This document summarizes South Carolina's Retail Facilities Revitalization Credit. It provides incentives for developers who improve abandoned shopping centers or freestanding retail buildings of at least 40,000 square feet. Developers can claim a 25% property tax credit or 10% income tax credit based on rehabilitation expenses. To receive the property tax credit, the project must be approved by the local government and any affected taxing entities through public hearings and ordinances. Both credits are taken over 8 years to encourage redevelopment of closed retail properties.
Declared services and Classification of ServicesCA Gaurav Gupta
The document discusses declared services under service tax law in India. It defines key concepts like service, consideration, activity. It lists various declared services like renting of immovable property, construction services, transfer of intellectual property rights, IT services, agreements to refrain from an act, transfer of goods by hiring/leasing, service portion of works contracts, and service portion related to food supply. Certain renting activities are exempted like renting of residential properties, vacant land for agriculture, and renting by government bodies.
Declared Services (Section 66E of Finance Act, 1994)Rajat Agrawal
A presentation on Section 66E of Finance Act, 1994 - Declared Services. The presentation was made in an attempt to be simple, yet comprehensive for seminar purposes.
The document discusses a new Real Estate Regulatory Bill that was approved by the Indian cabinet. The bill aims to increase transparency in the real estate sector. It establishes a regulator for the industry and penalties like jail time for misleading advertisements. The bill benefits both developers and buyers by requiring disclosure of project details online. Key provisions include mandatory registration of projects and agents, restrictions on pre-launch sales, disclosure of documents like layouts and approvals, protections for funds paid by buyers, and refunds for delays in possession.
The Real Estate (Regulation and Development) Bill 2013 seeks to mandate that developers acquire all statutory clearances before launching projects. It introduces tough penalties for misleading advertisements, including fines up to 10% of the project cost and potential jail time for repeat offenses. Developers must maintain separate bank accounts for each project and keep 70% of buyer funds in those accounts until completion. The bill also aims to clearly define carpet areas, prohibit sales based on super areas, and bar collection of money before permits are obtained.
VAT on transfer of right to use goods is one of the grey area in indirect taxation. In this presentation, we have included the meaning, definition, concept and point of complexity in detail. We have discussed the issue with the help of case laws as well.
Item # 4 - Public Improvement District (PID) Policyahcitycouncil
The document is a city council agenda memorandum regarding the adoption of a policy for public improvement districts (PIDs) in Alamo Heights, Texas. It provides background on a proposed PID along Broadway to fund streetscape enhancements like landscaping and lighting through special assessments on benefiting properties. It outlines the proposed PID policy requirements, including the petition and approval process, eligible project types that prioritize beautification, and ensuring PIDs are self-funded. It recommends the city council adopt the PID policy resolution.
Declared services and Classification of ServicesCA Gaurav Gupta
The document discusses declared services under service tax law in India. It defines key concepts like service, consideration, activity. It lists various declared services like renting of immovable property, construction services, transfer of intellectual property rights, IT services, agreements to refrain from an act, transfer of goods by hiring/leasing, service portion of works contracts, and service portion related to food supply. Certain renting activities are exempted like renting of residential properties, vacant land for agriculture, and renting by government bodies.
Declared Services (Section 66E of Finance Act, 1994)Rajat Agrawal
A presentation on Section 66E of Finance Act, 1994 - Declared Services. The presentation was made in an attempt to be simple, yet comprehensive for seminar purposes.
The document discusses a new Real Estate Regulatory Bill that was approved by the Indian cabinet. The bill aims to increase transparency in the real estate sector. It establishes a regulator for the industry and penalties like jail time for misleading advertisements. The bill benefits both developers and buyers by requiring disclosure of project details online. Key provisions include mandatory registration of projects and agents, restrictions on pre-launch sales, disclosure of documents like layouts and approvals, protections for funds paid by buyers, and refunds for delays in possession.
The Real Estate (Regulation and Development) Bill 2013 seeks to mandate that developers acquire all statutory clearances before launching projects. It introduces tough penalties for misleading advertisements, including fines up to 10% of the project cost and potential jail time for repeat offenses. Developers must maintain separate bank accounts for each project and keep 70% of buyer funds in those accounts until completion. The bill also aims to clearly define carpet areas, prohibit sales based on super areas, and bar collection of money before permits are obtained.
