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Tax Credits Finance Update - November 22, 2016

Tax Credits Finance Update
November 22, 2016
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Tax Credits Finance Update


$75M in New Markets Tax Credits to Become Available in St. Louis
The St. Louis Development Corporation will advertise the availability of $75 million in newly granted federal New Markets Tax Credits. An advisory group will review and make recommendations on which projects should receive the tax credits. The SLDC Board of Directors has the final approval.

OR State Hospital Building Redevelopment to Utilize Historic Tax Credits
The Housing Authority of Salem has reached an agreement with the state to buy a historical building at Oregon State Hospital. The housing authority plans to use federal low-income tax credits and historic tax credits to finance renovation and construction of the building into apartments.

Why Wall St. Thinks Renewables Could Be Better off After Tax Credits Expire
Financiers are beginning to ponder what life without the production tax credit (PTC) might look like, and it might not be so bad.  Some look forward to the day when less tax equity is needed, as it significantly complicates the capital structure and comes at a high cost in addition to other tax inefficiencies.

KC Wonder Bread Building to Use Historic Tax Credits in $15M Redevelopment
The Planned Industrial Expansion Authority (PIEA) approved a tax abatement to assist with the redevelopment of the Wonder Bread building. The PIEA plan abates 100 percent of the property taxes for the first 10 years, followed by a 7-year, 43 percent abatement. The developers have about $3 million in equity in the project, with the rest of the financing coming from state and federal historic tax credits.

CA Recycling Company Receives $3.4M in Tax Credits
The rubber recycling company CRM Rubber, headquartered in Newport Beach, California, has received a $3.4 million tax credit by the California State Treasurer's Office to expand its Stockton, California operations. CRM Rubber was awarded its tax break for establishing a facility at the Port of Stockton, as well as employing close to 20 people.

CO Wants More Precision in Economic Development Incentives
The Colorado Economic Development Commission approved a new scoring matrix for its popular Job Growth Incentive Tax Credit program, one designed to more precisely target state incentive awards.

Former RI Rubber Plant Redeveloped with Complex Financing
When the nonprofit venture WaterFire bought the long-vacant former U.S. Rubber factory to renovate into the WaterFire Arts Center, determining how to finance the $13.7 million project challenged lawyers, bankers, community development experts and nonprofit-agency leaders.

CA's Tax Credit Program Injected $1.5B into the State
California's expanded film incentive program attracted 55 productions in its first full year, injecting $1.5 billion into the state's economy, including $600 million in below-the-line wages, according to a report from the California Film Commission.

Tax Credit Giving Historic Hotel Clermont Hope for New Life
The Hotel Clermont's renovation has been in question for several years due to the multi million dollar cost of refurbishment. Last year, the Georgia General Assembly passed House Bill 308, raising the maximum tax credit allowance for historic structures from $300,000 annually to $5 million. The change finally gave the iconic Hotel Clermont a hope for new life.

CREC State Economic Development Performance Indicators
Given states' pressures to demonstrate economic development investment impact, The State Economic Development Performance Indicators White Paper, recently published by the Center for Regional Economic Competitiveness (CREC) and Smart Incentives, examines commonly used indicators and provides guidance to improve and expand evaluation efforts.

Historic Tax Credits Help Drive Revival Near Downtown Omaha
A University of Nebraska-Lincoln report found that the tax credit program "has already had a number of positive impacts on the Nebraska economy" in construction spending and wages.

Decision 2016 | The SourceMedia Business Issues Scorecard
An index of SourceMedia's comprehensive election analysis for professionals in financial services, healthcare and technology. With coverage of more than 50 contests and ballot initiatives.

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More Headlines

Over $100M in Tax Credits Provided to NE OH
ideastream | Nov. 22 | Tax Credits

Drone Maker Accepts Tax Break to Add More Than 100 Jobs in CA
Sacramento Business Journal | Nov. 22 | Incentives | Tax Credits

WHEDA Receives $75M in NMTC's
WHEDA | Nov. 21 | Community Development | Tax Credits

CA Tax Credits Aimed at Boosting Jobs in Central Valley
Central Valley Business Journal | Nov. 21 | Economic Development | Tax Credits

FIRE Development Corp Receives $45M NMTC Allocation
Milwaukee Business Journal | Nov. 21 | Community Development | Tax Credits

Residences, Marina Planned for $60 Million Project on Hudson River at Green Island
The Hearst Corporation | Nov. 18 | Brownfield Financing | Tax Credits

Repealing the Investment Tax Credit Could Cut the US Solar Market in Half
GreenTech Media | Nov. 17 | Energy Finance | Green Finance | Tax Credits

WV Senator Introduces Bill for $525M in Federal Tax Credits
Kentucky New Era | Nov. 17 | Federal | Legislative | Tax Credits

School Readiness Tax Credits Benefit LA Families and Communities
ArkLaTex | Nov. 16 | Tax Credits

​Study: Tax Credits Paying Off for Early Education in LA
WDSU News | Nov. 14 | Legislative | Tax Credits

CO Session Provides Info on Enterprise Zone Tax Credits
Journal-Advocate | Nov. 10 | Economic Development | Tax Credits

$300M of Energy Tax Credits Could Be Fraudulent
Portland Tribune | Nov. 7 | Energy Finance | Tax Credits

CO Losing Major Corporate HQ as CenturyLink Acquires Level 3
The Denver Post | Nov. 3 | Economic Development | Tax Credits

Report on Questionable Tax Credits Names Cross-Section of Oregon Companies
The Oregonian | Nov. 3 | Tax Credits

Lucrative Tax Breaks for Industrial Manufacturers in LA to be Clarified
The Acadiana Advocate | Nov. 3 | Legislative | Tax Credits

Tax Credits Further Goal Toward Chillicothe MO Healing Garden
News-Press Now | Nov. 1 | Community Development | Tax Credits

Filming Industry Continues to Grow in GA with a Tax Credit
The Newnan Times-Herald | Oct. 31 | Economic Development | Incentives | Tax Credits

Tax Credits Promoting Construction of Wind Power Projects
Reuters | Oct. 28 | Energy Finance | Green Finance | Tax Credits

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