The Economic Development Digest - November 1, 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

Guest Commentary: Dr. Sean Wright: Antioch Chamber endorses temporary sales tax, Contra Costa Times (October 28, 2013) The Antioch Chamber of Commerce supports a one-half cent sales tax increase to make its town safer and to create a better perception of the businesses in its community.

Georgia

Finally, good news from Washington, Newnan Times-Herald (October 30, 2013) The Water Resources Reform Development Act passes the U.S. House of Representatives, authorizing the deepening of the Savannah Harbor.

Maryland

Annapolis City Dock plan green-lighted, Capital Gazette (October 29, 2013) The Annapolis City Council adopts a long term vision for the redevelopment of its downtown waterfront. Maryland comptroller's newsletter notifies taxpayers of new credits, modifications, TaxAnalysts.com (October 30, 2013)** A fall newsletter issued by the Maryland comptroller's office alerts taxpayers to new business tax credits, income modifications, and other tax changes effective in 2014, and offers information on 529 plans, the state's efforts to alert organizations that are about to lose their federal exempt status, and attempts to return unclaimed property.

National

SEC proposes new crowdfunding rules, wcsr.com (October 29, 2013) Start-ups, social-media savvy companies and other private issuers may soon have a new way to raise capital thanks to key provisions of the recent Jumpstart Our Business Startups Act (JOBS Act) and proposed implementing rules announced last week by the Securities and Exchange Commission. The long-awaited “crowdfunding” rules were unanimously adopted by the SEC commissioners and will allow issuers to raise up to $1 million per year through unregistered, internet-based public offerings marketed to the general public. The proposed rules will now undergo a public comment and review period before being finalized.

South Carolina

Economic outlook positive as SC banks show improved performance, scedablog.com (October 29, 2013) FDIC members in South Carolina report an increase in net income, up 41.7% from 2012. Wells Fargo had the leading market share for deposits in South Carolina for 2012 SC's inland port opens for business, Herald Online (October 27, 2013) South Carolina's $50 million inland port began operating in October and is touted as a far more efficient way to move materials from the seaport inland. County may put proposed tax for new projects to vote, South Carolina court rules, bna.com (October 18, 2013)** South Carolina's Capital Project Sales Tax Act (“the Act”) does not require the completion of prior projects by a county before it levies another tax to fund new projects, the South Carolina Supreme Court ruled.

Virginia

Virginia tax commissioner explains average wage data for manufacturer's modified apportionment method, TaxAnalysts.com (October 23, 2013)** The Virginia tax commissioner explained how the Virginia Employment Commission compiles average weekly wage data for determining whether a manufacturing company that elected to use a modified apportionment method is subject to additional taxes and addressed whether a company may include its executive wages in average wage computations. Virginia tax commissioner explains qualifying expenses for film tax credit, TaxAnalysts.com (October 18, 2013)** The Virginia tax commissioner, in a letter ruling, addresses whether fringe benefits provided by a production company, such as equipment rentals, FICA taxes, and workers' compensation insurance, are considered compensation and wages that are treated as qualifying expenses under the state's motion picture production tax credit.

West Virginia

Bill proposes customers pay extra to attract a steel plant, The Herald Dispatch (October 29, 2013) State Rep. Terry Johnson has introduced legislation to raise economic development funds by charging electric customers an extra fee to help bring a steel plant to Scioto County. The multi-million dollar project could bring an estimated 1,100 full-time jobs and a large number of construction jobs, developers say.

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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.