Womble Carlyle’s Economic Development Digest aggregates news, opportunities and legislation impacting business in the United States.
In this week's Economic Development Digest:
- Tesla reportedly chooses Nevada for big factory; California falls short, The Sacramento Bee(September 5, 2014)
Tesla reportedly chooses Nevada over California for the “much-coveted” $5 billion “Gigafactory”.
- Florida Governor proposes $1 billion in tax cuts, TaxAnalysts.com (September 3, 2014)**
Florida Gov. Rick Scott (R) on August 29 called for $1 billion in tax cuts, a move that immediately drew fire from the camp of Democratic gubernatorial challenger Charlie Crist.
- Daytona International Speedway getting in line for sales tax rebates, The Daytona Beach News-Journal (September 2, 2014)
Daytona International Speedway in Florida may receive $3,000,000.00 per year for the next 30 years for improvements.
- Legislative session closes while campaigning, work remains, The Stanly News & Press (August 28, 2014)
North Carolina Governor Pat McCrory may call North Carolina lawmakers back to address economic development opportunities.
- North Carolina Governor under pressure to call special session on tax credits, TaxAnalysts.com(September 9, 2014)**
Demands for Gov. Pat McCrory (R) to call the North Carolina General Assembly back for a special session to restore the state's film tax credits and other economic incentives have grown increasingly louder since lawmakers adjourned their 2014 session on August 20.
- Gov. Haley touts successes in Summerville stump, The Post & Courier (September 4, 2014)
Independent candidate Tom Ervin conducts a town-hall meeting in South Carolina in his quest to unseat South Carolina Governor Nikki Haley, and he touts eliminating the South Carolina income tax.
- York County Council meets to vote on tax district extension, Herald Online (September 3, 2014)
A week after the local school board formally objected to an extension of the special tax district for another 10 years, the York County Council deferred sending a letter to the city agreeing to the extension. All taxing entities must agree to put any increased revenue into the tax district, therefore the city needs agreement from York County and the local school district to extend the term.
- New Texas R&D credit offers sales or franchise tax breaks but not both: An explanation of requirements and benefits, TaxAnalysts.com (August 28, 2014)**
The Research and Development tax credit in Texas, which took effect Jan. 1, 2014, provides companies the option of selecting either a sales tax exemption on property purchased by persons engaged in qualified research activities or the franchise tax credit, but not both. Giles B. Sutton, a partner with McGuire Woods LLP in Washington, D.C. offers a primer on the technical nuances of this new incentive.
- Local officials fighting back in corporate appraisal disputes, Waco Tribune-Herald (August 23, 2014)
Corporate property tax appraisal disputes are gaining attention in Texas.