Electric vehicles (EVs) have become a hot topic due to increased consumer adoption and a global focus on Net Zero carbon emissions by 2050. Rising gas costs and lower EV prices have made consumers view EVs as more affordable....more
South Carolina companies with any real or personal property placed in service in the state annually complete and file a PT-300, the state’s property tax return form. Companies that have entered into a negotiated Fee in Lieu...more
Earlier this week, the U.S. Economic Development Administration (EDA) within the U.S. Department of Commerce announced the designation of 31 technology hubs. These hubs span 32 states and Puerto Rico, with the goal of driving...more
Providing fast, reliable broadband service in 2023 is every bit as important as providing electricity was in 1933 in rural America. Without high-quality broadband, rural areas (many of which already face economic challenges)...more
California -
In the Golden State, a bill to expand the state’s approach to workforce development programs passed the Senate floor on a 31-6 vote on May 24th, and is set to be considered by the Assembly’s Labor and...more
6/19/2023
/ Community Development ,
Critical Infrastructure Sectors ,
Economic Development ,
Federal Funding ,
Incentives ,
Inflation Reduction Act (IRA) ,
Infrastructure ,
Job Creation ,
Rural Development ,
Small Business ,
State and Local Government ,
Urban Planning & Development
A bill pending in the South Carolina House of Representatives proposes to significantly restrict land ownership in the state by certain foreign citizens or companies controlled by nations deemed adverse to U.S. security...more
6/16/2023
/ Commercial Property Owners ,
Exceptions ,
Foreign Adversaries ,
Foreign Corporations ,
Foreign Nationals ,
Foreign Ownership ,
National Security ,
Pending Legislation ,
Property Ownership ,
Real Estate Investments ,
Real Estate Transactions
In August 2022, President Biden signed the Inflation Reduction Act (IRA). One of the most significant manufacturing incentives bolstered by the IRA is the Advanced Energy Project Credit (Section 48C), which received $10...more
The Inflation Reduction Act (the “IRA”) is a wide-ranging bill that includes, among other things, significant investments and reforms by the federal government in a variety of different sectors, including manufacturing,...more
5/3/2023
/ Carbon Capture and Sequestration ,
Department of Energy (DOE) ,
Electric Vehicles ,
Energy Projects ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Manufacturers ,
Renewable Energy ,
Renewable Energy Incentives ,
Tax Credits ,
Tax Incentives
When South Carolina properties are sold directly, or indirectly via the sale of equity in the property-owning entity, the sale typically qualifies as an assessable transfer of interest or an “ATI.” An ATI allows County tax...more
At the conclusion of this year’s legislative session, the South Carolina General Assembly passed The Comprehensive Tax Cut Act of 2022 (the “Act”). Among a number of other significant tax changes, the Act effectively...more
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
South Carolina Department of Revenue Announces Extension of Relief Regarding Nexus and Income Tax Withholding Requirements for Remote Workers -
Due to the rise in remote work caused by the pandemic, the State has provided...more
Starting a business in the United States can open doors for massive opportunity and success. Along the way, however, businesses will encounter a number of legal and regulatory hurdles.
This “Guide to Starting Business in...more
This final alert in our four-part series on coronavirus stimulus legislation covers the various other significant stimulus proposals focused on businesses contained in the Democrat’s Health and Economic Recovery Omnibus...more
9/9/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Employee Retention ,
Financial Stimulus ,
Meal and Entertainment Expenditures ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Semiconductors ,
Tax Credits ,
Work Opportunity Tax Credit
Revisions Incorporate Paycheck Protection Program Flexibility Act of 2020, New Forgiveness Applications, and Recent Interim Final Rules -
On June 16, 2020, the Small Business Administration (SBA) and the U.S. Treasury...more
7/10/2020
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
Small Business ,
Small Business Loans
Borrower Details Released -
On July 6, 2020, the Small Business Administration (SBA) and the U.S. Treasury released detailed and searchable information about more than 650,000 borrowers that received PPP loans. As the SBA...more
One of the less-discussed but significant federal relief programs that has been enacted over the past several months is the DFC-DPA Loan Program, which is being administered through the United States International Development...more
Revisions Incorporate Paycheck Protection Program Flexibility Act of 2020, New Forgiveness Applications, and Recent Interim Final Rules -
On June 16, 2020, the Small Business Administration (SBA) and the U.S. Treasury...more
6/22/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Relief Measures ,
SBA ,
Small Business ,
Small Business Loans
PPP Loan Applications Due by June 30, 2020 -
As discussed in our June 4, 2020, Client Alert on the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), the PPPFA amended several key provisions of the Paycheck...more
Less than two weeks after releasing additional details and Frequently Asked Questions surrounding the $600 billion Main Street Lending Program (MSLP), on June 8, 2020 the Board of Governors of the Federal Reserve (Federal...more
6/11/2020
/ Board of Governors ,
CARES Act ,
Coronavirus/COVID-19 ,
EBITDA ,
Federal Reserve ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Private Equity ,
Risk Retention ,
Small Business Loans ,
Term Sheets ,
Venture Capital
Late in the day on June 3, 2020, after days of dramatic uncertainty about whether certain senators would object, the U.S. Senate approved by unanimous consent the Paycheck Protection Program Flexibility Act of 2020 (H.R....more
On May 27, 2020, the Federal Reserve Board, through the Federal Reserve Bank of Boston, released additional details for lenders and borrowers interested in participating in the $600 billion Main Street Lending Program (MSLP)....more
6/3/2020
/ Borrowers ,
CARES Act ,
Certification Requirements ,
EBITDA ,
Eligibility ,
Lenders ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Paycheck Protection Program (PPP) ,
Popular ,
Reporting Requirements ,
Small Business Loans
On May 15, 2020, the Small Business Administration (SBA) and the U.S. Treasury Department released their much anticipated Loan Forgiveness Application and corresponding instructions (Forgiveness Application) for the Paycheck...more
5/19/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Loan Forgiveness ,
Loan Repayment Issues ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
After we issued the client alert below, the SBA also published FAQ #47 extending the date for the safe harbor period to return PPP funds to May 18, 2020.
One day before the U.S. Small Business Administration’s (SBA)...more
On May 7, 2020, Secretary of Commerce Wilbur Ross announced the allocation of $300 million in federal assistance to coastal states, tribes and territories for distribution to participants in the fishery industry who have been...more