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Tax Credits Finance Update - September 27, 2016

Tax Credits Finance Update
September 27, 2016
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Tax Credits Finance Update

Features

Preservationists Argue for More State Historic Tax Credits in PA
Preservationists say the state tax credits are one of the most important tools used by the government to protect historic buildings. Yet Pennsylvania's tax credit program took 16 years of advocacy efforts to pass the General Assembly, and the $3 million cap is among the smallest in the nation and has not been increased since it was established.

Investigation Finds OR DOE Mismanaged a $1B Tax Credit Program
An independent investigation of the Oregon Department of Energy's now defunct BETC program, handed out more than $1 billion in incentives to 14,494 projects. Investigators found $347 million of tax credit records show evidence of "concerning" risk factors.

Energy Groups Push for Renewal of Tax Credits
Trade groups for biomass, hydropower and other energy sources are pushing Congress to renew expiring tax credits for their industries before the end of the year. The groups asked Congress to reauthorize their tax breaks before they expire at the end of the year.

Job Creation Tax Credits Create 153 Jobs in Berwyn PA
Pennsylvania Governor's office announced Wednesday that Envestnet, Inc would be establishing a new location in Chester County, resulting in 153 new jobs in the area. Envestnet received $459,000 in Job Creation Tax Credits from the state, and $36,000 in state funding for employee training.

Legislators Want Hard Data on VA State Return on Investment from Historic Tax Credits
Members of the joint House and Senate Subcommittee to Evaluate Tax Preference said they want to see more hard data on the state's return on investment from the historic credits program, which has provided more than $1 billion in tax credits since its inception in 1997.

New Round of OH Tax Credits to Create $76M in New Payroll
During its monthly meeting, the Ohio Tax Credit Authority (TCA) reviewed economic development proposals brought to the board by JobsOhio and its regional partners. Collectively, the projects are expected to result in $76 million in new payroll, and spur more than $230 million in investment across Ohio.

What Are the Economic Outcomes from Film Tax Incentives?
Film incentives continue to come under fire, with another study calling into question the economic benefits of these programs. This post reviews the study's results and approach and is part of an occasional series examining reports evaluating economic development incentive programs.

NMTC and FIRE Tax Credits May Add 60 New Milwaukee Employees
Milwaukee-based Tramont Manufacturing LLC plans to expand its operations in the Riverworks Industrial Center District, potentially adding 60 employees over the next three years. The company is seeking $10 million in New Markets Tax Credits through the First-Ring Industrial Redevelopment Enterprise.

Amazon Looks for Giant Footprint in PA
Pennsylvania's Department of Community and Economic Development offered Amazon $5 million from the Pennsylvania First program, $15 million in job-creation tax credits, plus $2.25 million in employee training - so long as Amazon creates 5,000 more jobs over the next three years.

Tax Credit to Farmers Donating Crops is Wise
An idea that would encourage New York State farmers to donate drops to food banks and other emergency food programs could come to fruition if Gov. Andrew Cuomo signs legislation passed by the Senate and Assembly last term.

Upcoming Events
CDFA's 30th National Development Finance Summit
More Headlines

Boston Capital Invests $7.1M in the Rehab of Two AZ Developments
Affordable Housing Finance | Sep. 26 | Economic Development | Redevelopment | Tax Credits

CO HFA Offers $13M Tax Credit to Developers
BusinessDen | Sep. 26 | Economic Development | Tax Credits

MO Senator Says Boeing Shouldn't Get Tax Credits
Mid-Missouri Public Radio | Sep. 26 | Economic Development | Tax Credits

Panel Votes to Extend Nuclear Power Tax Credit
The Hill | Sep. 22 | Energy Finance | Legislative | Tax Credits

MA Approves Tax Credits Allowing Fall River Pillow Maker to Grow
The Herald News | Sep. 22 | Tax Credits

WEDC Awards Drop by $48.3M in Fiscal Year 2016
WisBusiness | Sep. 22 | Bond Finance | Tax Credits

Norwich, CT Residents Urge City to Save Historic Department Store
The Norwich Bulletin | Sep. 22 | Historic Preservation | Redevelopment | Tax Credits

How MO Businesses Can Stay Competitive
St. Louis Post Dispatch | Sep. 22 | Economic Development | Incentives | Tax Credits

$16M Wurtland Plant Expansion to Create 65 KY Jobs
The Daily Independent | Sep. 19 | Economic Development | Tax Credits

Will Tax Abatement Disclosures Change Incentive Use?
Smart Incentives | Sep. 19 | Incentives | Tax Credits

Cincinnati OTR Office Project Gets Key City Incentive
Cincinnati Business Courier | Sep. 13 | Economic Development | Incentives | Tax Credits

Multiple Incentives Used to Attract Plastics Company to PA
Business Facilities | Sep. 8 | Economic Development | Incentives | Tax Credits

Tax Credits and Incentives Attract 500 Jobs to Covington KY
The River City News | Sep. 8 | Economic Development | Incentives | Tax Credits

VA Lawmakers Meet to Discuss Historic Tax Credits
Frankly and WVIR | Sep. 7 | Tax Credits

LIHTC's May Support Redevelopment of Schools into Townhouses
The Kittanning Paper | Sep. 6 | Redevelopment | Tax Credits

Details of Phoenix's $36M Deal for Downtown Grocery Store
Phoenix Business Journals | Sep. 6 | Economic Development | Incentives | Tax Credits

Standard Building in Downtown Cleveland Receives Historical Conversion
PR Newswire | Sep. 1 | Historic Preservation | Tax Credits

Developer Building $4M Warehouse in Delaware With City Incentives
Columbus Business First | Sep. 1 | Incentives | Tax Credits

$7B in NMTCs to be Awarded
Affordable Housing Finance | Sep. 1 | Economic Development | Tax Credits

New Round of OH Tax Incentives to Bring 500 New Jobs
Columbus Business First | Aug. 30 | Incentives | Tax Credits

OH Tax Credit Authority Incentivizes Creation of $76M in Payroll
WDTN | Aug. 30 | Incentives | Tax Credits

Immucor to Add Jobs and Upgrade Facility in Brookfield
Milwaukee BizTimes | Aug. 30 | Incentives | Tax Credits

LA Resumes State Film Tax Credit Due to Competition From GA
WWLTV | Aug. 30 | Economic Development | Tax Credits

Direct Supply Awarded $22.5M Tax Credit For Milwaukee Expansion
Wisconsin Public Radio | Aug. 29 | Economic Development | Tax Credits

Proposed 75 Percent Tax Break Cap in KC is Roundly Supported
Kansas City Business Journal | Aug. 25 | Energy Finance | 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
info@cdfa.net


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