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?