VAT on transfer of right to use goods is one of the grey area in indirect taxation. In this presentation, we have included the meaning, definition, concept and point of complexity in detail. We have discussed the issue with the help of case laws as well.
Item # 4 - Public Improvement District (PID) Policyahcitycouncil
The document is a city council agenda memorandum regarding the adoption of a policy for public improvement districts (PIDs) in Alamo Heights, Texas. It provides background on a proposed PID along Broadway to fund streetscape enhancements like landscaping and lighting through special assessments on benefiting properties. It outlines the proposed PID policy requirements, including the petition and approval process, eligible project types that prioritize beautification, and ensuring PIDs are self-funded. It recommends the city council adopt the PID policy resolution.
Responding to Grand Jury: Subpoenas & Search WarrantsNexsen Pruet
The document discusses responding to criminal subpoenas, with a focus on subpoenas duces tecum for documents. It notes that criminal subpoenas are broader than civil subpoenas and provides tips for initial review of a subpoena, potential challenges, document search and production process, and expenses of compliance. It also discusses responding if a search warrant is executed, including establishing an advance planning and response protocol to protect legal interests while cooperating.
Discovery in Federal White Collar Cases Nexsen Pruet
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
Helping Chinese Manufacturers of Consumer Products Navigate the New US Regula...Nexsen Pruet
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
An effective compliance program has several key components: conducting a legal risk assessment to identify areas of focus, ensuring the program meets regulatory guidelines, tailoring the program to a company's unique operations, establishing standards and procedures to minimize risks and demonstrate commitment to ethical conduct, and providing training, monitoring, reporting, and investigations to foster a pro-compliance culture. An effective program is process-oriented, integrated into daily operations, and subject to continuous improvement.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Fee-in-Lieu Tax and Multi-County Park / Special Source Revenue Credit Arrange...Nexsen Pruet
This document discusses fee-in-lieu of tax (FILOT) arrangements and multi-county park/special source revenue credit (MCP/SSRC) incentives for developers. It covers the basics of FILOTs, a common developer FILOT project scenario, key issues that can arise for developers in FILOT arrangements including investment periods, minimum investment requirements, and events of default. It also discusses using MCP/SSRC incentives coupled with or separate from FILOT agreements.
A Primer on Avoiding Federal Obstruction of Justice & Witness Tampering Alleg...Nexsen Pruet
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document is a presentation by Burnet R. Maybank, III on incentives for real estate developers under the South Carolina Textile Communities Revitalization Act. The act provides tax credits for renovating abandoned textile mill sites. Developers can claim a 25% credit against income taxes or property taxes. To qualify, developers must file a Notice of Intent before starting rehabilitation and spend a minimum amount on eligible rehabilitation expenses. The credits can be transferred between taxpayers and carried forward for unused amounts.
Why Industrial Revenue Bonds are an Attractive Financing OptionQuarles & Brady
IRB's are designed as an economic development tool that fuels economic growth. They provide access to lower interest rates and extended repayment schedules. Join us to learn when Industrial Revenue Bonds are the right financing solution for real estate, construction, and equipment for a new or expanded business location. The presenters addressed the business case for IRB financing, available transaction structures, and what's happening in Washington, D.C.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition RevisedTom Blefko
This document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit from lenders involves evaluating risk and yield based on factors like loan term, type, amount, and market rates. Credit scores also impact approval and rates.
2) Government regulations like the Truth in Lending Act require disclosing loan costs and annual percentage rates. The Equal Credit Opportunity Act prohibits credit discrimination.
3) Common loan programs include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss up to 96.5% loan-to-value. Private mortgage insurance may be required on conventional loans over 80% loan-to-value.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition Revised.pdfTom Blefko
This document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit from lenders involves evaluating risk and yield based on factors like loan term, type, amount, and market rates. Credit scores also impact approval and rates.
2) Government regulations like the Truth in Lending Act require disclosing loan costs and annual percentage rates. The Equal Credit Opportunity Act prohibits credit discrimination.
3) Common loan programs include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss up to 96.5% loan-to-value. Private mortgage insurance may be required on conventional loans over 80% loan-to-value.
