
Tony Evers Declines to Run for 3rd Term as Wisconsin Governor
A battleground-state governor who has never displayed ambitions for higher office, Mr. Evers, 73, presided over the end of Republican dominance of his state and will leave office as his Democratic Party has a chance to win a governing trifecta for the first time in 16 years.
'I'm announcing that I will not be running for a third term,' Mr. Evers said in a video posted to social media.
Mr. Evers's political legacy in Wisconsin will be more about measures he blocked than about signature progressive accomplishments. He vetoed hundreds of bills passed by the state's Republican-controlled Legislature, including a package that would have restricted voting access after the 2020 election.
During the 2021-2022 legislative session, as he was running for re-election, Mr. Evers vetoed 32 percent of the bills Republicans had passed, a figure about 10 times above what is typical, according to the state's nonpartisan Legislative Reference Bureau.
While Mr. Evers held Republican state legislators at bay, his party won three critical State Supreme Court races that flipped the court's balance of power from the conservatives to the liberals.
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The Hill
28 minutes ago
- The Hill
Wiley Nickel suspends NC Senate bid, endorses Cooper
Former Rep. Wiley Nickel (D-N.C.) is ending his campaign for North Carolina's Senate seat and endorsing Roy Cooper, a day after the former governor launched his much-anticipated bid. Nickel said in a statement on X on Tuesday that working alongside Cooper while he served in the state Senate and in Congress was an 'honor,' and Cooper's 'steady, bipartisan leadership' has made a difference. 'And for many of us, including me, he's been an inspiration to step up and serve,' Nickel said. 'I proudly endorse Roy Cooper for US Senate and look forward to doing everything I can to help him flip this Senate seat from red to blue.' Nickel's decision was expected after Democrats notched a major recruitment win in getting their ideal candidate to run for the seat held by retiring Sen. Thom Tillis (R-N.C.). Cooper brings a long background in North Carolina politics and a track record as a popular former two-term governor. Nickel entered the race months earlier, before Tillis announced he wouldn't seek another term in office, but Democrats' eyes had been on Cooper, seeing him as their best chance of flipping the seat. Cooper said in his announcement video that he 'never really' wanted to go to Washington, D.C., and only wanted to serve the people of North Carolina in his own state, but the times required him to run. Nickel served one term in the House before he decided against running for reelection after redistricting made his district much more conservative leaning. He said in his statement that he still has 'a lot of work left to do.' 'Public service is part of who I am and you'll hear more from me soon,' he said. Semafor reported that Nickel is considering a bid for district attorney in Wake County. The Republican primary to try to succeed Tillis is still forming, but Republican National Committee Chair Michael Whatley is expected to enter the race soon with backing from President Trump. This would come after Trump's daughter-in-law, Lara Trump, decided against running for the seat despite speculation that she would. With Trump's support and Whatley being one of the top GOP officials in the country, he would be a clear favorite for the Republican nomination. The race for the seat is also expected to be tight in the battleground state. Democrats haven't won a Senate seat in North Carolina since 2008, but they've had more success on the state level and are hoping Cooper is the right candidate to finally get over the hurdle.

