Latest news with #TaxCredit
Int'l Business Times
08-08-2025
- Business
- Int'l Business Times
Exploring the Smart Money Incentive Behind Georgia's Film Boom: Chrissie Merrill's Insights On Film Tax Credits
Film tax credit, once an obscure policy in the tax landscape, has now found itself to be a touted and savvy cost-saving tax strategy. And in Georgia, this lucrative policy has been an effective catalyst in luring blockbuster productions, reshaping the state's economy, and creating high-paying jobs, essentially turning the region into a global contender for film and television work. At the helm of this transformation is State Tax Incentives and founder, Chrissie Merrill, who has leveraged her vast experience in film tax incentives to build a company that now represents global names. Over the last decade, Merrill has worked on both the buy and sell sides of the market, bridging the gap between production companies with credits to sell and corporate buyers seeking to lower their state tax bill. Chrissie Merrill, founder of State Tax Incentives What contributes to the buyers' appeal of the film Tax Credit is its absolute credibility. Merrill reveals these credits aren't abstract or high risk; they're issued and backed by state government, with oversight from departments of revenue. That level of regulation brings a layer of security uncommon in other tax strategies. She reaffirms how such veritable backing speaks volumes to its overall utility and benefits. "At the end of the day, it's a state-sponsored cost-saving strategy," she says. "It's safe, it's regulated, and it has a real impact on the economy." Georgia's film tax credit initiative, passed in 2008 , quickly became a model for other states. California , New Jersey , Kentucky , and more have since followed suit to stay competitive. Providing a 20% base transferable tax credit with an additional 10% uplift for the state's promotional value, the formula of the credit structure is straightforward: Attract productions, stimulate local spending, and generate long-term economic benefits— all while being the ideal vehicle to save Georgia taxpayers money. Apart from the safety and security attached to the incentive, Merrill points out that film tax credits are a stimulus for staggering economic activity. With competitive salaries for crew members and major film productions, the tax incentive indirectly pumps money into Georgia's local economy, in the restaurants, hotels, catering, transportation, and rental companies, to name a few. When Merrill entered the field in 2010, awareness was limited. Many CPAs and financial advisors weren't aware of film tax credits. Now, she's witnessed that many savvy firms consider film tax credit not just as an asset, but a requisite. But in smaller cities and across other states, she still sees an untapped opportunity. The credit's influence on production decisions, Merrill believes, is undeniable. "Hollywood isn't coming to Georgia for its weather, it's coming for the tax savings," she reveals. "If the credit went away, they'd go somewhere else. It's always about the bottom line." And it's this very bottom line that corporate buyers are paying attention to. Reducing a state tax bill delivers immediate financial value, and in the process, buyers help sustain a thriving economy that fuels thousands of jobs. Georgia's dominance in the film tax credit landscape now sparks a fierce competition. As other states race to enhance their own incentives, Georgia has tightened compliance measures to protect the incentives from being taken advantage of. And at the center of this operation has been State Tax Incentives. The company has been part of industry coalitions pushing for changes to speed up the audit process, which Merrill divulges is pivotal to keeping productions from moving to other states or countries. In practice, Merrill's role is part matchmaker, part safeguard. She connects buyers and sellers, holds escrow, ensures contracts are met, and facilitates transfers. "I'm like a realtor for tax credits," she says. "I bring the right parties together and make sure the deal is protective from start to finish." Merrill's journey also speaks to the value of persistence in a competitive field. As the sole leader of a female-led business in an otherwise male-dominated finance sector, she has built her company without the elaborate degrees, just hard work, trust, and a record of delivering. "You don't need the three letters to succeed," she says. "Just dedication to do what you say you're going to do." In a marketplace where every percentage point matters, film tax credits have proven they can deliver savings, stimulate economies, and keep states like Georgia at the forefront of the production map. For any business that understands how to use them, they're more than a tax strategy; they're smart money. And for State Tax Incentives, they're the future.
