Is Winter Coming?media.mwcllc.com/events/ipt-presentation.pdf · Is Winter Coming? Avoiding the...
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Institute for Professionals in Taxation® Alex Leath Partner Bradley Birmingham, AL [email protected] Is Winter Coming? Avoiding the Game of Thrones Incentives Political Feeding Frenzy Chris Lloyd Senior VP, Economic Development McGuireWoods Consulting Richmond, VA [email protected]
Transcript of Is Winter Coming?media.mwcllc.com/events/ipt-presentation.pdf · Is Winter Coming? Avoiding the...
Institute for Professionals in Taxation®
Alex LeathPartner
BradleyBirmingham, AL
Is Winter Coming?Avoiding the Game of Thrones Incentives Political Feeding Frenzy
Chris LloydSenior VP, Economic
Development
McGuireWoods ConsultingRichmond, VA
November 12-15, 2019 Seattle, WA 2
Presentation Goals
• Understand the multiplying political and fiscal
threats to the use of incentives
• Why is this happening now?
• What strategies are being used to roll back
incentives
• How to insulate you and your firm from these
threats
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November 12-15, 2019 Seattle, WA 4
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November 12-15, 2019 Seattle, WA 8
“Illinois official calls incentives a form of cronyism”
“Incentives: PBS vs. GE”
“Florida program gives $423,000 incentive to cocaine dealer”
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“With its strong economy, does Idaho still need business incentives”
“Indianapolis’ wise move on tax incentives is only a start”
“Travis County Temporarily Stops Tax Break Incentive Program for Companies”
“Editorial: Enough with the corporate welfare. California can stop the tax-break arms race”
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“Jackson Hewitt lied on EDA incentive
application”
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New Incentives Requirements• Lobbyist registration
• Disclosure of fee arrangements
• Corporate officer certifications
• Enhanced corporate financial disclosure and background checks
• Payment and performance bonds
• Linking incentives to social justice goals
• Treating incentive recipients as government contractors
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Protecting You and Your Company• Understand legal requirements
• Incentives are a partnership, not just money
• Post-performance incentives
• Escrow accounts for incentive payments
• Demonstrate broader ROI to the community
• Ensure that HR/Real Estate are read in to the deal
