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Tax Credits Finance Update - April 25, 2017

Tax Credits Finance Update
April 25, 2017
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Tax Credits Finance Update


CDFA National Summit Call for Submissions
CDFA is accepting sessions submissions for the 2017 National Development Finance Summit in Atlanta this November. Session submissions on deals, projects or programs that include multiple funding sources are highly encouraged.

Submission deadline is May 12, 2017.

New Study Finds Tax Credits Create 21,000 Jobs
Wisconsin's manufacturing and agriculture tax credit accounted for almost 21,000 new manufacturing jobs since implementation started in 2013, according to a new study from University of Wisconsin-Madison Professor Noah Williams. The study also concluded the tax credit accounted for 42,000 total jobs.

MD Energy Storage Tax Credit: Gaining Momentum Across America?
The General Assembly of Maryland just passed a bill that would provide a 30% tax credit to those who chose to utilize energy storage technology, making it the first state in the country to pass such legislation. The funds provided by the bill would last from 2018 to 2022.

Lehigh Valley Charter School Gets Boost from NMTC
Development of the Easton Arts Academy Elementary Charter School is getting a $5 million boost from NMTC's secured by the Lancaster-based Community First Fund. The Community First Fund secured $45 million in tax credits from the program this year.

MN Angel Tax Credit Program Loses Its Wings in Legislature
Minnesota's angel-investor tax program didn't make it into either the state house or senate tax bills, putting the incentive in jeopardy of sunsetting at the end of 2017. However, Gov. Mark Dayton included it in his most recent legislative package so it is possible the credits could resurface.

Urban Food Policy Snapshot: Baltimore Food Desert Incentive Area
Baltimore's Food Desert Incentive Area property tax credit aims to reduce overhead costs so opening a grocery store in a food desert, which typically have between 1 and 1.5 percent profit margins no matter where they operate, can more likely be profitable.

CT Looks to Boost State Historic Tax Credit Annual Cap
For more than a decade, Connecticut has had a state historic tax credit (HTC) administered by the Connecticut Office of Culture and Tourism (CCT). The program now has a project cap of $4.5 million and the program cap was more than doubled to $31.7 million per fiscal year.

LA Takes Hard Look at Existing State Tax Breaks
New Orleans Sen. J.P. Morrell spent dozens of hours last year holding hearings that examined every tax break on the books. Now he's trying to get rid of some of them, saying Louisiana might have been able to afford them once, but not anymore.

Learning from Buffalo and Denver: Can Tax Credits Assist Polluted Sites?
Tax credits can help clean up pollution and renew communities, three experts from Buffalo and Denver told Oregon leaders and professionals during a visit to Portland last week – but it's important to think carefully as they're set up.

Upcoming Events

CDFA // BNY Mellon Webcast Series: Financing Historic Theater Redevelopment
May 16, 2017 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, CDFA has partnered with Heritage Ohio to explore the wealth of financing tools available to redevelop historic theaters, including 501(c)(3) bonds, TIF, tax credits, and other creative programs. Join us for this special discussion as we highlight success stories from historic theaters across the U.S.

Intro Tax Increment Finance WebCourse
More Headlines

Will Electric Cars Still Get Sold Without Incentives?
Bloomberg | Apr. 24 | Incentives | Tax Credits | Legislative

Extension of NY State Film Tax Credit Passes
Crain's New York Business | Apr. 14 | Tax Credits

OR Bills Aim to Address Concerns of Solar Tax Credit Awards
Portland Business Journal | Apr. 14 | Energy Finance | Tax Credits

OK Senate Sends Bill Ending Wind Tax Credit to Governor
Tulsa World | Apr. 13 | Energy Finance | Legislative | Tax Credits

Orthopaedic Institute for Children Announces $24.5M Project Using NMTC
Business Wire | Apr. 13 | Tax Credits

Significant 2016 Year-End Ohio Historic Preservation Developments
Vorys Sater Seymour and Pease LLP | Apr. 13 | State Finance Program | Tax Credits

Local Restoration Projects Thanks to Nation-Leading Tax Credits
The Daily News | Apr. 13 | Tax Credits | Historic Preservation

State Historic Tax Credits Assist Renovation of Dayton Building
Dayton Business Journal | Apr. 13 | Historic Preservation | Tax Credits

WV Tax Credit Supports Farmers Who Donate Food
The Register Herald | Apr. 8 | Food Systems Finance | Tax Credits

NY State Legislators Look to Boost Farming through Tax Credits
Finger Lakes Times | Apr. 6 | Agriculture Finance | Legislative | State Finance Program | Tax Credits

Effort to Preserve MO Historic Tax Credit Makes Progress
Kirksville Daily Express | Apr. 6 | Historic Preservation | Tax Credits

Rehab Tax Credit is Turning NY's Historic Buildings into Assets
WXXI News | Apr. 6 | Historic Preservation | Tax Credits

VA BusinessTax Credit Helps Draw Amazon Project to Frederick County
Virginia Economic Development Partnership | Apr. 5 | Economic Development | Tax Credits

Historic Tax Credits Bring Jobs, People to Downtown Cleveland
BizJournals | Apr. 3 | Brownfield Financing | Tax Credits

Big Dig Coming Soon to Clean Up Albany's Quackenbush Square
The Times Union | Apr. 3 | Brownfield Financing | Tax Credits

Tax Breaks Sought to Turn Former School into Apartments in Buffalo, NY
The Buffalo News | Apr. 3 | Brownfield Financing | Tax Credits

Tax Credits, Loans Approved for Housing Units at Former Factory in RI
Providence Journal | Apr. 3 | Brownfield Financing | Tax Credits

MD Awards LIHTCs to 20 Developments
Affordable Housing Finance | Apr. 3 | Tax Credits | Federal

Preservation Tax Credits Pursued for Cleveland's Terminal Tower
Crain's Cleveland Business | Apr. 2 | Historic Preservation | Tax Credits

State Tax Credits Awarded for Expansion of Cheese Curd Production
Milwaukee Journal Sentinel | Mar. 30 | Tax Credits

New Additions to the Online Resource Database

CDFA // BNY Mellon Webcast Series: Making the Most of $7B in NMTC Allocation
Tax Credits | Webcasts
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, our expert speakers provided an inside look into how New Markets Tax Credits can be leveraged and considered opportunities that the double allocation round creates for qualifying projects.

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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