On Friday, March 27th, Governor DeWine signed House Bill 197 (H.B. 197), which enacts several provisions in response to the COVID-19 pandemic. Among the provisions, the new law permits the use of electronic communications in lieu of in-person meetings during the emergency declared by the Governor’s Executive Order 2020-01D (but not beyond December 1, 2020).
In this time of broad government actions due to a declared pandemic emergency, it is important to examine your incentive agreements to understand the potential risks your company faces if your company is unable to perform key obligations.
In this edition of Development Incentives Quarterly, we welcome Steve Glickman, founder and CEO of Develop LLC, an advisory firm dedicated to building and supporting Qualified Opportunity Zone (QOZ) Funds to transform low-income communities nationally.
We welcomed in February more than 300 guests at Vorys’ fifth annual Economic Development Incentives Conference – again making it the nation’s largest conference focused solely on economic development incentives.
In this edition of Development Incentives Quarterly, Thomas Bisacquino, the president and CEO of NAIOP, the Commercial Real Estate Development Association, joins us for a Q&A. Tom answers questions regarding the most pressing issues facing commercial developers nationally and locally.
Taxpayers interested in claiming the Ohio Opportunity Zone Tax Credit (OZ Tax Credit) for tax year 2019 should be aware that the window to apply for the first come, first served tax credit will open on January 2, 2020 at 10:00am EST.
In the Summer 2019 edition of Development Incentives Quarterly, read about the provisions that impact state law governing economic development incentives in Ohio's Budget Bill and the changes coming to Ohio's Job Retention Tax Credit.
Toby Rittner is the latest participant in our Q&A series with prominent economic developers across the country. Toby is the President and CEO of the Council of Development Finance Agencies (CDFA), a role he has held for over 14 years.
Considering a headquarters relocation or the construction of a new facility? As you navigate seeking incentives for your projects, it is important to keep in mind that many of the public entities that you will be negotiating with are subject to various “sunshine laws” that could lead to public disclosure of your project before you are ready to have the information become public.
In the Summer 2018 edition of Development Incentives Quarterly, read our Top 10 most interesting facts about the Foxconn deal, read a recap of the Ohio Supreme Court decision on what takes priority – a TIF exemption or another exemption, and seven interesting things to know about the City of Columbus' proposed incentives policy.
In 2017, Foxconn Technology Group (Foxconn) and the Wisconsin Economic Development Corporation (WEDC) reached agreement on one of the largest and most significant economic development projects in history.
Two important aspects of every tax increment financing (TIF) project in Ohio are (i) determining whether the TIF exemption or another exemption should take priority when two exemptions apply to the same property, and (ii) taking the steps necessary to implement the preferred priority.
The U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) updated the list of designated Qualified Opportunity Zones on their website to include the designation of 320 Qualified Opportunity Zones in the state of Ohio, as well as additional Qualified Opportunity Zones in Alabama, Delaware, Missouri, Texas and the Northern Marianas Islands.
In the Spring 2018 edition of Development Incentives Quarterly, read a Q&A with Chris Chung, CEO of North Carolina’s Economic Development Partnership; learn about strategies for successfully obtaining New Market Tax Credit financing; and see a recap of Vorys’ 2018 Economic Development Incentives Conference.
As part of federal tax reform, Congress created a new program to encourage investment in businesses that are located in low-income communities that are designated as “Qualified Opportunity Zones.” This program creates a new potential source of capital for businesses and real estate developments located in Qualified Opportunity Zones, while at the same time creating a new tax benefit for investors seeking to reduce their tax burden on taxable asset dispositions.
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.