Associated Press
29 minutes ago
- Associated Press
Cargo surge amid tariff turmoil drives the Port of Savannah to its 2nd busiest year
SAVANNAH, Ga. (AP) — Retailers scrambling to stock up ahead of anticipated stiff tariffs on imports boosted the Port of Savannah, one of the top U.S. container ports, to its second-busiest year ever, Georgia officials said Tuesday. The Savannah port moved 5.7 million container units of imports and exports across its docks in the 2025 fiscal year that ended June 30, the Georgia Ports Authority reported. That's an increase of 8.6% over the prior fiscal year and just shy of the record 5.76 million container units Savannah handled in fiscal 2022. The growth was caused in part by a surge in cargo since President Donald Trump returned to office in January promising heavy tariffs on China and other U.S. trading partners. But double-digit increases Savannah saw during the spring months were followed by a sizable drop in June container volumes as Trump's on-again, off-again tactics continued to fuel uncertainty. 'It's just going to be this very up-and-down time until things get settled,' said Georgia Ports Authority CEO Griff Lynch, who praised Trump's trade deal with the European Union as a step toward restoring stability. 'I'm sure all of it will come together. It's just a matter of timing.' The Port of Savannah is the nation's No. 4 seaport for cargo shipped in containers, giant metal boxes used to transport goods ranging from consumer electronics to frozen chickens by ship, rail and truck. Uncertainty surrounding Trump's tariff policies has resulted in gains, at least in the short term, at other major U.S. ports. A 90-day pause the Republican president placed on new tariffs announced in April gave American retailers and manufacturers a window to build up inventories ahead of new price hikes. What happens to trade volumes in the coming months may depend on a big deadline Friday, when dozens of countries face increased tariffs on goods shipped to the U.S. if they don't reach a deal with the White House. The Port of Los Angeles, the top U.S. container port, reported its busiest June ever to close out fiscal 2025 with 10.5 million container units handled — a 14% increase over the previous year. At the Port of New York and New Jersey, the biggest East Coast port, container volumes from January through May were up 6.5% compared to the same period last year. Gene Seroka, executive director of the Port of Los Angeles, told reporters earlier this month that Trump's tactics have created a 'whipsaw effect' as shipping volumes slow down with new tariff announcements, then surge suddenly to take advantage of delayed tariff start dates. The National Retail Federation is forecasting that cargo containers shipped through U.S. ports will drop by double digits from August through November. At the Port of Savannah, container volume jumped 22.5% in March to 533,995 units and remained above 500,000 container units through May. The streak ended in June, when container volumes fell 9.6% compared to a year earlier. Lynch said paused shipments of automobiles to Georgia prompted by tariffs on foreign cars contributed to a 16% drop in autos moving through the nearby Port of Brunswick in fiscal 2025. Last year, Brunswick was the top U.S. port for automobiles after passing the Port of Baltimore, which was shut down for weeks after the deadly collapse of the Francis Scott Key Bridge. Cargo volumes appeared flat in July said Lynch, who anticipates another decline in August. But he said he's optimistic the turbulence won't be prolonged. 'If they can nail these tariffs down, we'll get back to normal trade,' Lynch said.


Forbes
29 minutes ago
- Forbes
Real Estate Set To Soar After Trump's One Big Beautiful Bill
WASHINGTON, DC - JULY 04: U.S. President Donald Trump, joined by Republican lawmakers, signs the ... More One, Big Beautiful Bill Act into law during an Independence Day military family picnic on the South Lawn of the White House on July 04, 2025 in Washington, DC. After weeks of negotiations with Republican holdouts Congress passed the One, Big Beautiful Bill Act into law, President Trump's signature tax and spending bill. The bill makes permanent President Donald Trump's 2017 tax cuts, increase spending on defense and immigration enforcement and temporarily cut taxes on tips, while cutting funding for Medicaid, food assistance and other social safety net programs. (Photo by) The One Big Beautiful Bill Act, signed into law by President Donald Trump on July 4, 2025, is not without its critics. From concerns about ballooning deficits to controversial cuts to Medicaid, many see the legislation as a step backward. However, for those in the commercial real estate industry, the bill is a potential game-changer. New tax provisions offer clarity and long-term stability for developers and investors, setting the stage for what could be the next major boom in the sector. While the provisions of the OBBBA will have significant implications for the entire commercial real estate market, two sectors stand to benefit particularly: low-income multifamily housing and industrial development. A Permanent Boost for Affordable Housing There is a growing housing shortage in the United States, especially in the low-income end of the market. The lack of affordable units drives homelessness, deepens poverty, strains public services, and weakens the economy by limiting workforce mobility and long-term social stability. The OBBBA specifically targets this crisis with the new incentives and provisions to jumpstart development. According to DLP Capital, a private real estate investment company specializing in affordable housing development, the gap between qualified income and actual income has grown to 54.6% from -3.7% since 2021. DLP believes the new incentives will have a significant impact on the market. "The OBBBA may be the most pro-housing CRE legislation in a generation," says DLP's head of growth, Bo Parfet. The OBBBA includes a significant boost to the Low-Income Housing Tax Credit program, which is the nation's primary tool for creating affordable housing. Before the OBBBA, it operated with annual allocations that were