention, as infrastructure for roads, rail lines and bridges is linked as crucial to safety and economic development in Virginia.

**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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Friday, October 18, 2013, 11:58 AM

The Economic Development Digest - October 18, 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
  • California bill clarifies procedures for local tax incentives, TaxAnalysts.com (October 4, 2013)**
    California AB 483, signed October 4 by Gov. Jerry Brown (D), clarifies the terms "specific benefit" and "specific government service" for purposes of voter-approved initiatives to impose, extend, or increase local taxes, assessments, fees, and charges in business improvement and tourism marketing districts.
  • California bill revises property qualifications for Enterprise Zone Credit, TaxAnalysts.com (September 26, 2013)**
    California SB 100, signed September 26 by Gov. Jerry Brown (D), requires credits for sales or use tax paid in connection with qualified property to be allowed for property placed in service in an enterprise zone or targeted tax area before January 1, 2015.
  • California bill requires disclosure of economic development subsidies, TaxAnalysts.com (October 11, 2013)**
    California AB 562, signed October 11 by Gov. Jerry Brown (D), requires a local agency to publicly disclose specified information about an economic development subsidy within its jurisdiction before approving the subsidy and requires regular review of subsidies.
Maryland
National
  • 2014 state business tax climate index, Tax Foundation (October 9, 2013)
    The Tax Foundation’s 2014 report helps business leaders, policy makers and taxpayers analyze how their individual states compare.
North Carolina
  • A lesson in development from the Tar Heel state, US News & World Report (October 10, 2013)
    A renaissance in North Carolina economic development is in progress, thanks to an innovative approach to economic development that is catching on nationwide.
  • Installments, carryforwards possible for expiring North Carolina tax credits, BNA.com (October 3, 2013)**
    Taxpayers qualifying for a number of expiring North Carolina tax credits may continue to take installments and carryforwards after the credit sunset dates, provided eligibility requirements continue to be met, a spokesman for the state Department of Revenue told Bloomberg BNA.
South Carolina
  • Don't let boom be a blowout, The Post & Courier (October 13, 2013)
    The Charleston metropolitan area’s expected major population growth must be balanced with efforts to preserve the area’s quality of life.
  • SC, Israel sign bilateral R&D agreement, Columbia Regional Business Report (October 16, 2013)
    The State of South Carolina and Israel signed an agreement this week to establish a bilateral research and development initiative to enhance collaboration.
Texas
  • Sen. Davis throws her running shoes in ring, San Antonio Express-News (October 4, 2013)
    Senator Wendy Davis’ focus is on issues including education and economic development in her debut as a candidate for Governor of Texas.
Virginia
Washington D.C.
  • Federal bill would extend D.C. investment incentives, TaxAnalysts.com (October 7, 2013)**
    H.R. 3272, the District of Columbia Incentives for Business and Individual Investment Act, introduced October 7 by Del. Eleanor Holmes Norton, D-D.C., would extend tax-exempt D.C. empowerment zone bonds, the 0 percent D.C. capital gains rate, and the D.C. first-time home buyer credit.

**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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Friday, October 4, 2013, 4:59 PM

The Economic Development Digest - October 4, 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
  • Mayoral candidates spar in first debate, The San Diego Union-Tribune (September 21, 2013)
    City Councilmen David Alvarez and Kevin Faulconer, along with former City Attorney Mike Aguirre, sparred in largely cordial exchanges that focused mainly on business issues facing the city.
  • California BOE explains exclusion for solar energy systems construction, TaxAnalysts.com (September 23, 2013)**
    In a letter to county assessors, the California State Board of Equalization explained that eligible construction completed on an active solar energy system before 2017 will remain excluded from the definition of new construction and thus excluded from property tax assessment, but all construction or addition on or after January 1, 2017, will be considered assessable new construction.
Florida
  • Healthplan services' expansion in Florida to take advantage of state, local incentives, TaxAnalysts.com (September 23, 2013)**
    Florida Gov. Rick Scott (R) has announced that administrative services provider HealthPlan Services's expansion of its headquarters in Hillsborough County will create more than 1,000 new jobs by 2018 and provide an estimated $34.4 million in investment; the company will receive a state and local incentive package worth up to $2.5 million.
Georgia
  • Georgia DOR amends rule on investment tax credit for manufacturing, Telecom, TaxAnalysts.com (October 1, 2013)**
    The Georgia Department of Revenue has amended 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.
National
  • SEC Proposes Pay Ratio Rule, wcsr.com (September 30, 2013)
    Earlier this month, the Securities and Exchange Commission voted in a 3-2 split to propose the much anticipated CEO pay ratio rule, which would require disclosure of the ratio of a company’s median employee compensation level to the company’s CEO compensation. As evidence of the contentious nature of the rule, the SEC noted that it received almost 23,000 comments before the rule was even proposed, with corporations and their advisers asserting that the costs of compliance would be much greater than any benefits of disclosure, and investor groups asserting that the disclosure may help inform investment and voting decisions and possibly rein in pay levels. As discussed in this document, the SEC’s rule proposals are designed to give companies flexibility in identifying the “median” employee and in calculating total employee compensation, as long as the methods and related disclosures comply with certain basic principles and are reasonably and consistently applied.
North Carolina
  • North Carolina extends tax credit carry forwards (BUT not the credits themselves), TaxAnalysts.com (September 18, 2013)**
    The North Carolina Department of Revenue has issued a notice stating that taxpayers may continue to receive remaining installments and carry forwards from various tax credits that will be repealed beginning with tax year 2014, so long as they continue to meet eligibility requirements.
South Carolina
  • S.C. works to maintain export leadership, scedablog.com (September 30, 2013)
    World Trade Center Charleston, the Charleston Metro Chamber of Commerce and The Brookings Institution recently released details of a plan to boost Lowcountry exports.
  • Fiscal year to focus on ethics and roadways, Aiken Standard (September 29, 2013)
    South Carolina's fiscal year may begin on July 1, as opposed to the Oct. 1 start of the federal government's fiscal year; however, the first of October brings expectations for the state as well, with an emphasis on infrastructure.
  • SC DOR issues tax legislative update for 2013, TaxAnalysts.com (September 24, 2013)**
    The South Carolina Department of Revenue has released an informational letter summarizing the significant tax law changes enacted during the past legislative session.
  • New meaning of 'compensation', The Post & Courier (October 2, 2013)
    Council Chairman Teddie Pryor declared that property owners won’t be getting any additional cash from the county despite an amendment by Council member Anna Johnson to that effect.
  • Sen. Cleary: State legislators robbing Peter to pay Paul, The Myrtle Beach Sun-News (October 1, 2013)
    South Carolina is today faced with a $29 billion shortfall in transportation infrastructure -- a situation that is jeopardizing the safety and economic security of our citizens.
Texas
  • Industry targeting aircraft parts tax, San Antonio Express-News (September 29, 2013)**
    When aircraft parts supplier Aviall told the Irving-Las Colinas Chamber of Commerce that the state tax code could cost the region both a new warehouse and the company's headquarters, the chamber worked fast.
Virginia
  • Logic on road planning, The Roanoke Times (September 24, 2013)
    The speaker says transportation projects should be rated on congestion relief, safety and economic development.
  • Virginia AG opines on requirements for conservation easements, TaxAnalysts.com (September 20, 2013)**
    In a September 20 opinion, the Virginia attorney general explained the minimum acreage requirements for perpetual conservation easements, and that back taxes may not be assessed if the conservation easement land no longer appears to qualify for land use assessment.

**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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