Historic Building Tax Credits Slide DeckMoskowitz LLP
The document provides information about historic building tax credits and how to apply for and claim them. It discusses definitions of eligible taxpayers and qualified rehabilitation expenditures. It also covers requirements to claim the rehabilitation credit such as substantially rehabilitating a certified historic structure. The document outlines the process for certified rehabilitation including applying to the National Park Service. It discusses how and when the credit can be claimed, including placed in service and accounting rules. It also addresses passive activity limitations and exceptions as well as buying and selling credits.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition RevisedTom Blefko
The document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit involves lenders evaluating the yield (return) and risk of a loan. Interest rates depend on factors like loan term, type, amount, and market rates. Credit scores range from 400-900 and affect loan approval and rates.
2) Underwriting a loan involves analyzing the borrower's income, assets, debts, loan-to-value ratio, and other criteria to determine risk level. Lenders use automated systems to help with underwriting.
3) Loan programs discussed include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss and allow loans
This document discusses performance guarantees for subdivision development and the challenges municipalities face when developers default. It outlines acceptable forms of performance guarantees including cash deposits, tri-party agreements, bonds, and covenants. It provides examples of situations where certain types of guarantees went well but also cases where they failed, leaving municipalities with incomplete infrastructure projects. The document seeks responses to challenges like how to handle deteriorating roads or a developer who won't complete the project. Overall, it examines how municipalities can better protect themselves from financial and legal risks when developers do not fulfill their obligations.
The document summarizes key topics from a presentation on regulatory compliance given by PolicyWorks LLC. It discusses the impact of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) and its director Richard Cordray, CFPB priorities including complaints, student loans, credit cards, mortgages, and overdraft fees. It also covers the CFPB's work on ability-to-repay rules, mortgage disclosures, and fair lending laws.
A Banking Perspective on Historic Tax Credits - Michael TaylorHeritage Ohio
Michael Taylor of PNC Bank discusses the banking perspective on historic tax credits at the Heritage Ohio Historic Tax Credit Workshop in Toledo, Ohio on March 25, 2011
Sbi loan scheme for finance, subsidy & project related support contact - 98...Radha Krishna Sahoo
This document provides information on several financing schemes offered by State Bank of India (SBI) including:
1. Commodity Backed Warehouse Receipt Financing which provides demand loans or cash credit financing against warehouse receipts for commodities stored in approved warehouses, with eligible amounts ranging from 70-80% of market value or minimum support price.
2. Surabhi Deposit Scheme which allows non-individual customers to open savings/current accounts that automatically sweep surplus funds over a threshold into term deposits while also allowing funds to be withdrawn through "reverse sweeps" if needed.
3. Debt Restructuring Mechanism for SMEs which provides restructuring relief for viable or potentially viable small and
Insolvency and Bankruptcy Code - Corporate Insolvency Resolution Process Raghu Babu Gunturu
This document provides an overview of the corporate insolvency resolution process lifecycle and discusses some unique cases and their outcomes. It discusses the status of the first 12 companies identified by RBI for immediate bankruptcy proceedings, including details on resolution plans that have been approved or are still pending approval. It also summarizes key aspects of the application and admission process, constitution of the committee of creditors, interim management during the process, developing and evaluating resolution plans, and ensuring legal compliance.
Responding to Grand Jury: Subpoenas & Search WarrantsNexsen Pruet
The document discusses responding to criminal subpoenas, with a focus on subpoenas duces tecum for documents. It notes that criminal subpoenas are broader than civil subpoenas and provides tips for initial review of a subpoena, potential challenges, document search and production process, and expenses of compliance. It also discusses responding if a search warrant is executed, including establishing an advance planning and response protocol to protect legal interests while cooperating.
Discovery in Federal White Collar Cases Nexsen Pruet
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
Helping Chinese Manufacturers of Consumer Products Navigate the New US Regula...Nexsen Pruet
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
An effective compliance program has several key components: conducting a legal risk assessment to identify areas of focus, ensuring the program meets regulatory guidelines, tailoring the program to a company's unique operations, establishing standards and procedures to minimize risks and demonstrate commitment to ethical conduct, and providing training, monitoring, reporting, and investigations to foster a pro-compliance culture. An effective program is process-oriented, integrated into daily operations, and subject to continuous improvement.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Fee-in-Lieu Tax and Multi-County Park / Special Source Revenue Credit Arrange...Nexsen Pruet
This document discusses fee-in-lieu of tax (FILOT) arrangements and multi-county park/special source revenue credit (MCP/SSRC) incentives for developers. It covers the basics of FILOTs, a common developer FILOT project scenario, key issues that can arise for developers in FILOT arrangements including investment periods, minimum investment requirements, and events of default. It also discusses using MCP/SSRC incentives coupled with or separate from FILOT agreements.
