The need for jobs and opportunities in the United States is more than evident, especially after the recession that hit a few years ago. The ramifications of that stressful era in recent history are still having a major impact on the United States. This is especially true when referring to some of the most distressed communities in the US. But there are some companies–with the help of tax credits–who are committed to reinvigorate American potential and the economy.
Understanding the New Markets Tax Credit
The New Markets Tax Credit (NMTC) program belongs to the BCC, and it is focused on investing in particular communities. The investments are usually related to economic development, which should also create more jobs in that area.
The NMTC program was definitely a hefty undertaking that would take real commitment, but it was absolutely necessary. A prosperous economy does rely on all Americans having more money. What BCC understands is that low-income creates desperation, meaning that people will spend less on things other than the bare necessities. Focused spending on just necessities does not drive the economy upward and diminishes the opportunity for small businesses to flourish.
The purpose of the NMTC program was to reverse this issue that seems to be crushing some communities in the United States
Impact that the New Markets Tax Credit Has Had
As of right now, the BCC has collected a total of seven NMTCs from the US Treasury. This means that the program has been able to allocate about 468 million dollars. Remember that this number only reflects a small number of NMTC, meaning that BCC is still capable of raising a lot more given the opportunity.
The number just mentioned has given BCC the opportunity to disperse about six of the allocations among 16 states across America. The negotiations have always been courteous and benefiting to both the state and the community that the BCC was attempting to help.
For example, states like West Virginia, Maine, California, Washington and Oregon were given the opportunity to start sustainable forestry projects. This is something that these states are hoping would give their communities an opportunity to work jobs that are eco-friendlier. Texas and North Dakota were both given money to invest in commercial real estate to attempt to revitalize a community that is going through hard times.
No one is saying that these tax credits are solving all of America’s problems, but at least a step in the right direction has been taken.
The white collar laws around the world help protect consumers from corruption, and those laws are often handled by a specialist law firm. This article covers a few items about white collar law that are important for the average consumer, and Sean Hecker at Debevoise & Plimpton LLP offers answers about how his firm helps clients. There are many reasons to address worldwide white collar laws, and a specialty lawyer is the only person who can help.
#1: White Collar Laws Affect Everyone
Consumers around the world see their prices rise, quality dip and products fall apart due to the breakage of international law. The law firm works with regulators who are searching for answers about certain companies, and the firm advises its own clients on laws that must be followed. Remaining on the right side of the law is important for every client at the firm, and the advising process takes time when many countries are involved.
#2: White Collar Laws Are Changing
White collar laws are altered by countries around the world every year, and the laws that are on the books today could be updated tomorrow. The firm is familiar with the laws on the books today, and the firm reads consistently on changes that could impact their clients. Clients are counting on the firm to understand changes to the law, and the firm sends alerts to clients who are in need of salient updates for their businesses.
#3: Why Are White Collar Laws Important?
White collar laws regulate the manner in which business is done, and every company must be aware of every little law that has to do with their profits and losses. Even the smallest infractions could lead to massive fines for a client, and the firm ensures that every client is operating properly. Small infractions may be settled outside of court for small fines, and the firm will step up to protect their clients when a reasonable effort has been made to comply with the law.
Business law is an interesting sector of the legal code that must be covered by specialists. A specialty firm such as Debevoise & Plimpton LLP allows clients the peace of mind needed when working internationally. The laws in every country are different, and a lawyer must be on retainer to ensure that the company is protected in the event of legal trouble. All corporate must be handled in like manner for everyone’s safety.
Maine is one of the vast untouched landscapes in America today, but the state is small enough to allow development every town. There are many new places where business may flourish, and the New Markets tax program helps businesses move to those communities safely. This article explains why jobs will be created using the tax credits, and there are many communities in the state that will see a surge in growth as a result of this program.
#1: What Do the Tax Credits Do?
A business that moves into a brand new market in Maine will receive tax credits from the state and federal government that pay for the overhead required to move. Each of these companies receives aid that helps them stay afloat, and jobs are created the moment every business opens. A city or town that wants to create jobs may do so easily, and many businesses may be invited to a new market.
#2: How Many Jobs May Be Created?
