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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