News & Analysis as of

Tax Incentives State and Local Government

Manatt, Phelps & Phillips, LLP

April 15, 2024: Deadline for up to 100% Property Tax Abatement—M-CORE Program

In 2023, the New York City Industrial Development Agency (NYCIDA), in partnership with the New York City Economic Development Corporation (NYCEDC), introduced a new tax incentive program known as the Manhattan Commercial...more

Seyfarth Shaw LLP

DC Proposes Tax Abatement to Incentivize Conversion to Housing Development

Seyfarth Shaw LLP on

The District of Columbia’s office market, particularly Class B and C properties, is facing a calamity of epic proportions with occupancy, revenues, and valuations plummeting. Like other municipalities facing similar office...more

Butler Snow LLP

2023 Texas Legislative Updates to Public Facility Corporations Owning Multifamily Developments

Butler Snow LLP on

During the 88th Regular Session, the Texas Legislature passed HB 2071 to address the perceived misuse of property tax incentives used by Public Facility Corporations (PFCs). The legislation significantly updated Texas Local...more

Shutts & Bowen LLP

Florida's Live Local Act

Shutts & Bowen LLP on

The Live Local Act (SB 102) (the “Act”) amends multiple provisions of the Florida Statutes with the overarching purpose of spurring additional development of affordable housing in the State. Importantly, for qualifying...more

Burr & Forman

How You Can Bring Meaningful Affordable Housing Tax Incentives to Your Community

Burr & Forman on

The moniker “affordable” and “workforce” housing can mean different things to different stakeholders. Most will agree that localities and states have recognized a need to provide reasonably priced homes for our workforce and...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

Bilzin Sumberg

New Florida Law to Turbocharge Affordable Housing Development

Bilzin Sumberg on

Governor Ron DeSantis signed into law Senate Bill 102 (“Live Local Act” or the “Act”) on March 28, 2023. The majority of the Live Local Act will go into effect on July 1, 2023, with certain provisions pertaining to tax...more

Holland & Knight LLP

The Inflation Reduction Act: Provisions and Incentives for Local Governments

Holland & Knight LLP on

President Joe Biden signed the Inflation Reduction Act of 2022 (IRA) into law on Aug. 16, 2022, following its passage along party lines in the U.S. Senate and House of Representatives. The comprehensive legislation is the...more

Baker Donelson

Alabama Extends Historic Preservation Tax Credit

Baker Donelson on

During the recent session, the Alabama Legislature passed House Bill 281, extending Alabama's historic preservation tax credit (the Credit) for an additional five years through 2027. The Credit began in 2013, has been...more

Kramer Levin Naftalis & Frankel LLP

Mayor de Blasio Proposes Zoning Changes Intended to Promote the City’s Recovery

On March 9, 2021, Mayor Bill de Blasio announced a series of proposed citywide zoning text amendments intended to incentivize the creation of local grocery stores, boost transit station accessibility, and ease administrative...more

McDermott Will & Emery

Connecticut Bill Aims to Address the Impact of Telecommuting during the Pandemic

As we continue to face growing concerns because of the nationwide impact of COVID-19, taxpayers should be mindful of the potential impacts that the continued rise in telecommuting may have on their state personal income tax...more

McGuireWoods LLP

Fairfax County, Virginia, Adopts Real Estate Tax Abatement and Other Economic Incentives (Updated)

McGuireWoods LLP on

This alert was originally published Sept. 16, 2020. New information has been added. The Fairfax County Board of Supervisors recently moved forward in its consideration of a new Economic Incentive Program (EIP) that would...more

Akerman LLP

Extension of Incentive Programs in New York State's 2021 Budget More Valuable Than Ever Due to COVID-19

Akerman LLP on

The New York State Enacted Fiscal Year 2021 budget included the renewal and extension of nine programs that abate real estate taxes, city corporate taxes, sales taxes, and provide energy discounts to qualified applicants....more

Littler

New York and New Jersey Join Growing Ranks of States Penalizing Call Center Relocation

Littler on

In response to growing public concerns over outsourcing and offshoring, state legislators across the country have recently introduced a spate of bills intended to crack down on businesses that move call center operations out...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

Womble Bond Dickinson

Senator Tim Scott Considers Bill to Modify Opportunity Zones

Womble Bond Dickinson on

Last week at the United States Conference of Mayors, Senator Tim Scott (R – S.C.) announced that he was considering a bill to let state and local governments amend the census tracts they chose to designate as part of the...more

Hodgson Russ LLP

Federal Court Rules Refunded NYS Brownfield Tax Credits Are Taxable Federally

Hodgson Russ LLP on

New York’s Brownfield Cleanup Program (“BCP”) is one of the more effective tax-based incentive programs offered by the state. ...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2019 Insights: Recent Trends in Renewable Energy

The renewable energy sector has benefited in recent years from its growing cost-competitiveness, favorable climate change-related policies, and significant new capital investment from traditional and nontraditional debt and...more

Bilzin Sumberg

Opportunity Zones Create Funding Alternative for Social Infrastructure Projects

Bilzin Sumberg on

Under current legislation, tax-exempt and other low cost financing solutions are not typically available for social infrastructure projects....more

Pullman & Comley, LLC

Opportunity Zone Benefits and Incentives for Developers, Promoters and Potential Investors

Pullman & Comley, LLC on

The “Opportunity Zone” community development program was established by Congress in the 2017 Tax Cuts and Jobs Act to encourage long-term investments in low-income urban and rural communities nationwide. ...more

Foster Garvey PC

Opportunity Zone Funds – Part I: Overview of the Law

Foster Garvey PC on

BACKGROUND - Sections 1400Z-1 and 1400Z-2 were added to the Internal Revenue Code of 1986, as amended (the “Code”) by the Tax Cuts and Jobs Act. These new provisions to the Code introduce a multitude of new terms,...more

Mayer Brown

Questions and Answers from our Webinar Window of Opportunity: The IRS Issues Initial Guidance on Qualified Opportunity Zone Rules

Mayer Brown on

Below are questions submitted by the audience during our webinar Window of Opportunity: The IRS Issues Initial Guidance on Qualified Opportunity Zone Rules. The webinar was on November 2, 2018. Here’s the presentation from...more

Ervin Cohen & Jessup LLP

Client Alert Update: More Details on Changes to TOC Maps

Ervin Cohen & Jessup LLP on

As described in our previous Client Alert, the Los Angeles City Planning Department is reviewing its current TOC Tier designations, and due to mistakes in current TOC maps, many properties will have their Tier designations...more

Pierce Atwood LLP

Opportunity Zones: An Update

Pierce Atwood LLP on

The federal Opportunity Zone (OZ) program, created in December 2017, has been a major topic of discussion for investors, businesses, and project developers alike. It seems, however, that the utilization of the OZ program has...more

Dickinson Wright

Exempt Now and Forever More? Not So, Taxpayer

Dickinson Wright on

Like many states, Florida has enacted a renewable energy device exemption legislation that is intended to incentivize construction of residential, building and utility size solar and wind farms....more

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JD Supra Privacy Policy

Updated: Dec 28, 2021:

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Information for EU and Swiss Residents

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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California Privacy Rights

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Changes in Our Privacy Policy

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Contacting JD Supra

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

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