A Primer on Avoiding Federal Obstruction of Justice & Witness Tampering Alleg...Nexsen Pruet
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document is a presentation by Burnet R. Maybank, III on incentives for real estate developers under the South Carolina Textile Communities Revitalization Act. The act provides tax credits for renovating abandoned textile mill sites. Developers can claim a 25% credit against income taxes or property taxes. To qualify, developers must file a Notice of Intent before starting rehabilitation and spend a minimum amount on eligible rehabilitation expenses. The credits can be transferred between taxpayers and carried forward for unused amounts.
Why Industrial Revenue Bonds are an Attractive Financing OptionQuarles & Brady
IRB's are designed as an economic development tool that fuels economic growth. They provide access to lower interest rates and extended repayment schedules. Join us to learn when Industrial Revenue Bonds are the right financing solution for real estate, construction, and equipment for a new or expanded business location. The presenters addressed the business case for IRB financing, available transaction structures, and what's happening in Washington, D.C.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition RevisedTom Blefko
This document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit from lenders involves evaluating risk and yield based on factors like loan term, type, amount, and market rates. Credit scores also impact approval and rates.
2) Government regulations like the Truth in Lending Act require disclosing loan costs and annual percentage rates. The Equal Credit Opportunity Act prohibits credit discrimination.
3) Common loan programs include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss up to 96.5% loan-to-value. Private mortgage insurance may be required on conventional loans over 80% loan-to-value.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition Revised.pdfTom Blefko
This document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit from lenders involves evaluating risk and yield based on factors like loan term, type, amount, and market rates. Credit scores also impact approval and rates.
2) Government regulations like the Truth in Lending Act require disclosing loan costs and annual percentage rates. The Equal Credit Opportunity Act prohibits credit discrimination.
3) Common loan programs include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss up to 96.5% loan-to-value. Private mortgage insurance may be required on conventional loans over 80% loan-to-value.
Historic Building Tax Credits Slide DeckMoskowitz LLP
The document provides information about historic building tax credits and how to apply for and claim them. It discusses definitions of eligible taxpayers and qualified rehabilitation expenditures. It also covers requirements to claim the rehabilitation credit such as substantially rehabilitating a certified historic structure. The document outlines the process for certified rehabilitation including applying to the National Park Service. It discusses how and when the credit can be claimed, including placed in service and accounting rules. It also addresses passive activity limitations and exceptions as well as buying and selling credits.
LCAR Unit 19 - Financing the Real Estate Transaction - 14th Edition RevisedTom Blefko
The document discusses various topics related to financing real estate transactions, including:
1) Obtaining credit involves lenders evaluating the yield (return) and risk of a loan. Interest rates depend on factors like loan term, type, amount, and market rates. Credit scores range from 400-900 and affect loan approval and rates.
2) Underwriting a loan involves analyzing the borrower's income, assets, debts, loan-to-value ratio, and other criteria to determine risk level. Lenders use automated systems to help with underwriting.
3) Loan programs discussed include conventional loans, which usually require 20% down, and FHA loans, which insure lenders against loss and allow loans
This document discusses performance guarantees for subdivision development and the challenges municipalities face when developers default. It outlines acceptable forms of performance guarantees including cash deposits, tri-party agreements, bonds, and covenants. It provides examples of situations where certain types of guarantees went well but also cases where they failed, leaving municipalities with incomplete infrastructure projects. The document seeks responses to challenges like how to handle deteriorating roads or a developer who won't complete the project. Overall, it examines how municipalities can better protect themselves from financial and legal risks when developers do not fulfill their obligations.
The document summarizes key topics from a presentation on regulatory compliance given by PolicyWorks LLC. It discusses the impact of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) and its director Richard Cordray, CFPB priorities including complaints, student loans, credit cards, mortgages, and overdraft fees. It also covers the CFPB's work on ability-to-repay rules, mortgage disclosures, and fair lending laws.
A Banking Perspective on Historic Tax Credits - Michael TaylorHeritage Ohio
Michael Taylor of PNC Bank discusses the banking perspective on historic tax credits at the Heritage Ohio Historic Tax Credit Workshop in Toledo, Ohio on March 25, 2011
Sbi loan scheme for finance, subsidy & project related support contact - 98...Radha Krishna Sahoo
This document provides information on several financing schemes offered by State Bank of India (SBI) including:
1. Commodity Backed Warehouse Receipt Financing which provides demand loans or cash credit financing against warehouse receipts for commodities stored in approved warehouses, with eligible amounts ranging from 70-80% of market value or minimum support price.