There is no limit to the number of jobs that may be created under the New Markets program. The federal government ensures that every new business is given a tax credit proportionate to the size of their business. Expansion is inevitable, and the companies that are working on expansion may see their tax credits extended. A tax credit that helps a business open this year may pay for that business to hire new staff the next year.
#3: How Does Maine Benefit?
Maine benefits from the New Markets program by creating commerce in parts of the state where it may have left. There are factories and other forms of commerce that may be long out of business, but new companies may move in to provide a new job source for every community. Small towns all across Maine will see their citizens receive new jobs, and the tax base for every community will improve. City services improve, education funding improves and the state will see more people moving to its beautiful shores.
The state of Maine is in need of companies to move into new markets, and the tax program offered by the federal government helps every new business create jobs. The tax credits offered by the state and federal government encourage businesses to move, and the jobs brought to every town improve the quality of life for everyone. The New Markets tax program is an ingenious way to improve commerce in Maine.
The city of DC was originally planned by Pierre Charles L’Enfant to be a new capital with wide, tree-lined streets reminiscent of Paris. DC is the political hub of the United States of America, and it’s ranked as a world-class city for several attributes such as; a thriving, diverse economy, outstanding educational institutions, abundant cultural attractions and magnificent museums. With a population of 6 million the Washington Metropolitan area is the seventh largest metropolitan area in the country. Governments regularly outsource several real estate jobs on contracts to cable companies. Several companies incuding Frank L. Haney usually take interest and take up these contracts from the government.
One such company is DTZ, which recently merged with Cushman & Wakefield. DTZ has served the Washington DC metropolitan commercial real estate market. They have received several accolades such as being singled out as the #1 Tenant Representation Firm and the #3 Property Management Firm by The National Law Journal & Legal Times. In the DC metro region alone they manage over 32 million square feet.
Jones Lang LaSalle (JLL) has a Government Investor Services (GIS) team that makes them the first provider for government real estate advisory services. JLL combines broad market experience and political tradecraft with major research and financial analysis. Their headquarters are in Washington, DC. On December 3rd, 2015, JLL announced that it had been selected to enroll the U.S Army’s Operations, Maintenance and Minor Construction Program.Being a partner in this U.S Army Medical Command (MEDCOM) and U.S Army Corps of Engineers Initiative, JLL received a multiple-award contract offering the ability to provide facilities management and healthcare advisory services to hospitals, clinics and research facilities throughout the U.S and Caribbean.
Arent Fox LLP located in 1717 K Street, NW, Washington DC. They assist and guide clients through the complex issues that can arise in public buildings consisting GSA leasing, bond finance and disposition of public assets and represent owners, developers, underwriters, credit enhancers, General Services Administration and state and local government.
Their services include:
Advising owners, developers and federal, state and local government on the disposition of government assets.
The acquiring surplus for this federal and municipal buildings and land for economic development opportunities.
Counselling concerning all government and political approvals required for the use and disposition of public buildings and grounds.
The fin of projects rents to the federal government, including under leases that are subject to termination for non-appropriation.
Counselling on BRAC and military housing privatization projects.
When a CEO leaves vacates his or her position in a company, it is not as easy as simply replacing an employee, due to the fact that they play such a pivotal role to the company. Because of this, there is a very thorough CEO recruiting process, which is focused and aimed at finding an individual that has a wealth of experience in the same field and appears to be able to fit into the position well. This is easier said than done, as a CEO makes huge decisions and typically has a certain way that they run the company. Every decision that they make affects the entire company, so it is very important to find a replacement that can come in and run the company in a similar fashion.
If a CEO happens to leave a company, you can bet that a head hunter will come into the picture, who has the job of going out and finding a replacement CEO. The majority of the time, these individuals that go out and find replacement CEO’s have a deep network of people that they can contact, as they are usually always on the lookout for top notch people to fill certain positions. Because of this, they likely have an idea of some people that may be able to fit the bill, so they will go out and find a host of people that may fit the company and will usually invite them for an interview. During the interview process, they will have to make the decision as to who would be the best fit for the role and in the end they offer the job to one of the candidates.
These people that go out and find successors for CEO positions, as well as various other top level positions in companies, can truly affect whether a company is successful in the future or not and in all reality, a lot of the company rests on their backs. