$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.