Sign Up For Novogradac Industry Alert Emails

State Tax Credits News Briefs - December 2016

Crystal Steel Fabricators announced in mid-October its plan to open a new manufacturing facility in Federalsburg, Md. Crystal Steel Fabricators recently acquired a 100,000-square-foot building, and the family-owned structural steel fabricator anticipates investing more than $4 million in the facility while creating 126 new jobs during the next two years. The Maryland Department of Commerce approved a $315,000 conditional loan through its Maryland Economic Development Assistance Authority and Fund (MEDAAF). Caroline County and the Town of Federalsburg approved a 10 percent match of the state’s funding. In addition, Crystal Steel Fabricator qualifies for the county and town manufacturing tax credits, which provide real property tax abatement on the improvements to the property. The company is also eligible for several state tax credits including the Job Creation tax credit, Enterprise Zone tax credit and the One Maryland tax credit.

***

On Oct. 20, the Colorado Court of Appeals rejected the Department of Revenue’s appeal of a decision in the case of determining which party’s state income tax credit claim for a qualifying conservation easement triggers the four-year statute of limitations under the controlling statute at the time. The Court reversed the district court’s judgment, concluding that the department had four years from Oct. 23, 2006, to determine the validity and value of the CE tax credit claimed by the Medveds. Because the department’s notice of disallowance sent March 4, 2011, was beyond the four-year limitations period, the department’s disallowance was determined to be untimely and statutorily barred.

***

Blackbird Investments announced Oct. 12 plans to break ground on historic Fort Des Moines in Des Moines, Iowa. The Department of Cultural Affairs’ State Historic Preservation Office awarded $8.2 million in state historic tax credits (HTCs). Built between 1903 and 1910, the former military barracks will become 142 apartments. The $41 million rehabilitation is expected to create more than 400 construction jobs.

Journal Category:

State Tax Credits

Authors:

Novogradac

Learn more about Novogradac's expertise and many services