The Journal
08-08-2025
- Business
- The Journal
Local workers who have links to an area to be prioritised for cost rental units
TEACHERS, NURSES AND other key workers will have housing reserved for them in cost-rental developments to alleviate staff shortages in schools and hospitals. The Department of Housing is currently exploring 'options for the targeting of certain cost rental units for key local workers', Education Minister Helen McEntee confirmed. In response to Social Democrats housing spokesperson Rory Hearne, who questioned the minister about how the government plans to address housing-related issues when it comes to retaining key workers, such as teachers, the minister said that since early July, regulations were put in place around 'allocation plans' for cost rental homes. 'Allocation plans' Under the changes, there is now a new option to prioritise local workers who have a link to an area though residence, place of employment, or children's education. 'This will support people to live and work in their local area,' said McEntee. Advertisement Hearne told The Journal that there is a 'clear need for affordable housing for key workers', stating that aside from rental options, houses that are affordable for key workers must also be made available. 'The Government must commit to ensure that there is both cost rental and affordable purchase housing available for key workers such as nurses,' he said. 'Currently the lack of affordable housing for key workers from health to education to transport is impacting on the ability of the state to deliver key public services,' said Hearne. The government must seriously engage with the idea of ensuring key workers have access to affordable homes, he said. The minister said in the autumn, there will be opportunities 'to build on amendments made in last year's Housing (Miscellaneous Provisions) Act', which included new provisions related to the cost rental sector which are intended to improve access for certain cohorts, including those who may be categorised as key workers. The idea, was first floated by former Education Minister Norma Foley, in January of this year. Cost rental homes are aimed at people on middle incomes who may have difficulty paying the rent in private rented accommodation, but who don't meet the income criteria for social housing support. The eligibility for the units includes income thresholds. Related Reads Doubling Renters' Tax Credit will cost €160m - but it is a pre-election pledge by Micheál Martin Here's how much the government says tiny apartments will shave off the cost of construction €450m Exchequer boost to provide 3,000 cost rental, affordable and social homes The State-subsidised model gives long-term tenures at rents approximately 25% below local rates. However there have been criticisms that the rents under the model remain too expensive for many people. The education minister said the government is 'acutely aware' of the housing challenges faced by many sectors of society. She said the government recognises the need for additional cost rental homes, and the 'need to ensure key local workers can avail of these homes, including teachers, particularly in areas of high housing demand'. Other changes under consideration include provision for multiple-occupancy, which will mean friends and work colleagues can come together to access cost rental homes. The Department of Housing is understood to be currently developing the required legal and policy framework for these changes. The Government's new housing plan is due to be published in the new Dáil term. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
CBS News
07-08-2025
- Business
- CBS News
Student loan borrowers in Maryland eligible for up to $5,000 in relief
Marylanders with student loans can get up to $5,000 in relief by applying for the Student Loan Debt Relief Tax Credit for the 2025 tax season. Borrowers can apply for the tax credit through the Maryland Higher Education Commission through September 15. Most taxpayers who apply will get an average of $1,800, according to Director of Communications for the MHEC Kristin Clarkson. To be eligible, you must be a Maryland taxpayer who has incurred at least $20,000 in undergraduate and/or graduate student loan debt and have at least $5,000 in outstanding debt at the time of applying for the tax credit. The program has been around since 2017. A total of $9 million has been allocated by the Maryland General Assembly for the 2025 tax year, down from $17 million last year, according to Clarkson. Last year, about 85 percent of people who applied received some money, Clarkson said. Marylanders completing a program at a 4-year public institution come out with about $22,000 of debt, and at HBCU institutions, it's about $28,000, according to Clarkson. "Any little bit helps whenever you're paying down those student loans, especially with a lot of people coming back into repayment based on things that are happening on the Federal level," said Clarkson. "So, we are just here to make sure that people know about this credit and do what they can to try to benefit from it." You can apply for the Student Loan Debt Relief Tax Credit here. The application takes about 15-30 minutes to complete and closes on September 15, 2025. The Maryland Higher Education Commission will notify applicants who will receive funds by December 2025. If you do receive funds, you will have three years to show you've applied the money to your balance with your lender or be required to pay back the funds.