2. Surabhi Deposit Scheme which allows non-individual customers to open savings/current accounts that automatically sweep surplus funds over a threshold into term deposits while also allowing funds to be withdrawn through "reverse sweeps" if needed.
3. Debt Restructuring Mechanism for SMEs which provides restructuring relief for viable or potentially viable small and
Insolvency and Bankruptcy Code - Corporate Insolvency Resolution Process Raghu Babu Gunturu
This document provides an overview of the corporate insolvency resolution process lifecycle and discusses some unique cases and their outcomes. It discusses the status of the first 12 companies identified by RBI for immediate bankruptcy proceedings, including details on resolution plans that have been approved or are still pending approval. It also summarizes key aspects of the application and admission process, constitution of the committee of creditors, interim management during the process, developing and evaluating resolution plans, and ensuring legal compliance.
This document discusses brownfield voluntary cleanup incentives in South Carolina, including an income tax credit and property tax exemption. The income tax credit is 50% of cleanup costs up to $50,000 per year and any unused amount can be carried forward for 5 years. There is also a 10% additional credit up to $50,000 in the final cleanup year. The property tax exemption exempts the county portion of property taxes for 5 years when cleanup is complete. These incentives are underutilized likely due to lack of awareness and the credits not aligning with who incurs cleanup costs versus development costs.
Real Estate Regulation and Development Act (RERA) came into full force on 1 May 2017 across India, though 52 sections were notified in 2016. Check this presentation for new and ongoing projects to know all about RERA Act 2016, whether you are a buyer, promoter, investor or real estate agent.
For more presentations,
Visit blog: canitinmpathak.blogspot.com
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For more queries reach out us at M: 9825804094
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Oaktree Funding Corp Asset Advantage Matrix, Jesse B Lucero 702-551-3125Jesse B. Lucero
Thank you for choosing Oaktree Funding Corp! We have many exciting Products & Programs to help you meet and exceed your borrower's expectations! Please see below for our minimum credit score and some of our program flyers. We have a very deep investor base and most of our loan programs have very little overlays, you will quickly find that we are a great partner for getting deals DONE! Thank you again for choosing Oaktree Funding!
Insolvency and Bankruptcy Code - Corporate Insolvency Resolution Process Raghu Babu Gunturu
This presentation gives complete process of corporate insolvency resolution process (CIRP) under insolvency and bankruptcy code 2016, the framework that is developed by EzResolve etc.,
This presentation was made at Achromic Point and BRICS CCI Seminar on “Insolvency and Bankruptcy Code 2016” at Mumbai on June 2, 2018.
This document discusses the process and requirements for political subdivisions in Minnesota to grant property tax abatements to private broadband providers. It states that abatements must provide public benefits and be in the public interest, such as increasing the tax base or providing jobs and services. It outlines the abatement approval process, duration limits of up to 20 years, and allows abatements to be financed through general obligation bonds without an election. The proposed structure would have participating governments issue bonds to loan funds to a private provider to reimburse costs of installing fiber cables.
The New Markets Tax Credit program provides tax credits to investors in community development entities to encourage investment in low-income communities. The tax credits total 39% of the investment amount over a 7 year period. Qualified low-income community investments must be in operating businesses or real estate projects located in qualified low-income census tracts. The structure often involves a CDE obtaining an investment and using the funds to provide financing to projects, with tax credits going to investors and benefits to borrowers in the form of below-market interest rates and partial loan forgiveness.
Emily Harvey, Savills - CIL Latest Research & FindingsPAS_Team
CIL is a locally set tax on new development introduced in 2008. It does not replace Section 106 obligations, which may still be required in addition to CIL. CIL is calculated based on the net increase in floorspace of a development and is paid in stages. While CIL provides funding for infrastructure, local authorities must balance CIL rates, Section 106 requirements, and affordable housing policies to ensure viable development. Developers must carefully consider CIL regulations and a local authority's charging schedule to understand their financial obligations and ensure full compliance.
