The Womble Carlyle Economic Development Digest - March 10, 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:

California

Reopen Fresno's Fulton Mall to traffic, City Council says in historic vote, The Fresno Bee (February 27, 2014) A 50-year urban experiment ends and Fresno, California City Council votes to put traffic back on the street in the Fulton Mall area, citing that the mall did not work as a pedestrian walkway. California adopts emergency California competes tax credit regs, TaxAnalysts.com (February 20, 2014)** The California Governor's Office of Business and Economic Development has adopted emergency regulations to implement the California Competes Tax Credit program that provides income tax credits for businesses that relocate and expand in the state. Israel and California sign R&D agreement, Globes (March 6, 2014) Prime Minister Benjamin Netanyahu and California Governor Jerry Brown have signed a Memorandum of Understanding (MOU) for R&D cooperation between Israel and California.

Florida

Florida Governor will use State of the State speech to push for tax cuts, TaxAnalysts.com (March 4, 2014)** Florida Gov. Rick Scott (R) will use his State of the State address on March 4 to urge lawmakers to approve his fiscal 2015 proposed budget, which includes $500 million in tax cuts. Florida Governor proposes $500 million in tax cuts in State of the State, TaxAnalysts.com (March 4, 2014)** In his March 4 State of the State address, Florida Gov. Rick Scott (R) attributed the state's drop in unemployment to tax cuts and regulatory reform and proposed an additional $500 million in tax cuts to spur further job growth.

North Carolina

North Carolina Justice Center discourages switch to single-sales-factor apportionment, TaxAnalysts.com (March 1, 2014)** The North Carolina Justice Center has released a report discouraging the legislature from adopting a single-sales-factor apportionment formula for corporate income tax because it will put smaller North Carolina businesses at a competitive disadvantage, reduce public revenue, shift the tax burden to individuals, and fail to spur job creation.

South Carolina

Inc. magazine recognizes South Carolina job creators, scedablog.com (March 3, 2014) South Carolina is well represented in Inc. magazine’s “Hire Power” job creator award winners for 2013.

Virginia

McAuliffe bill helps The Falls project, Tricities.com (February 28, 2014) Virginia works hard to not lose development to Tennessee, with an immediate focus on development in Bristol, 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.