Yahoo
03-06-2025
- Business
- Yahoo
Redevelopment of Providence ‘Superman' building hinges on changing state tax credit program
The Superman building in downtown Providence has sat empty since 2013. State legislation headed to the Rhode Island Senate Wednesday would allow the owner to qualify for a sales tax waiver on construction materials. (Photo by Alexander Castro/Rhode Island Current) Compared with the $270 million-plus price tag to redevelop downtown Providence's most iconic skyscraper, a $4.6 million discount sounds inconsequential. Yet developers and city leaders championing the long-awaited rebirth of the vacant 'Superman' building as a mixed-income apartment building insist the small sales tax savings for construction materials is the 'missing piece' of the complex financing puzzle for the project. A state sales tax waiver would add to a bounty of public incentives already offered to help owner High Rock Development close financing gaps on the complex and increasingly costly project, which has risen by at least $50 million in the last three years. Proponents appear to have persuaded at least one chamber of the Rhode Island General Assembly, with the Senate Committee on Finance on Monday advancing legislation to the floor intended to support the request. The unanimous committee vote came within minutes, without discussion. The full Senate is scheduled to vote Wednesday afternoon on the legislation sponsored by Sen. Jake Bissaillon, a Providence Democrat. Senate President Valarie Lawson has already signaled support, touting its promotion of 'robust housing development across our state' in an emailed statement. Across the rotunda in the House, a companion bill by fellow Providence Democrat Raymond Hull remains held for further study following an initial April 3 hearing. But House Speaker K. Joseph Shekarchi indicated the proposed amendment to the state's Rebuild Rhode Island Tax Credit program is still on the table. 'This issue, should it be addressed, will likely be part of the budget discussions,' Shekarchi said in a statement. The legislation itself does not mention the 26-story Industrial National Bank Building by name, nor its location at 111 Westminster St. The single paragraph addition tweaks a 2016 law to specify that the $15 million per-project cap on an existing state tax credit program does not apply to exemptions on sales and use taxes. But the grand plan to revitalize the long vacant skyscraper with 285 rental units, 20% of which would be income-restricted, is the most obvious — and so far the only — example of a development project that meets the requirements set out in the legislation. Supporters for the proposal have made it clear that the Rebuild Rhode Island tax credit change is specifically meant to help Superman get off the ground. 'This legislation, together with existing programs at the local, state, and federal level, is the last piece of the puzzle towards getting this project back on the track to completion as was contemplated in 2022,' Nicholas Hemond, a lobbyist for High Rock, wrote in a letter to lawmakers. High Rock through a subsidiary known as High Rock Westminster bought the Art Deco building in 2008, according to city tax records. This legislation, together with existing programs at the local, state, and federal level, is the last piece of the puzzle towards getting this project back on the track to completion as was contemplated in 2022 – Nicholas Hemond, lobbyist for High Rock Development LLC, owner of the Superman building in downtown Providence His plea echoes the promises High Rock made to state and city lawmakers in 2022, securing $65 million worth of public financing, including $26 million from the state and $15 million from the city to cover an estimated $220 million redevelopment cost. But three years later, the former bank building still sits empty, though dozens of demolition, mechanical and electrical permits have been pulled, according to the city permit portal. Hemond in his letter cited inflationary pressures hiking costs for construction, which now stand at $270 million according to a fee calculation the owner submitted to the city in December 2024. High Rock has kicked in more cash, increasing its initial equity from $21 million to $52 million to cover initial construction, permit and architectural fees, and making sure the building is secured, Hemond wrote. Letting the property also apply for an exemption on sales taxes on construction materials, despite already receiving $15 million in Rebuild Rhode Island tax credits, would 'go a long way' to helping the project come to fruition, Hemond wrote. Providence Mayor Brett Smiley also backed the request, stressing the importance of reviving the vacant building for the city, and the state. And waiving the credit cap for sales tax exemptions, providing Rhode Island Commerce approves an application, doesn't require dipping into state coffers, a key concern of lawmakers amid a projected $185 million budget deficit. 