subject to congressional approval and extension. While effective, this approach created uncertainty for long-term project planning and limited states' ability to address the housing shortage with consistent, predictable funding. The OBBBA provides a permanent 12% increase in the annual amount of 9% LIHTC allocations. Another provision created under the OBBBA is the Fast-Track Permitting Fund, which allows developers to pay a fee to expedite federal environmental reviews under the National Environmental Policy Act. This fund is particularly beneficial for low-income housing projects that rely on federal funding or tax-exempt bonds, as it helps reduce delays that often derail or inflate the development costs. By streamlining the approval process, the fund enables affordable housing projects to meet financing deadlines more easily, improve predictability, and bring much-needed units to market more quickly. The hope is that the Fast-Track Permitting Fund will put political and market pressure on states and cities to follow suit, further reducing bottlenecks. The lengthy permitting process is often a deal-killer for developers, and reducing the timeline to construction should improve investment returns. "Multifamily—especially workforce housing—is the clear winner. More deals will move forward, faster," says Parfet. In addition to adjustments to the Low-Income Housing Tax Credit program and the introduction of the Fast-Track Permitting Fund, changes to opportunity zones are also expected to fuel growth in affordable housing. The Qualified Opportunity Zone program, designed to incentivize long-term investments in low-income communities, was created with a sunset date of December 31, 2026, for capital gain deferral. The OBBBA makes the deferral feature permanent. It also introduces new 10-year designation periods for new zones, starting in 2027, and includes provisions for rural opportunity zones with enhanced benefits. The introduction of rural opportunity zones should help direct capital into underserved rural areas, potentially spurring new industrial and multifamily developments in these regions. Investors who may have been hesitant due to the previous program's limited lifespan will likely re-evaluate Qualified Opportunity Zone projects, leading to new capital flowing into underserved communities and regions. Ben Reinberg, CEO of real estate investment firm Alliance Consolidated Group of Companies, believes the new legislation will re-energize OZ investments. "For long-term investors looking to reduce exposure and amplify yield, OZs just became very relevant again," he says. Massive Incentives For Domestic Manufacturing The Trump administration has made domestic manufacturing a central focus, using tariffs to try to shift supply chains and incentivize production at home. The OBBBA complements that strategy, combining new tax incentives with the renewal of other programs to accelerate industrial development and attract capital back to U.S. soil. The biggest incentive in the bill targets Qualified Production Property. Before the OBBBA, nonresidential buildings, such as factories, were typically depreciated over a lengthy 39-year period. While equipment and other tangible personal property qualified for bonus depreciation, the buildings themselves did not. The OBBBA introduces a new, temporary provision that allows for a 100% immediate deduction of the cost of QPP. To qualify, construction must be completed before January 1, 2029, and the property must be placed in service before January 1, 2031. QPP excludes offices, administrative areas, lodging, and parking within the building. The ability to immediately deduct the cost of eligible manufacturing facilities provides a powerful tax incentive. The QPP provision should stimulate the construction of new factories, assembly plants, and processing facilities across the U.S., encouraging companies to reshore production from overseas or nearshore from other countries to the U.S. The growth of manufacturing facilities should lead to increased demand for other logistics assets such as distribution centers and warehousing. "The opportunity lies in overlooked industrial corridors, characterized by land availability, low regulation, and favorable tax structures," Reinberg notes. "Industrial CRE is the sleeping giant. This bill just woke it up." Permanent 100% bonus depreciation, which allowed businesses to deduct the full cost of eligible qualified property immediately, was also introduced in the OBBBA. The previous law had 100% bonus depreciation phasing down. For property placed in service in 2025, the rate was set at 40%, declining further in subsequent years. The phase-down created urgency for capital expenditures to take advantage of the higher deduction rates. Another positive provision for commercial real estate is the change to the deductibility of interest costs. The previous law restricted the deduction of business interest expense to 30% of adjusted taxable income and excluded the add-back of depreciation and amortization from the calculation, lowering the amount of deductible interest for capital-intensive businesses. The OBBBA permanently amends the calculation for the business interest expense limitation to include depreciation and amortization. By including these expenses in the determination of adjustable taxable income, real estate businesses will generally be able to deduct a larger portion of their business interest expense, increasing cash flow and improving the overall profitability of debt-financed projects. In a higher-interest-rate environment, this change makes borrowing more attractive. The Revival of Commercial Real Estate The OBBBA is undoubtedly positive for the commercial real estate market. By enhancing incentives such as 100% bonus depreciation, LIHTC, fast-track permitting, and opportunity zones, the OBBBA can provide clarity and predictability to investors and developers, ultimately helping to address the affordable housing problem. Meanwhile, the new Qualified Production Property deduction is expected to reinvigorate the industrial market and promote domestic manufacturing. The OBBBA is indeed beautiful, especially for commercial property.