BLOGS: Womble Carlyle Economic Development Digest

Friday, April 4, 2014, 2:12 PM

The Womble Carlyle Economic Development Digest - April 4, 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:

Florida
  • Florida House to vote on higher corporate income tax exemption, TaxAnalysts.com (April 1, 2014)**
    The Florida House is scheduled to vote April 1 on a wide-ranging tax cut bill (HB 5601) that would increase the amount of income exempt from the corporate income tax as well as provide Floridians with four separate sales tax holidays.
National
  • Supreme Court opens new political contribution opportunities for big donors, wcsr.com (April 2, 2014)
    In a divided 5-4 ruling in McCutcheon v. Federal Election Commission, the Supreme Court today struck down the federal election law’s long-standing “biennial limit” – the aggregate amount that a person can give to federal candidates and other committees in a two-year election cycle.
  • Tax Foundation releases fiscal 2011 rankings of state and local tax burdens, TaxAnalysts.com (April 2, 2014)
    A Tax Foundation report ranking state and local tax burdens finds that fiscal 2011 saw a decrease in combined state and local tax burdens as a share of state incomes, New York and New Jersey had the highest combined tax burdens while Wyoming and Alaska had the lowest, and taxes paid within states decreased on average while taxes paid to other states increased. The Tax Foundation also released a separate report on the methodology used for the rankings.
  • Senate panel backs revival of corporate tax breaks, The Boston Globe (April 4, 2014)
    The Senate Finance Committee voted Thursday to revive almost all of the 55 tax breaks that expired Dec. 31, providing benefits for wind energy, U.S.-based multinational corporations and motor sports track owners.
Maryland
  • Maryland plays hardball with house of cards creators over tax incentives, TaxAnalysts.com (March 31, 2014)**
    A Maryland House lawmaker has proposed an amendment to a Senate bill (SB 172) to authorize the state to exercise eminent domain and seize tangible and intangible private property owned by a film production company -- in this case, House of Cards studio Media Rights Capital -- that has claimed tax credits, if it stops filming in the state.
North Carolina
South Carolina
  • Roads bill outlines funding choices for lawmakers, The Greenville News (March 26, 2014)
    With time running out on the Senate calendar, the chair of the South Carolina Senate Transportation Committee thinks the only chance for substantial transportation funding this year is to get creative.
Virginia
  • Property tax exemption for solar energy property no longer option in Virginia, TaxAnalysts.com (March 21, 2014)**
    The Virginia Legislature enacted legislation to provide an exemption from local property taxes for solar energy equipment, facilities and devices owned or operated by businesses that collect, generate, transfer or store thermal or electric energy, by expanding the definition of “certified pollution control equipment and facilities” to include such property.
  • Virginia expands research and development tax credit, TaxAnalysts.com (March 24, 2014)**
    Virginia SB 623, signed into law as Chapter 306, expands the research and development tax credit by increasing the amount of R&D costs eligible for the credit and the total available amount of credits, allows partnerships to claim credits at the entity level, and adds new reporting requirements for taxpayers claiming the 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/Practices/Economic-Development.

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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