Incentives Plenary Session 2013 SEDC Annual Conference. August 06, 2013

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1 Incentives Plenary Session 2013 SEDC Annual Conference August 06, 2013 Samuel V.K. Lee Principal

2 Trend in Tax Credits & Incentives, from a consultant s viewpoint Loca%on variable tax credits & incen%ves? With an anemic domes%c GDP, ques%onable global market recoveries and sporadic job retrenchment, tax credits & incen%ves have remained for public policy makers and C- level execu%ves (anecdotally), one of the top business loca%on variables: Labor availability and cost Land, infrastructure and facili%es Logis%cs, supply chain and access to market State and local business and tax climate Tax credits & incen%ves (when compe%ng markets have rela%vely similar site loca%on variables) Purpose for tax credits & incen%ves Address cost disadvantages Revitalize distressed regional economies Induce favorable economic ac%vity Par%al removal and thereby lessening the tax burden or disincen%ve to locate a business in an area

3 How do incen%ves win business? AQer strategic drivers noted above, incen%ves could either level the playing field for a locality or be a deciding factor To enhance compe%%veness by lowering startup investment and reduce on- going opera%ng costs Three characteris%cs for loca%on decision- making Businesses with a strategic mandate to determine the best long- term economic loca%on for an opera%on Loca%on decision based primarily on where its compe%tor is located Incen%ves drive a loca%on decision Out of 50 States with variable incen%ve programs 38 states offer job tax credits 32 states offer investment tax credits 49 states offer job- training grants 9 states offer payroll rebates 19 states offer cash grants or closing funds 19 states offer sales/use tax exemp%ons or rebates

4 Deal Closing Funds 19 out of 50 states offer some type of deal closing fund or cash grant program. Examples: Texas Enterprise Fund Grants averaging $4,800 per job or 1.5% of capital investment Arkansas Governor s Quick Ac%on Closing Fund A discre%onary grant program used for significant job crea%on and capital investment Florida Quick Ac%on Closing Fund A discre%onary grant program to encourage growth of certain high- impact businesses Louisiana Economic Development Loan Program A discre%onary program providing cash grants to high impact economic development prospects North Carolina Job Development Investment Grants & One NC Fund discre%onary cash grants to high impact economic development prospects Virginia governor s Opportunity Fund A discre%onary grant program to airact significant employers

5 Some Observa9ons Public Sector Side: With challenges, State and local tax credits & incen%ves have not abated More states are priva%zing Economic Development Authori%es More emphasis is on discre%onary as opposed to statutory programs More emphasis on sa%sfying But- For condi%ons Increasing scru%ny and in instances pulling back on job reten%on tax credits Expanded repor%ng and audit ac%vity of tax incen%ves by authori%es Funding caps designed to minimize state budget impact More emphasis towards transferable and refundable tax credits More jurisdic%ons incorpora%ng Clawback provisions Private Sector Side: OQen view C&I benefits as part of overall expense reduc%on but concerned about the level of resources needed to manage and administer Concerns over federal and state tax posi%ons, the usability of incen%ves: Any tax liability affected by tax credits? Performance obliga%ons and covenant conflicts? Any flexibility due to future uncertain%es? Lean towards programs with refundable, transferable, forgivable features

6 Example of Transferable and Forgiveness program New Markets Tax Credit Lower Cost Leveraged Financing Revenue Ruling Leveraged Financing Loan $30 MM $40 MM (QLICI) Equity $40 MM (QEI) Leverage=75% or $30 MM Investment Fund LLC CDE 7 Years Sale of Credits= 39% NMTC equity redemp%on $40 MM Tax Credit Investor Equity = 25% or $10 MM Cer%fica%on of CDE CDFI Fund (Department of Treasury) Alloca%on of NMTC credits CDE Community Development En%ty QEI Qualified Equity Investment QLICI Qualified Low- Income Investment QALICB Qualified Ac%ve Low- Income Community Business CDFI Community Development Financial Ins%tu%ons QALICB Notes to be repaid at the end of 7 years Forgiveness on the equity por%on with a put op%on

7 Pass-through 35% of CapX Tax credit to Partner Example of Refundable & Transferable State program Oregon BETC* Pass- through Scenario State of Oregon Issue Preliminary Cer%ficate Of Eligibility Confirm Receipt of 25.5% Pass-through Payment Step 3 Enter Pass- through Op%on Agreement: Project Owner w/ Designated Pass- through Partner Step 2 Designated Pass- through Partner Step 1 Agreement to pay Project Owner 25.5%of CapX Investment Project Owner * BETC sunsets in July 2014

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