Developer's Concerns After Existence of Management Corporation in MalaysiaPark Chin Chua
Malaysia Strata Management Act 2013 defines the responsibilities of Developer to set up Management Corporation to protect interest of Proprietors & ensure professional property management to materialise the long term value appreciation of property.
Similar to Retail Facilities "Closed Big Box" Revitalization Credit (20)
Are Hospital Physician Networks Ready for TPE Audits?Nexsen Pruet
The document discusses CMS Targeted Probe and Educate (TPE) audits conducted by Medicare Administrative Contractors. TPE audits target providers for questionable billing practices or high claim error rates. The TPE process involves reviewing documentation for 20-40 claims and providing education, with potential consequences if a provider fails three reviews like extrapolated overpayments or fraud investigations. The document outlines the five-level Medicare appeals process and notes that appealing TPE denials should be determined on a case-by-case basis. Finally, the document lists common service areas Palmetto GBA is focusing their TPE audits on, including major joint replacements, emergency room visits, and home health eligibility and medical necessity.
Current payor audits are conducted by various entities including RACs, QIOs, UPICs, and private insurers' SIUs. These auditors use data analytics to target statistical outliers and identify potential overpayments. The CMS TPE program educates providers who fail audits to improve compliance or face penalties like prepayment reviews or fraud investigations. Providers must return any identified overpayments within 60 days to avoid False Claims Act liability. Multiple levels of administrative appeal exist for Medicare and Medicaid overpayment disputes, while private payors each have their own appeal processes. Providers can prevent audits by protecting their NPI, complying with payor policies, and conducting regular self-audits to identify and address
The UPIC program aims to simplify and strengthen Medicaid integrity by replacing Zone Program Integrity Contractors with United Program Integrity Contractors to conduct unified audits across Medicare, Medicaid, and other federal health programs; UPICs will focus on identifying fraudulent providers, strengthening oversight of state financial policies, and collaborating between federal and state agencies to combat fraud, waste, and abuse. Providers can expect increased scrutiny of billing practices and medical records from UPIC audits starting in 2018.
Opportunity Zones Update - November 2018Nexsen Pruet
On October 19, 2018, the Internal Revenue Service (IRS) and the Treasury Department issued their proposed regulations relating to the Opportunity Zone program. The proposed regulations have provided helpful guidance on many of the questions regarding the new program.
In this presentation, Burnie Maybank, two-time former Director of the S.C. Department of Revenue and Nexsen Pruet tax attorney, provides insight on the Opportunity Zone program including background of the program, the lucrative tax incentives, the proposed regulations, additional guidance that may be coming and what opportunity zones mean for you.
What is the GDPR & What does it mean for YOUR business?Nexsen Pruet
The European Union’s General Data Protection Regulation, which became effective on May 25, began a new era in data privacy. Among other changes, the GDPR imposes new limits on the collection of personal information of EU residents and expands individuals’ rights with respect to companies’ use of such information, including the “right to be forgotten.” These requirements are backed up by substantial penalties—up to 4% of a company’s global revenue. But, does a U.S. company need to worry about the GDPR if it has no business operations in the EU? In a surprising number of cases, the answer is “yes.”
#NPLaw's Kirsten Small, CIPP/US, provides an overview of the GDPR and explores its implications for US businesses in this presentation.
#NPLaw's Mark C. Moore's presentation for the South Carolina Bar Association's April 13, 2018 False Claims Act/Qui Tam Whistleblower Litigation Involving Health Care Providers CLE.
Title IX Breakfast Briefing: FERPA 101Nexsen Pruet
#NPLaw's Kirsten Small, CIPP/US is a member in Nexsen Pruet’s Greenville, South Carolina office, where her practice focuses on privacy law. Kirsten has been certified in U.S. privacy law by the International Association of Privacy Professionals (IAPP). Her practice includes assisting her clients in developing policies and procedures that are compliant with privacy-related regulations. Kirsten came to the field of privacy law through her work as a litigator and appellate lawyer, a background that gives her a unique insight on how her clients’ privacy-related policies and actions can help mitigate or avoid liability.
Municipal Improvement Districts (MIDs) allow municipalities to finance public improvements through assessments on real property located within the district. [1] MIDs are created by ordinance and allow municipalities to acquire, own, construct, enlarge, install, sell or lease improvements. [2] Common improvements include streets, parks, parking garages, and waterways. [3] Assessments placed on property within the MID have a superior lien to fund improvements and are determined based on factors like assessed value, front footage, or per parcel basis.
