Austin Mayor: Business Incentives Shouldn't Be ‘Bad Word'
At a City Council budget work session, Mayor Steve Adler acknowledged that "incentives have become a bad word in this city," perhaps due to the perception that Austin will attract businesses and skilled workers regardless of government assistance. But he stated firmly that he wanted a more aggressive economic development program aimed at addressing inequities in the local economy.
New Markets Tax Credit Public Data Release: 2003-2014 Summary Report
The CDFI Fund released data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year 2013. The CDFI Fund requires all Community Development Entities (CDEs) that have been awarded NMTC allocations to submit an annual report detailing how they invested Qualified Equity Investment (QEI) proceeds in low-income communities.
Banking Regulators Clarify Application of the CRA to Historic Tax Credit Projects
According to Vorys, recent regulatory guidance has clarified that Historic Tax Credit (HTC) financed projects otherwise meeting Community Reinvestment Act (CRA) requirements are eligible for CRA credit, potentially making investments and loans to HTC financed projects more attractive to banks and other financial institutions.
Infographic: Managing Incentives for Transparency & Accountability
This infographic from Smart Incentives illustrates how states can manage incentives for transparency and accountability. Administering incentive programs is not easy. Determining and reporting on results is harder. Smart Incentives breaks down each of the steps economic development organizations can take to collect and manage incentive data; monitor, assess and evaluate program activities; and report results to elected leaders and citizens.
Taxpayers Sue IL Over Misuse of Tax Credits
An Illinois appeals panel in Springfield, in overturning a lower court decision, has ruled taxpayers have the right to try to block a state commerce agency from administering a business development tax credit program the group of taxpayers has argued is actually an alleged illegal state tax improperly eating up public funds.
Tax Credits Help Eastern KY Business Reinvent Itself
The Kentucky Economic Development Finance Authority approved a loan and incentive package for former coal-mining equipment manufacturer that reinvented its product and out growing its facilities.
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