As part of the Tax Cuts and Jobs Act of 2017, Congress designated certain Qualified Opportunity Zones to encourage new investment in economically-distressed communities through tax incentives. Opportunity Zone investments are intended to infuse new capital, development and economic growth in such Opportunity Zones. To date, the U.S. Treasury Department has issued two sets of guidance and proposed regulations regarding this developing tax incentive.
Recent legislation reduces the amount of Historic Preservation Tax Credits (HTC) available annually and imposes additional restrictions on developers seeking HTC to support historic rehabilitation projects. Senate Bill 590 and Senate Bill 773, enacted during the 2018 legislative session, reduce the annual aggregate cap on HTC for projects receiving $275,000 or more in tax credits from $140 million to $90 million, with an additional $30 million available for projects on properties located in qualified census tracts.
by Thom Avery and Amy Oslica A common scenario for Missouri business owners: You approach the Bank for a loan on behalf of your business, and the Bank requires you to sign a personal guaranty on the debt. But, the lender also requires that your spouse—who is in no way involved in the business—must sign […]
Missouri businesses, local governments, and real estate, public finance and economic development professionals should be aware of a number of provisions related to economic development in legislation enacted during the 2017 regular legislative session of the Missouri General Assembly.
On Friday, June 1, 2017, Missouri’s Governor Eric Greitens signed Senate Bill 43, legislation that has the potential to change dramatically the landscape in the state for employers, employees, lawyers and insurers. The following is a summary of the most significant aspects of the new legislation, which goes into effect on August 28, 2017.
Beginning in 2017, new tax incentives are available for manufacturers or distributors of manufactured goods shipped through Missouri ports. Senate Bill 861 (2016) enacted three new tax deductions for companies transporting cargo through water ports and airports in Missouri. See Sections 143.2100-.2115, RSMo. The Missouri Department of Economic Development (DED) and the Missouri Department of Revenue (DOR) are charged with jointly administering the new tax deductions. Taxpayers and tax professionals should be aware of these deductions and take steps to determine their eligibility for the 2017 tax year.
In situations where commercial borrowers (developers, businesses, etc.) are in default on a promissory note, the lender may offer to enter into a “forbearance agreement” or some other form of deferment agreement with the borrower. These are often presented by the lender as a generous concession on their part in order to give the borrower additional time to try to work its way out of the problem.
A high-profile state audit of Transportation Development Districts (TDDs) could mean big changes for this frequently-used economic development tool. Developers, property owners and businesses should take steps to ensure compliance with current law and prepare for uncertainty in the wake of calls for a “total overhaul” of the TDD law.