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. California allows credit for motion picture production to reduce tentative minimum tax, BNA.com (October 18, 2013)** California enacted legislation amending its Corporation Tax Law to allow, for taxable years beginning on or after Jan. 1, 2011, a credit for qualified expenditures for the production of motion pictures in California that would reduce the tentative minimum tax.

Maryland

State delegations, commissioners discuss legislative agenda, Carroll County Times (October 11, 2013) Proposed legislation impacting businesses and the environment are discussed in an effort to promote legislation which would protect businesses and jobs.

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

SC economic growth leads Atlantic states, scedablog.com (October 7, 2013) North and South Carolina were the top states on the Atlantic coast in terms of real gross domestic product growth for 2012. SC stands at interaction of manufacturing, innovation, scedablog.com (October 14, 2013) Manufacturers continue to make technological innovation a major element to conducting business in 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

Bristol, Washington Co., VA, sign agreements on The Falls, Bristol Herald Courier (October 10, 2013) The Falls commercial project is moving forward and is promoting joint development along its shared borders.

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.