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Tax Credits Finance Update
March 28, 2017
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Tax Credits Finance Update

Features

Tax Credit Costs Remain Low Compared to Other Tax Expenditures
As Congress considers comprehensive tax reform, all tax expenditures are under the microscope and possibly at risk because they may be repealed in favor of lower tax rates. However, not all tax expenditures have the same impact on the federal budget.

Tax Credits Lead to 4 More TV Shows Moving to CA
Legion, Lucifer, The Affair and The OA will relocate to California for favorable tax credits. The first two previously filmed in Vancouver, the latter pair come from New York. All told, the Golden State's latest attempt to lure production back will split $99.2 million across 15 small-screen projects.

Boeing Says Linking Tax Breaks to Employment Puts Jobs At Risk
Lawmakers in Olympia have introduced bills to tie aerospace tax credits to recipient employment levels in the state. Boeing spokesman said the company had not had an opportunity to review the legislation, but said Boeing remains opposed to any effort to alter Washington's aerospace tax incentives.

AZ House Rejects New Way for Big Firms to Use Tax Credits
The full Arizona House on Thursday rejected a measure allowing big manufacturing companies like chip-maker Intel to use millions of dollars of existing tax credits they can't currently cash in, despite efforts by the Republican sponsor to make it more palatable.

KS House Embraces $100M Tax Credit to Support Rural Jobs
The Kansas House has overwhelmingly approved a bill to offer up to $100 million in income tax credits over five years to investors throwing resources into job-creating business developments in rural areas of the state. The measure cleared the House on a vote of 97-22.

IA House Proposal Would Cap Tax Credit Spending
A bill introduced in the Iowa House would halt the growth in state spending on tax credits. Rep. Pat Grassley, a Republican from New Hartford and chair of the House Appropriations Committee, introduced House Study Bill 187 which would cap and gradually reduce the amount the state spends on tax credits.

The NM Renewable Energy Tax Credit is Set to Expire
New Mexico's 13-year-old renewable energy production tax credit has generated a lot of bang for the buck in terms of wind and solar generation, but the incentive is set to expire next year. Bipartisan legislation to extend it to 2023 is under consideration, but it's expected to face an uphill battle.

WV Film Office Strongly Opposes Axing Film Tax Credit
Large movie productions are lured by the tax incentives and smaller productions rely on the Film Office to find filmmaking locations. In its 2016 annual report, the state Film Office said, since the inception of the state's film-tax credit in 2007, it's attracted $54 million of movie and TV production investments.

Upcoming Events
CDFA Summer School

CDFA // BNY Mellon Webcast Series: Is There a New Markets Tax Credit Surplus?
April 18, 2017 - 1:00 PM Eastern
Join us, as our expert speakers provide an inside look into how New Markets Tax Credits can be leveraged and consider opportunities that a surplus creates for qualifying projects.

More Headlines

Huntington to Invest $17M in Cincinnati Affordable Housing
cincinnati.com | Mar. 24 | Tax Credits

FL Bill Eliminates 24 Tax Credits
Miami Herald | Mar. 24 | Tax Credits

Cuomo Strengthens Food Recovery Act with Tax Credit
NRDC | Mar. 24 | Tax Credits

$7B and Unclear Future for New Markets Tax Credits
Greenberg Traurig LLP | Mar. 23 | Bond Finance | Community Development | Tax Credits

IL Lawmakers Propose Revamped Edge Tax Credit Program
Illinois Policy | Mar. 23 | Incentives | Legislative | Tax Credits

Lawmaker Proposes Tax Credit Extension in AZ
KTAR News | Mar. 22 | Tax Credits

New Affordable Apartments Financed Across Western WA
Washington State Housing Finance Commission | Mar. 20 | Bond Finance | Tax Credits

Rocky Mount, NC Complex Supported by NMTC
WITN Greenville | Mar. 16 | Bond Finance | Tax Credits

Taunton City Council Gives Green Light to Globe Tax Deal
Taunton Daily Gazette | Mar. 16 | Tax Credits | Tax Increment Finance (TIF)

Georgia Gov. Deal, Speaker David Ralston: Film Tax Credit Here to Stay
The Atlanta Journal-Constitution | Mar. 16 | Legislative | State Finance Program | Tax Credits | Incentives

Fate of MN Angel Tax Credit on the Table
Twin City Business | Mar. 15 | Access to Capital | Tax Credits

SC Solar Installations Boom in 2016 with Help of Tax Credits
The Post and Courier | Mar. 10 | Green Finance | Energy Finance | Tax Credits

OPEGA Calls for NMTC Performance Measures in ME
Portland Press Herald | Mar. 10 | Tax Credits

OK House Votes to Roll Back Wind Energy Tax Credit
Law360 | Mar. 9 | Energy Finance | Tax Credits

IL HB 2946 Would Reinstate Angel Investment Tax Credit
JD Supra | Mar. 8 | Innovation Finance | Tax Credits

OR May Remove Fiber Tax Break
Oregon Live | Mar. 6 | Infrastructure Finance | Tax Credits

$1B Waterfront Development to Receive Tax Credits
Courier-Post | Mar. 3 | Tax Credits | Incentives

Bill to Reinstate AL Historic Tax Credit Introduced
Birmingham Business Journal | Mar. 1 | Historic Preservation | Tax Credits


New Additions to the Online Resource Database

Transparency of City and County Incentives
Incentives | Tax Credits
Local governments spend tens of billions of dollars annually on economic development subsidy programs, yet a new survey of the nation's 50 biggest cities and counties finds that more than half still fail to disclose even the names of the companies receiving property tax abatements or other costly incentives.

Upjohn Institute Business Incentive Report
Incentives
Incentives provide targeted new or expanding businesses with special tax credits or other special financial benefits or services. Two examples of business incentives are property tax abatements and job creation tax credits (JCTCs). This report will investigate these incentives and their effectiveness.

New Market Tax Credit (NMTC) Basic Overview
Brownfield Financing | Tax Credits
Novogradac provides a brief overview of NMTC in this helpful introductory video.


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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