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Tax Credits Finance Update - December 26, 2017

Tax Credits Finance Update
December 26, 2017
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Tax Credits Finance Update


Bill Preserves LIHTC, NMTC, HTC
Alongside PABs, the final tax bill will preserve the low income housing tax credit, the new markets tax credit, the historic tax credit, the renewable energy investment tax credit, and the production tax credit.

What Did and Didn't Make the Final GOP Tax Bill
Alongside the preservation of PABs, LIHTC, NMTCs, and HTC, the final GOP tax bill will include the Investing in Opportunity Act. The Investing in Opportunity Act enables states to establish "opportunity zones" where investors are able to defer capital gains as long as they invest in existing or new businesses. 

Overview of the Tax Cuts and Jobs Act
Attorneys from Jones Walker provide a comprehensive overview of the Tax Cuts and Jobs Act, including the bills impact on bonds, tax credits, and other economic development tools.

Manufacturer Expands in Dallas Using $5.4M in New Markets Tax Credit
With Baker Tilly's assistance, the facilities renovation project successfully secured nearly $5.4 million in New Markets Tax Credit allocations to help fund the project. The new manufacturing facility allows the company the ability to add jobs with future growth to meet the demands of the market.

NMTC Report Details Major Investments to Struggling American Communities
The New Markets Tax Credit Coalition has published a new report on the economic impact of the New Markets Tax Credit (NMTC) from 2003 to 2015. The report analyzed U.S. Department of Treasury data and survey data from 5,000 projects financed by the Credit.

YMCA of Metro Atlanta to Build New Headquarters
The deal, a partnership between SunTrust Community Capital, McCormack Baron Salazar and Invest Atlanta, included $22 million in New Markets Tax Credits allocation. The deal also included a $2.5 million Westside Tax Allocation District grant from Invest Atlanta.

WI GOP Lawmakers Seeking to Raise State Historic Tax Credit Cap
Gov. Scott Walker, who has long held concerns about the cost of the program, earlier this year in his proposed budget sought a $10 million cap on total annual tax credit allocations with a priority on job creation. The budget passed by the Legislature set the cap at $5 million per project, but the governor, using his veto pen, changed the language to cap allocations to $500,000 per project.

MO Tax Reform Includes Cap on State Low-Income Housing Tax Credit
Senator Bill Eigel's bill includes a $425 million total cap on tax credits and a specific cap of $135 million worth of low-income housing tax credits, a locally prized development incentive that is targeted for significant reductions by Gov. Eric Greitens and other members of the Missouri Housing Development Commission.

Five Madison, WI Affordable Housing Developments Seek Tax Credits
The city created a $25 million Affordable Housing Fund to encourage developers to apply for tax credits and build affordable units in amenity-rich areas with easy access to public transportation. Affordable units set rents at 30, 50 and 60 percent of area median income.

Legislation Introduced to End NY Film Tax Credit
The bill from Sen. Robert Ortt, R-North Tonawanda, Niagara County, is the latest attempt by Republicans to raise questions about the most generous program of its kind in the nation. New York budgets $420 million for its film-tax-credit program, the most of any state in the nation.

Controversial Ohio Tax Credit Program Back – and May Pass This Time
Less than six months after Ohio Gov. John Kasich vetoed a controversial $60 million tax credit plan aimed at creating rural jobs, a very similar $45 million proposal is close to passage by the Ohio legislature.  The fourth attempt to get this program passed has been amended to allay Kasich's concerns about the money going to rural businesses.

Tax Credit Use Lags Projections
One of the concerns with economic development tax credits and other incentives is that their cost will balloon over time, causing fiscal havoc for the issuing government. So what does it mean when these incentives are used less than expected?

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More Headlines

$12M NMTC Investment Supports South FlL Museum and Bishop Planetarium
Florida Community Loan Fund | Dec. 11 | Tax Credits

NMTC's Funding Food Enterprises in South Side Chicago
Crain's | Dec. 13 | Food Systems Finance | Tax Credits

Historic Tax Credit Repeal Would be Bad for Downtown Augusta, GA
WJBF | Dec. 7 | Historic Preservation | Tax Credits

GOP Plan to Cut HTC Won't Be Easy
Governing | Nov. 29 | Access to Capital | Historic Preservation | Tax Credits

Ithaca Affordable Housing Project Support by State Funded LIHTC
Ithaca Journal | Dec. 4 | Tax Credits

Old Mill Transformed Through Tax Credits and More
Concord Monitor | Nov. 29 | Bond Finance | Tax Credits

Low-Income Housing Tax Credit Boosts Health Policy
Bipartisan Policy Center | Nov. 29 | Tax Credits

Gavilan College Uses Clean Renewable Energy Bonds
The Morgan Hill Times | Nov. 29 | Bond Finance | Energy Finance | Tax Credits

Latest Round of OH State Tax Credits to Spur $477M in Investments
Office of the Governor of Ohio | Dec. 4 | Tax Credits

New York Theater Tax Credit Brings Money Upstate, but Issues for Producers
Broadway News | Nov. 29 | State Finance Program | Tax Credits

Tax Credits Help Bring 500 Jobs to Providence
Boston Globe | Nov. 29 | Tax Credits

7 Tax Credit and 9 Bond Programs Included in New NCOSAFP State Programs Directory
NCOSAFP | Dec. 18 | Agriculture Finance | Bond Finance | Tax Credits | Food Systems Finance

PACE Awarded $1.8M by Iowa Economic Development Authority
The Daily Nonpareil | Dec. 19 | Brownfield Financing | Tax Credits

New Additions to the Online Resource Database

NMTC Economic Impact Report
Tax Credits
This report details the NMTC Coalition's findings that show between 2003 and 2015, the New Markets Tax Credit (NMTC) created more than one million jobs, generated well over $150 billion in economic activity in long distressed communities, expanded access to amenities and services, and strengthened the tax base of state and local governments. Their research found a significant return on NMTC investment to federal taxpayers.

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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