City of Columbia and Mast General Store Case StudyNexsen Pruet
The document summarizes a deal between the City of Columbia and Mast General Store to open a new location on Main Street. The city provided Mast with a $2 million loan at tax-exempt rates to incentivize the project, hoping Mast's proven ability to attract other retailers would revitalize the area. Though complex with multiple parties involved, the deal was successfully structured to minimize interest costs while controlling risk. The new Mast store has generated sales and spin-off activity from other businesses, achieving the city's goals.
The document discusses South Carolina's Infrastructure Tax Credit incentive for real estate developers. It provides that developers can claim a tax credit of up to 50% of expenses for constructing roads, water/sewer lines, and related facilities that are dedicated for public use. The maximum credit per project is $40,000, with unused amounts carried forward for 3 years. To qualify, projects cannot exclusively benefit the developer and must meet applicable standards.
FLSA: Exempt or Not Exempt, That is the QuestionNexsen Pruet
This summary discusses the key points from a presentation on exemptions under the Fair Labor Standards Act (FLSA). The presentation covered:
- Trends in FLSA enforcement by the Department of Labor including more investigations.
- The exemptions for executive, administrative, professional, computer, and sales employees and the salary and duties tests for each.
- Common mistakes made by employers around misclassifying employees and improper salary deductions.
- Recent court cases related to applying the exemptions.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against developing mental illness and improve symptoms for those who already suffer from conditions like anxiety and depression.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
Retail Facilities "Closed Big Box" Revitalization Credit
1.
2. Incentives for Real Estate Developers – October 5, 2012
RETAIL FACILITIES
“CLOSED BIG BOX”
REVITALIZATION CREDIT
Burnet R. Maybank, III Tushar V. Chikhliker
Nexsen Pruet, LLC Nexsen Pruet, LLC
1230 Main Street, Suite 700 1230 Main Street, Suite 700
Columbia, SC 29201 Columbia, SC 29201
803-540-2048 803-253-8261
bmaybank@nexsenpruet.com Tushar@nexsenpruet.com
3. RETAIL FACILITIES
REVITALIZATION CREDIT
SC Retail Facilities Revitalization Act – enacted in 2006 –
S.C. Code §6-34-10 et. seq.
•Allows a taxpayer who improves, renovates, or redevelops an
“eligible site” to benefit from either a property tax credit or an
income tax credit.
First Question – What qualifies as an “eligible” site?
•“A shopping center, mall, or free standing site whose primary use
was as a retail sales facility with at least one tenant or occupant
located in a forty thousand square foot or larger building or
structure”.
•The shopping center, mall, or freestanding site must have also
have been “abandoned.”
B. Maybank/T. Chikhliker 3
4. RETAIL FACILITIES
REVITALIZATION CREDIT
What qualifies as an “abandoned” site?
•“Abandoned” - at least 80% of the eligible site’s facilities
have been continuously closed to business or have been
otherwise nonoperational for a period of at least 1 year
immediately preceding the time at which the determination is
to be made.” S.C. Code § 6-34-30(1).
•For purposes of this definition, the eligible site’s facilities
only include the site’s building or structure.
•During the abandonment, the eligible site may serve as a
wholesale facility, provided the site serves as a wholesale
facility for no more than 1 year.
B. Maybank/T. Chikhliker 4
5. RETAIL FACILITIES
REVITALIZATION CREDIT
Credit Options
•A property tax credit equal to 25% of the “rehabilitation expenses”
made to the eligible site times the “local taxing entity ratio” for each
“local taxing entity” consenting to the credit, up to 75% of the real
property taxes due on the eligible site each year (the “Property Tax
Credit”); or
•An income tax credit equal to 10% of the “rehabilitation expenses”
(the “Income Tax Credit”).
o “Rehabilitation expenses” is defined to mean “the expenses
incurred in the rehabilitation of the eligible site, excluding [1]
the cost of acquiring the eligible site or [2] the cost of
personal property maintained at the eligible site.” S.C. Code
§ 6-34-30(6).
B. Maybank/T. Chikhliker 5
6. RETAIL FACILITIES
REVITALIZATION CREDIT
Additional Property Tax Credit Provisions
•“Local taxing entity ratio” - that percentage computed by dividing the
millage rate for each local taxing entity by the total millage rate for the
eligible site. S.C. Code § 6-34-30(4)
•“Local taxing entities” - a county, municipality, school district, special
purpose district, and any other entity or district with the power to levy ad
valorem property taxes against the eligible site. S.C. Code § 6-34-
30(3).
