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Economic Development Tax Incentives

Sheppard Mullin Richter & Hampton LLP

Lights, Camera, Tax Breaks: California’s Updated Film Incentives

In a state where the sun always shines, California’s film tax credits seem to be the script for success. On July 10, 2023, Governor Newsom signed legislation to extend and expand California’s $330 million-a-year Film and TV...more

Farrell Fritz, P.C.

Tax Incentives Aim to Drive Real Estate Development Forward

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It has long been an accepted reality that very little real estate development gets done in New York State without the help of a myriad of tax incentive packages handed out by state and local governments—and the entities that...more

Akerman LLP

New York’s 421-a (16) Program Extension

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To address the ongoing need for affordable housing in New York, Governor Hochul and the state legislature have passed additional incentives to spur affordable housing development....more

Blank Rome LLP

New Jersey Agency Required to Honor its Deal and Allow $26 Million in Tax Credits

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The Superior Court of New Jersey, Appellate Division, required the New Jersey Economic Development Authority (“EDA”) to “turn square corners” and certify $26 million in tax credits pursuant to its contract with a company...more

WilmerHale

China Issues Policy to Further Boost Foreign Investment

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On Sunday August 13, 2023, the State Council released the Opinions to Further Optimize the Environment for Foreign Investment and Increase Efforts to Attract Foreign Investment (“Opinions”)....more

Akerman LLP

Pre-Applications for NYC's New M-CORE Program Available on June 8, 2023

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The New York City Economic Development Corporation (NYCEDC) and the New York City Industrial Development Agency (IDA) created the New Manhattan Commercial Revitalization (M-CORE) Program with the goal of supporting...more

Kramer Levin Naftalis & Frankel LLP

NYCEDC and NYCIDA Announce ‘M-CORE’ Tax Benefits for Commercial Renovations

The New York City Economic Development Corp. (EDC) and Industrial Development Agency (IDA) have announced the Manhattan Commercial Revitalization tax incentive program, dubbed “M-CORE,” to support the renovation of commercial...more

Kohrman Jackson & Krantz LLP

Ohio House Bill 501 Expands the Possibilities for Townships Use of TIF and PILOT Incentives

Recently enacted Ohio House Bill 501 (HB 501) expands options for townships desiring to create a tax increment financing (TIF) incentives agreement. Under the HB 501, a township may create a TIF and use payments in lieu of...more

Akerman LLP

Extension of Incentive Programs in New York State’s 2024 Budget

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On May 1, 2023, the New York State Legislature voted to adopt the Fiscal Year 2024 budget which included the renewal and extension of the sunset date of five programs that abate real estate taxes, reduce commercial rent tax,...more

Bradley Arant Boult Cummings LLP

Tennessee (Again) Expands Brownfield Redevelopment Incentives

For the third time in four years, Tennessee has expanded brownfield redevelopment incentives. On March 31, 2023, Gov. Bill Lee signed into law SB0271, legislation amending brownfield redevelopment laws related to franchise...more

Genova Burns LLC

NJEDA Opens Application Process for Studio Partner and Film-Lease Partner Incentives

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​​​​​​​New Jersey’s commitment to growing the Garden State’s film industry continues to develop. While New Jersey tax credits have already been awarded under the New Jersey Film and Digital Media Tax Credit Program, recent...more

Holland & Knight LLP

Trucker Protest Over California Independent Contractor Law Shuts Down Port of Oakland

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The U.S. Supreme Court recently denied the California Trucking Association's (CTA) petition for certiorari related to a case involving federal preemption of California Assembly Bill 5 (AB-5), a law that changed the legal...more

Womble Bond Dickinson

South Carolina’s Major Economic Development Incentive Change

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On June 22, 2022, Henry McMaster, the Governor of South Carolina, signed South Carolina Bill 901 (the “Bill”) into law. The Bill amends the Enterprise Zone Act of 1995’s section on Job Development Credits (JDCs), one of South...more

Lowndes

Renewed Opportunities: Recent Bipartisan Proposal Seeks to Refine Opportunity Zone Development and Tax Incentives

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In 2017, the Tax Cuts and Jobs Acts (TCJA) created a capital gains investing program aimed at revitalizing impoverished neighborhoods in the United States, known as “Qualified Opportunity Zones.” The purpose of this program...more

Fox Rothschild LLP

NJ Economic Recovery Package Spurs Jobs And Development With Business Tax Incentives

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New Jersey businesses now have access to about $14 billion in tax incentives designed to encourage companies to create and maintain jobs, complete development and redevelopment projects, rehabilitate qualified New Jersey...more

Gerald Nowotny - Law Office of Gerald R....

So Very Hard to Go (Not)! In Pursuit of Puerto Rican Tax Incentives

So Very Hard to Go - The Commonwealth of Puerto Rico has had a hard time in the last ten years. PR has suffered a combination of devastating events including the Island’s bankruptcy, a hurricane and COVID19. The Puerto...more

Bricker Graydon LLP

Ohio Attorney General pushes for GM to repay $60M in tax incentives after plant closure

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State Attorney General Dave Yost recently “ratcheted up the pressure” on General Motors (GM) to repay $60 million in state tax incentives, citing the company’s failure to meet the contractual obligations of the incentive...more

Pierce Atwood LLP

IRS Provides Relief on Opportunity Zone Deadlines

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On June 4, 2020, in response to the ongoing COVID-19 pandemic, the IRS issued Notice 2020-39 to provide relief regarding various deadlines applicable to the federal opportunity zone program....more

Orrick, Herrington & Sutcliffe LLP

Final Tax Regulations Offer More Certainty to Opportunity Zone Fund Managers and Investors

Opportunity Zone (or “OZ”) investment was hailed in 2018 and 2019 as the hottest and most innovative way of attracting significant private capital to distressed communities in the United States and its territories by offering...more

Harris Beach PLLC

New Year Brings New Opportunities for Opportunity Zones

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The dawn of 2020 brings a spirit of fresh opportunities for municipalities to address challenges, develop (or re-develop), and pursue growth by aligning with investors and government programs. The new year also offers a...more

Lowndes

Important Year End Deadline for Opportunity Zones

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Opportunity zones provide a powerful tool for taxpayers to defer recognizing their capital gains if they roll over their investment into a qualified opportunity zone fund, and offer investors the potential of avoiding...more

K&L Gates LLP

Private Fund Hot Topics - Critical and Emerging Issues: 2019 San Francisco Investment Management Conference

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OVERVIEW OF OZ RULES - - The OZ program was created by the Tax Cuts and Jobs Act, enacted in December 2017 to help direct economic resources to low income communities, spurring economic growth and job creation. - The...more

Farrell Fritz, P.C.

Opportunity Zones: Opportunities for Whom?

Farrell Fritz, P.C. on

On December 22, 2017, Congress enacted the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). The law created a new incentive to encourage long-term investment in the nation’s low-income areas. If a taxpayer invests eligible...more

Bradley Arant Boult Cummings LLP

Business Council of Alabama and Birmingham Business Alliance Announce Their 2020 Tax/Economic Development Legislative Agendas -...

The influential Business Council of Alabama (BCA), founded in 1985, and the Birmingham Business Alliance (BBA), the state’s oldest and largest chamber of commerce, have each officially approved their 2020 legislative agendas....more

Womble Bond Dickinson

The Great and Powerful (Tax Benefits of) OZ: Opportunity Zone Information Now Available in a Nationwide Website

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When it comes to deferring capital gains and other valuable tax benefits, investors are finding there’s no place like home—provided home is near one of the 8,700 Opportunity Zones (OZs) certified by the Treasury nationwide....more

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