The Womble Carlyle Economic Development Digest - February 19, 2014

Womble Carlyle’s Economic Development Digest aggregates news, opportunities and legislation impacting business in the United States.

In this week's Economic Development Digest:

District of Columbia

D.C. Tax Revision Commission releases recommendations for tax code, TaxAnalysts.com (February 12, 2014)** The District of Columbia Tax Revision Commission, in its final report, proposed changes to the district's income, estate, business, and sales taxes, including recommending the district implement single-sales-factor apportionment, reduce the business franchise tax rate to 8.25 percent, and levy a head tax on employees of non-government employers.

Florida

Studies look at Florida film tax incentive program, TaxAnalysts.com (February 19, 2014)** Two new studies are focusing on Florida's film tax incentive program as the state considers extending the program beyond its sunset date of June 30, 2016.

Maryland

Maryland Unitary combined reporting bill faces many critics, TaxAnalysts.com (February 13, 2014)** A Maryland bill (SB 395) to impose mandatory unitary combined reporting would negatively affect the economy, have an unpredictable effect on state revenue, and impose administrative burdens on taxpayers, according to the Council On State Taxation. Maryland Republican Senators propose corporate income tax cuts, TaxAnalysts.com (February 7, 2014)** Maryland Senate Republicans have proposed reducing the state's corporate income tax rate, offering two bills to reduce the current 8.25 percent tax by at least 1 percentage point. Maryland Republican proposes corporate and individual income tax cuts, TaxAnalysts.com (February 18, 2014)** A Maryland Republican has proposed to cut the corporate tax rate, reduce the top individual income tax rate over a three-year period, and impose a flat income tax. Maryland GOP gubernational candidate proposes eliminating individual income tax, TaxAnalysts.com (February 19, 2014)** Harford County Executive David Craig, Maryland's leading Republican gubernatorial candidate, on February 18 proposed overhauling the state's individual income tax with a flat tax and then eventually eliminating it altogether.

National

Message from FTC's 50th data security settlement: Monitor your contractors, wcsr.com (February 7, 2014) Thousands of medical transcripts, including medical histories of children and adults, doctors’ and psychiatrists’ notes, and information such as pregnancy loss, alcohol and drug use, are publicly available online through a major search engine because you failed to require your contractor transcribing the information to take basic data security precautions. New SEC guidance for M&A brokers, wcsr.com (February 17, 2014) The Securities and Exchange Commission recently clarified the applicability of broker-dealer registration requirements under the Securities Exchange Act of 1934 for individuals and entities that help facilitate mergers or acquisitions among private companies. For those that qualify, this new guidance may provide welcome relief from the specter of potentially burdensome broker-dealer registration and compliance requirements.

South Carolina

Bill would let cities, counties use more hospitality taxes to repair roads, The State (February 5, 2014) South Carolina's local governments could spend more of their hospitality tax dollars to repair roads and bridges under a bill that passed a Senate subcommittee.

Texas

Texas plans future franchise tax credits for capital costs of clean energy projects, bna.com (February 4, 2014)** Texas plans to issue a future franchise tax credit against corporation income tax for as many as three clean energy projects created according to a web notice from the Texas Comptroller of Public Accounts.

Virginia

Bristol, VA, again alters payment deals for The Falls, tricities.com (February 10, 2014) Bristol, Virginia changes its payment schedule for site work at The Falls (the commercial center developing near Interstate 81’s Exit 5”.

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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.