Womble Carlyle’s Economic Development Digest aggregates news, opportunities and legislation impacting business in the Southeast and Mid-Atlantic U.S.
In this week's Economic Development Digest:
South CarolinaSometimes-overlooked industry feeding need for job creation, scedablog.com (July 9, 2013)SCEDA article discusses venture capital and the food industry.Weber Automotive establishing new facility in Charleston County, lowcountrybizSC.com (July 8, 2013)Weber Automotive establishes manufacturing facility in Charleston County.North CarolinaRefund cap could mean job cuts for Baptist, Winston-Salem Journal (July 9, 2013)North Carolina moves toward a tax reform plan that would establish a cap on annual local and state tax refunds received by nonprofits.North Carolina legislation permits formation of captive insurance companies, bna.com (July 3, 2013)**North Carolina became the latest among more than 30 states to permit formation of captive insurance companies, as a result of legislation signed by Gov. Pat McCrory.Rural economic center to award $5.6 million, ncruralcenter.org (July 1, 2013)North Carolina Rural Economic Development Center announces $5.6 million in grants.Bill moving to end AdvantageWest funding, The Asheville Citizen-Times (June 20, 2013)Bill that would allow a private nonprofit to take over many economic development duties in North Carolina moves forward in the legislature.TexasNew Texas law forces breach notices to "any individual" regardless of jurisdiction, wcsr.com (July 2013)Texas amends its data breach notification law to require notification to all affected parties regardless of state of residence.FloridaEnterprise zone property tax credit to be applied against Florida corporate income tax 2013 legislative changes, TaxAnalysts.com (June 20, 2013)**The Florida Department of Revenue has clarified that the enterprise zone property tax credit against corporate income tax for new or expanding business may be claimed for each location that is eligible to claim it, rather than restricting a business to claiming no more than $25,000 or $50,000, if at least 20 percent of the business's full-time employees reside in an enterprise zone, on a single state corporate income tax return.Sales and use tax exemption for purchases of industrial machinery and equipment, TaxAnalysts.com (June 10, 2013)**The Florida Department of Revenue has explained a new sales and use tax exemption for purchases of industrial machinery and equipment used at a fixed location by eligible manufacturers, effective April 30, 2014.Sales tax refund for building materials used in redevelopment projects 2013 legislative changes, TaxAnalysts.com (June 20, 2013)**According to a Florida Department of Revenue notice, owners of redevelopment projects in brownfield areas may apply for a refund of sales tax paid on building materials used in the project, effective May 17. CaliforniaLawmakers tweak new business incentive program, The Associated Press State & Local Wire (July 4, 2013)The California legislature passes changes to an economic development program that California lawmakers overhauled last week.Employers will pay more for tax breaks; Changes to wage credits under California's enterprise zone program start Jan. 1, The San Diego Union-Tribune (July 9, 2013)California's enterprise zones move to a new system encouraging higher pay and broadening tax incentives to all businesses.State legislature passes AB 93, effectively terminating California enterprise zones by 2014, Long Beach Business Journal (July 2, 2013)California Gov. Jerry Brown eliminates Enterprise Zones, considered by many to be one of the state's last remaining economic development tools.Womble Carlyle Sandridge & Rice, LLPCourt vacates resource extraction rule; SEC issues FAQs on conflict minerals disclosure Rule, wcsr.com (July 2013)Recent judicial and Securities and Exchange Commission ("SEC") developments may impact companies' disclosure obligations regarding the use of conflict minerals and payments by resource extraction issuers.Reversing a loss from the grave: How recent Supreme Court decision impacts land development permitting, wcsr.com (July 2013)The United States Supreme Court clarified that the Fifth Amendment mandates that the conditions required by a government when a land development permit is issued must have nexus and rough proportionality to the projected impacts of the proposed development.Employers beware: Unpaid internships may be costly, wcsr.com (July 2013)Unpaid internships might be an opportunity for a company to provide training for prospective employees, or it might expose the company to liability for unpaid wages and overtime.
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Womble Carlyle's Economic Development Team helps clients explore opportunities for locating or expanding operations in the Southeast and Mid-Atlantic U.S. Our Economic Development Team combines a thorough working knowledge of economic development incentives; land use and siting procedures; and regulatory matters at the state, county and local levels, drawing on strong relationships built over many years with key governmental and civic leaders. For more information visit www.wcsr.com/economicdevelopment.