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Tax Credits Finance Update - July 26, 2016

Tax Credits Finance Update
July 26, 2016
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Tax Credits Finance Update


New Waterfront Development Tax Credit in PA
Pennsylvania organizations hoping to increase development of public amenities and parks along Pennsylvania's waterfronts  may soon benefit from the new "Waterfront Development Tax Credit" enacted as part of Act 84, and signed into law by Governor Wolf on July 13, 2016.

Energy Storage Would Get U.S. Tax Credits in Bipartisan Bill
Energy storage would gain access to the same tax incentives that helped make renewable energy the biggest new source of electricity in the U.S. last year under a bill introduced in the Senate.

Atlanta Grocery Highlights Challenges in Equitable Development
In southeast Atlanta, on June 29, a ribbon cutting marked the grand opening of a Kroger Marketplace in a renovated building. Kroger financed part of its $36 million cost through new markets tax credits.

Making the New Markets Tax Credit Work in ME
IndustryWeek details the story of how the Woodland Pulp company used New Markets Tax Credits to finance a plant expansion and workforce training in an economically distressed area of Maine.

Awards to Assist 26 OH Historic Rehabilitation Projects
The Ohio Development Services Agency awarded $27.8 million in Ohio Historic Preservation Tax Credits to 26 applicants to rehabilitate 39 historic buildings.

IL: Should It Issue Bonds or Sell Tax Credits?
What's the appeal of the tax-credit alternative? It guarantees that a holder will receive full value as long as he has a matching tax liability. That's true even if the issuing State is in a financial crisis and can't pay its bondholders.

$73M in New Markets Tax Credits Allocated to SC Projects
Greenville New Markets Opportunity II a Community Development Entity managed by taxadvantagegroup and Greenville Local Development Corporation in Greenville, S.C., has deployed $73 million of NMTC allocations for eight South Carolina businesses and non-profits over the past 18 months.

NJEDA Approves Grow NJ Tax Credits
The New Jersey Economic Development Authority approved Grow New Jersey tax credits to encourage two companies to establish locations at Bell Works, the former Bell Laboratories site in Holmdel. The companies receiving tax credits are Matawan-based iCIMS, Inc. and the Manhattan Telecommunication Corporation.

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More Headlines

Statewide Investments To Create $30M In New Payroll
Ohio Office of the Governor | Jul. 26 | State Finance Program | Tax Credits

MA Stays Mum on Film Tax Credits Before 2011
Boston Globe | Jul. 21 | Tax Credits

Columbus Offering $12.8M to Support Big Lots' Move Across Town
Columbus Business First | Jul. 20 | Economic Development | Tax Credits

CA is Open for Business
The Californian | Jul. 19 | Economic Development | Tax Credits

Alexander Proposes Solution To Biggest Energy Research Problem
The Chattanoogan | Jul. 13 | Energy Finance | Tax Credits | U.S. Dept. of Energy (DOE)

Shifting of Tax Credits Raises Questions Among Entrepreneurs
The Cap Times | Jul. 12 | Access to Capital | Public-Private Partnership (P3) Financing | Tax Credits

10 Items From the 2016 SC Legislative Session
JD Supra | Jul. 8 | Disaster Recovery & Relief | Economic Development | Infrastructure Finance | Tax Credits

Movie Studio Plans Keep Coming to GA Despite Doubts
The Atlanta Journal-Constitution | Jul. 8 | Tax Credits

Historic Tax Credits News Briefs
Novogradac | Jul. 7 | Local Finance Program | Redevelopment | State Finance Program | Tax Credits | U.S. Dept. of Interior - National Park Services (NPS)

New Markets Tax Credits News Briefs
Novogradac | Jul. 7 | State Finance Program | Tax Credits | U.S. Dept. of Treasury | Federal

Film Program Review to Create a Sustainable Industry for LA
Louisiana Economic Development | Jul. 7 | Tax Credits

Cuomo's Start-Up NY Program Has Created Only 408 Jobs
Daily Freeman | Jul. 6 | Tax Credits

Renewable Energy Tax Credits News Brief
Novogradac | Jul. 6 | Energy Finance | Green Finance | State Finance Program | Tax Credits

State Tax Credits News Briefs
Novogradac | Jul. 6 | State Finance Program | Tax Credits

Cortex Wraps $17M Tax Credit Deal for TechShop Building
St. Louis Business Journal | Jun. 30 | Tax Credits

Douglas, GA Company Uses NMTC to Expand
Novogradac | Jun. 28 | Economic Development | Rural Development | Tax Credits

New Additions to the Online Resource Database

St. Louis Economic Development Incentives
Economic Development | Incentives | Local Finance Program | Tax Credits | Tax Increment Finance (TIF)
The purpose of this study was to examine the efficacy and efficiency of the city's economic development incentives as well as to answer basic questions on: dollar amount of incentive use, where and when incentives have been used, characteristics of incentivized projects, and how incentives are layered with other incentives to complete projects. 

NMTC Qualified Equity Investment Report
Tax Credits | U.S. Dept. of Treasury CDFI Fund
This report from CDFI Fund provides information on each entity that has not finalized all of its NMTC allocations, and it identifies, among other things, the total allocation amount received by each entity; the dollar amount of allocation authority that has been issued to investors; the amount remaining to be issued to investors; and the predominant markets to be served by each entity.

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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CDFA National Sponsors

  • Alaska Industrial Development and Export Authority
  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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