The Womble Carlyle Economic Development Digest - May 16, 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

California puts $750 million in tax credits into retaining employers, Los Angeles Times (May 12, 2014) The Governor of California unveils a $750 million program to offer financial incentives to encourage California employers to “stay put” and to lure other companies to California. State governments look to entrepreneurs for creativity, efficiency, The Record Searchlight (May 15, 2014) California looks to its entrepreneurs for creativity and efficiency.

Georgia

Georgia ensures redrawn areas near military bases will not lose eligibility for credits, TaxAnalysts.com (April 15, 2014)** Georgia HB 791, signed into law as Act 511, ensures that the redrawing of census tracts will not disqualify an area near a designated military zone that previously qualified for business enterprise credits from losing its status as a less developed area if it continues to have pervasive poverty. Congress reaches deal on bill critical to Ga. port, Miami Herald (May 9, 2014) Georgia is confident that a $652 million plan to deepen its shipping channel to the Port of Savannah is about to become a reality, after 15 years of delays.

Maryland

Maryland expands Health Enterprise Zone Credit Program, TaxAnalysts.com (May 5, 2014)** Maryland HB 668, signed into law as Chapter 417, expands eligibility for the health enterprise zone (HEZ) tax credit to include, in addition to HEZ practitioners, all for-profit and nonprofit entities that employ qualified employees and provide healthcare services in an HEZ, and requires special consideration for community-based applicants.

South Carolina

South Carolina DOR announces committee to study alternative apportionment methods, TaxAnalysts.com (May 1, 2014)** The South Carolina Department of Revenue announced that it has ceased work on a proposed revenue ruling on combined unitary reporting and has formed a committee to study alternative allocation and apportionment methods to reach an equitable and balanced approach to corporate taxation that applies objective and reasonable standards.

Texas

Toyota to Unify North American Operations in Texas, Bloomberg (April 29, 2014) Governor Rick Perry offers Toyota a $40,000,000.00 incentive package to relocate its headquarters to Texas. Will Tesla 'gigfactory' fight come down to Texas vs. California?, Austin American-Statesman (May 12, 2014) Tesla breaking ground on two sites, only one of which will ultimately win the $5 billion, 6,500 job project. One site is in Texas; the other in California.

Virginia

The right engine for transportation goals, Daily Press (May 10, 2014) The Hampton Roads Transportation Commission “transforms the old game and puts the right people at the table”: 14 mayors and county chairs, five state legislators, plus as non-voting members the state's Highway Commissioner, Executive Director of the Virginia Port Authority, Director of Rail and Public Transportation and a commissioner of the Commonwealth Transportation Board.

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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/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.