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Winter 2021
 

Q&A: Childhood Holiday Memories

You may notice that in addition to providing a new article in this edition of Development Incentives Quarterly, we are “re-gifting” two recent client alerts that we believe are particularly important.  In that spirit, instead of including one of our traditional Q & A articles, certain members of our national economic development incentives team are sharing some of their favorite childhood holiday memories. Click here to learn more.


Infrastructure Investment and Jobs Act

On November 15, 2021, President Biden signed into law a historic $1.2 trillion infrastructure bill known as the Infrastructure Investment and Jobs Act (“IIJA”).  The bipartisan infrastructure legislation provides funding for core infrastructure priorities in an attempt to address decades of underinvestment in America’s infrastructure.  Click here to learn more.


New Accounting Rules for Disclosing Government Incentives – Effective for Fiscal Periods after December 15, 2021

Governments provide different forms of assistance to entities, and the forms of assistance have varying structures, complexities, and terms. Government assistance can include tax credits, cash grants, grants of other assets, and project grants. Often, government assistance is provided to an entity for a particular purpose, and the entity promises to take specific actions. Because of the lack of specific authoritative guidance in generally accepted accounting principles (GAAP), there is diversity in the recognition, measurement, presentation, and disclosure of government assistance received by business entities. The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“Update”) to increase the transparency of government assistance.  Click here to learn more.


Ohio Department of Development Issues Brownfield Remediation and Building Demolition Funding Guidelines – Local Governments Need to Act Fast

On December 7, 2021, Governor DeWine issued Executive Order 2021-16D authorizing the Ohio Department of Development (ODOD) to adopt temporary rules for the Brownfield Remediation Fund (the “Brownfield Program”) and the Building Demolition and Site Revitalization Program (the “Demolition Program”).  Click here to learn more.


 

Contacts

William D.G. Baldwin
513.723.4030
wdbaldwin@vorys.com

Aaron S. Berke
330.208.1017
asberke@vorys.com

Kelly B. Bissinger
202.467.8844
kbbissinger@vorys.com

Sean P. Byrne
614.464.8247
spbyrne@vorys.com

Bryan H. Falk
216.479.6124
bhfalk@vorys.com

Nicholas R. House
216.479.6122
nrhouse@vorys.com

Marcus A. Hughes
513.723.4054
mahughes@vorys.com

Christopher J. Knezevic
614.464.5627
cjknezevic@vorys.com

Joseph B. Mann
614.464.6313
jbmann@vorys.com

Jacinto A. Núñez
330.208.1046
janunez@vorys.com

J. Theodore Smith
614.464.6232
jtsmith@vorys.com

Lindsay Doss Spillman
216.479.6199
ldspillman@vorys.com

Jonathan K. Stock
614.464.5647
jkstock@vorys.com

Jill S. Tangeman
614.464.5608
jstangeman@vorys.com

Kristin L. Woeste
513.723.4684
klwoeste@vorys.com

Scott J. Ziance
614.464.8287
sjziance@vorys.com


 

 

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This newsletter is for general information purposes and should not be regarded as legal advice. As always, please let us know if you want more information or have questions about how these developments apply to your situation.