•“Eligible site” – square footage flexibility for the Property Tax Credit
only - the governing body of a county or municipality where the site is
located may, by resolution, reduce the 40,000 square foot “eligible site”
requirement by up to 15,000 square feet. S.C. Code § 6-34-40(F).
B. Maybank/T. Chikhliker 6
7. RETAIL FACILITIES
REVITALIZATION CREDIT
Election of Property Tax Credit or Income Tax Credit
•Taxpayer may elect to pursue either credit by providing written
notification of its intent to SCDOR prior to the date that the eligible
site is placed in service.
o “Placed in service” - the date upon which the eligible site is suitable
for occupancy for the purposes intended. S.C. Code § 6-34-30(5).
•If taxpayer has not obtained the approvals of the local taxing
entities or has not affirmatively made an election prior to the date
the eligible site is placed in service, the taxpayer is treated as
having elected to receive the Income Tax Credit.
•No required notification process in connection with the Income Tax
Credit – simply claimed on the taxpayer’s income tax return.
B. Maybank/T. Chikhliker 7
8. RETAIL FACILITIES
REVITALIZATION CREDIT
Governmental Approvals Required for Property Tax Credit
•The municipality (or county if located in an unincorporated area)
must first, by resolution with a majority vote of the local governing
body, determine the eligibility of the site and the proposed project.
o Before determining the eligibility of the proposed eligible
site, the locality is required to find that the credit will not
violate any existing TIF covenant, representation, or
warranty.
•Those determinations and the actual approval of the eligible site
and the proposed project must be made by ordinance and public
hearing.
B. Maybank/T. Chikhliker 8
9. RETAIL FACILITIES
REVITALIZATION CREDIT
Governmental Approvals Required for Property Tax Credit
(cont’d)
•The local governing body must provide notice to all affected local
taxing entities where the eligible site is located of its intention to
grant the credit and the amount of the credit proposed to be
granted.
o Notice must be at least 45 days prior to public hearing.
•If a local taxing entity does not file an objection to the credit with
the locality prior to the public hearing, it is deemed to have
consented to the credit.
o Deemed consent only if actual credit granted is equal to or
less than the credit stated in the public hearing notice.
B. Maybank/T. Chikhliker 9
10. RETAIL FACILITIES
REVITALIZATION CREDIT
Earning and Claiming of the Property Tax Credit
•Ordinance shall provide that the credit be taken against
up to 75% of the real property taxes due on the eligible
site each year for up to 8 years.
•Credit vests in the taxpayer in the year in which the
eligible site is placed in service.
o May be carried forward, in whole or in part, for up
to 8 years following that date.
B. Maybank/T. Chikhliker 10
11. RETAIL FACILITIES
REVITALIZATION CREDIT
Earning and Claiming the Income Tax Credit
•Entire credit may not be taken for the taxable year in
which the eligible site is placed in service.
•Must be claimed in equal installments over an 8-year
period beginning with the year the property is placed in
service.
•Unused credit may be carried forward for the
succeeding 5 years.
B. Maybank/T. Chikhliker 11
12. RETAIL FACILITIES
REVITALIZATION CREDIT
Pass Through of Income Tax Credit
•A GP, LP, LLC taxed as a partnership, or any other entity taxed
as a partnership must pass through the credit to its partners or
members and may allocate the credit in any manner agreed to by
the partners or members that is consistent with Subchapter K of
the IRC.
o May allocate the entire credit to one partner or member.
•S corporation owing corporate level income tax must first use the
credit against its own income tax liability, if any, before passing
the credit through to its shareholders based on percentage of
stock ownership.
B. Maybank/T. Chikhliker 12
13. RETAIL FACILITIES
REVITALIZATION CREDIT
Key Issues
•Transferability of either credit - Owner of an eligible site may
transfer, devise, or distribute any unused credit to the tenant of
the eligible site.
o SCDOR must receive written notification of and approve
the transfer, devise or distribution.
•Is the entity which made the qualifying rehabilitation
expenditures the same entity which is claiming the credit?
•Not always clear what is real vs. personal property.
•For large projects the developer may want to commission a cost
segregation study prior to or contemporaneous with construction.
B. Maybank/T. Chikhliker 13