'If this project were to never happen, the state wouldn't get that sales tax revenue anyway,' Smiley told lawmakers during the May 20 committee hearing on the bill. The proposal also received written support from The Providence Foundation, BuildRI, Rhode Island Commerce and the local chapter of the Laborers' International Union of North America. However, Neena Savage, state tax administrator, called for clarity in definitions of 'affordable housing' and 'workforce housing' in a letter to lawmakers. Savage also cautioned that the proposal may have 'unintended consequences, including fiscal impacts and uncertainties,' if the bill does not restrict sales and use tax exemptions to no more than 25% of total project costs, and keep tabs on total available funding in the state program. Changes unveiled just before the Senate Committee vote Monday afternoon address Savage's second concern, while also requiring that purchases for which sales taxes are waived must be made by June 30, 2028. Senate Finance Chairman Lou DiPalma in an interview said the deadline aims to protect taxpayers, noting the multiple delays that have plagued the Superman redevelopment. 'The longer this goes on, the higher the cost,' DiPalma, a Middletown Democrat said. 'We need to hold them accountable for taxpayer money.' Savage was not available to comment on the amended legislation. Bill Fischer, a spokesperson for High Rock, did not respond to inquiries for comment about the recent changes to the bill. Asked for details about the timing of the proposal, and other incentives needed to finish raising the money for the project, Fischer referred back to Hemond's written testimony to lawmakers. The lack of transparency was worrisome to Rep. David Morales, a Providence Democrat who opposed the original stack of public financing for the project in 2022. Morales was not as bothered by the sales tax exemption, noting it was not a direct taxpayer contribution. But he remained skeptical of the developer's promise to finally complete the project with this additional tax break. 'I am concerned this will not be the last time they come to us to ask for public subsidies,' Morales said in an interview. 'It still remains unclear whether this subsidy will get them off the ground.' He continued, 'For a project of this size, I'd like to think more homework would have been done ahead of time.' The Superman skyscraper got its nickname due to its resemblance to The Daily Planet newspaper building where Clark Kent worked in the 1950s TV show. The property has sat vacant since 2013, when Bank of America left. The property overlooking Kennedy Plaza was valued at $13.5 million in 2025, down $500,000 from the prior year's assessment, according to the city assessment database. A 30-year tax deal inked between the developer and the city of Providence in 2022 would save the developer $29.4 million in city property taxes over the next 30 years if the development is completed. The payment schedule assumes the regular payment of $500,000 in annual property taxes — undiscounted — through 2026, with discounts beginning in 2026 as the property value increases alongside its redevelopment. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
30-04-2025
- Business
- Yahoo
New budget deal to put money in pockets of working families in CNY
SYRACUSE, N.Y. (WSYR-TV) — Governor Kathy Hochul is celebrating a 2026 New York State Budget deal that will put thousands of dollars back into the pockets of Central New York families. According to Hochul, the first step is expanding New York's Child Tax Credit. This will include giving 67,000 families in Central New York an annual tax credit of up to $1,000 per child under the age of four, and up to $500 per child from four through 16. This is the largest expansion of New York's child tax credit in history. Hochul is also planning to cut taxes for more than 80% of all tax filers in Central New York and send the state's first-ever inflation refund checks. 'The cost of living is too damn high for Central New York families, so I promised to put more money in your pockets – and we got it done,' said Governor Hochul. 'Putting thousands of dollars back in the pockets of families means helping Central New Yorkers afford the rising costs of groceries, raising kids, and just enjoying life. When I said your family is my fight, I meant it – and I'll never stop fighting for you.' Hochul's goal is to help families of all sizes and income levels across Central New York. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
