One of Illinois’ main economic development incentives is back. On September 18, 2017, Illinois Governor Bruce Rauner signed into law H.B. 162, which reinstates the Economic Development for a Growing Economy (EDGE) Tax Credit Program and extends the sunset date to June 30, 2022.
In the Fall 2017 edition of Development Incentives Quarterly, read a Q&A with Kenny McDonald, president and chief economic officer of Columbus 2020; learn about how the new effective date for the Ohio historic preservation tax credit certificates could cause a delay in claiming credit; and learn more about what it mean now that Illinois was reinstated and revised the EDGE Tax Credit.
In the Summer 2017 edition of Development Incentives Quarterly, learn five more common TIF misconceptions, read about the growing pains municipalities are facing with GASB 77 and find out which Ohio county auditors will complete the required six-year tax appraisal of all properties located in their counties this year.
The Governmental Accounting Standards Board (GASB) made waves in the economic development community in 2015 when it issued Statement No. 77 (GASB 77). GASB 77 requires governments, for the first time, to disclose in the notes of their financial statements the amount of tax revenues the government has promised to forego through tax abatements.
In the Spring 2017 edition of Development Incentives Quarterly, learn five common TIF misconceptions, learn more about the two significant developments related to Ohio Historic Preservation Tax Credits that happened at the end of 2016 and read a recap of the Vorys Ohio Economic Development Incentives Conference.
Amended Substitute House Bill 233 (HB 233), which became effective August 5, 2016, established the procedure for designating so-called downtown redevelopment districts (DRDs) and innovation districts. These districts operate much like tax increment financing (TIF) areas except that the collected service payments generally can be utilized for a wider range of uses than TIF service payments.
The federal New Markets Tax Credit (NMTC) program was created in 2000 for the purpose of encouraging investment in businesses and commercial projects, including real estate development, that benefit low-income communities.
On July 22, 2016, the Internal Revenue Service (IRS) and Department of Treasury published long awaited temporary and proposed regulations (Regulations) regarding so-called “50(d) income” affecting historic tax credit (HTC) transactions and energy tax credit (ETC) transactions.
In the Summer 2016 edition of Development Incentives Quarterly, read about the long sought-after clarification as to whether Community Reinvestment Act credit is available for Historic Tax Credit financed projects and the proposed regulations regarding so-called “50(d) income” affecting historic tax credit transactions and energy tax credit transactions.
On June 30, 2013, Governor Kasich signed Am. Sub House Bill 59 (H.B. 59), which is the operating budget bill for state fiscal year 2014. H.B. 59 includes several economic development incentives-related provisions, the most significant of which are described in this alert.
On December 28, 2012, Governor Kasich announced the establishment of the new Ohio Incumbent Workforce Training Voucher Program (the Program), which is designed to offset a portion of a company’s costs to upgrade the skills of its incumbent workforce, and will provide reimbursement to eligible companies for specific training costs.