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Tax Credits Finance Update - February 28, 2017

Tax Credits Finance Update
February 28, 2017
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Tax Credits Finance Update


Bank of America Invested $4B in Community Development in 2016
Bank of America Merrill Lynch Community Development Banking (CDB) reported providing nearly $4 billion in loans, tax credit equity investments, and other real estate development solutions to create housing for individuals, families, veterans, seniors, and the formerly homeless across the United States in 2016.

Angel Fund Tax Credit Changes Approved by ND House
The bill would merge the angel fund investment tax credit with the seed capital investment tax credit in order to "encourage investment into small to medium-sized businesses that are either startup companies or companies that are seeking venture capital to expand their business," said Rep. Ben Koppelman.

Walker Calls for $10M Annual Historic Tax Credit Cap
Governor Walker has proposed to limit the Historic Rehabilitation Tax Credit program to no more than $10 million a year. He called for the same limit two years ago, but was brushed back by the Legislature after a forceful lobbying effort by development, municipal and historic preservation groups.

Nestlé USA is bringing 321 jobs to Solon, OH
The company will receive financial support for moving the corporate units to Solon. JobsOhio is offering Nestlé a $1.5 million workforce training grant. In addition, the Ohio Tax Credit Authority has approved the expansion of a 2013 job creation tax credit, and the city of Solon is offering a job creation grant.

NMTCs Are Successful at Financing Rural Manufacturing in SC and GA
Business growth requires ready access to capital which can be especially challenging for rural manufacturers. The federal New Markets Tax Credit Program has assisted many companies, especially in rural communities across America.

Preserving the Past while Building the Future in Philadelphia
In the six years since Philadelphia began to slowly reverse decades of population loss, the city has seen its share of real estate development controversies. Conversations have ranged from gentrification, tax abatements, and density, but more recently they have been focused on historic preservation.

Bills to Reinstate NM Solar Tax Credit Move Ahead
Bipartisan efforts are making headway in the New Mexico House and Senate to reinstate a tax credit that spurred nearly a quarter-billion dollars of investment in roof-top solar and related jobs in the nation's second sunniest state before expiring last year.

Oscar Nominated Films Use NY Film Tax Credit Program
Four NY films which received postproduction tax credits received a total of 10 nominations for Oscars. The four productions generated $15.7 million in spending in the state and created around 100 new hires, according to Empire State Development.

Upcoming Events
Intro Incentives WebCourse

CDFA // BNY Mellon Webcast Series: Exploring the Impact of GASB 77
March 14, 2017 - 1:00 PM Eastern
This past December marked the official start of GASB 77, a new accounting standard requiring all government agencies to report tax abatements as lost revenue. How do these changes affect development finance agencies, audit requirements, and the negotiation of future tax abatement deals? During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, our expert speakers will provide an in depth look into the implications of this new accounting standard.

More Headlines

CDFA Releases its 2017 Policy Agenda
CDFA | Feb. 5 | Access to Capital | Agriculture Finance | Bond Finance | EB-5 Visa | Energy Finance | Green Finance | Infrastructure Finance | Legislative | State Small Business Credit Initiative (SSBCI) | Tax Credits | Tax Increment Finance (TIF)

Latest Round of OH State Tax Credits to Create $35M in Payroll
State of Ohio Office of the Governor | Feb. 27 | Tax Credits

New AZ Bill May Allow Companies to Cash In Tax Credits
KTAR News | Feb. 27 | Tax Credits

Bills to Create $5M Historic Tax Credit Cap
Richmond Times-Dispatch | Feb. 24 | Tax Credits | Incentives | Historic Preservation | State Finance Program

Gov. McAuliffe Veto's Coal Tax Credit
The Roanoke Times | Feb. 24 | Tax Credits | Incentives

Nuclear Projects Utilizing Millions in Tax Credits
Engineering News-Record | Feb. 22 | Energy Finance | Tax Credits

University City, PA Qualifies for Start-Up Tax Credits
The Daily Pennsylvanian | Feb. 16 | Innovation Finance | Tax Credits

Two IL Lawmakers Propose Biotech Tax Credits
The News-Gazette | Feb. 16 | Tax Credits

Surge of EDA Approvals for NJ's Angel Investor Tax Credit Program
New Jersey Economic Development Authority | Feb. 15 | Tax Credits | State Finance Program

$20M of LIHTC's Support Strong Families Fund Developments
Housing Finance | Feb. 15 | Community Development | Tax Credits

Audit Shows MN's R&D Tax Credit Does Not Pay For Itself
Star Tribune | Feb. 14 | Incentives | Tax Credits

PA State Tax Credits May be Cut
The Times-Tribune | Feb. 13 | Tax Credits

TN Business Tax Credit Impacts are Negative, Study Says
The Tennessean | Feb. 10 | Tax Credits | Incentives | Economic Development

Support Grows for a Thorough Audit of MO's Tax Credits
Missouri Net | Feb. 6 | Tax Credits

FCLF Provides NMTC for SW FL Regional Technology Hub
Florida Community Loan Fund | Feb. 1 | Tax Credits | Infrastructure Finance | Economic Development | Community Development

Tax Credit Could Help Revitalize Old Towns in GA
The Moultrie Observer | Feb. 1 | Tax Credits | Rural Development | Incentives

$1.25M Tax Credit Will Bring 200 Jobs to Cincinnati
Cincinnati Business Courier | Jan. 31 | Incentives | Tax Credits

The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300

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CDFA National Sponsors

  • Alaska Industrial Development and Export Authority
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  • BNY Mellon
  • Bricker & Eckler LLP
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  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
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  • McCarter & English, LLP
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  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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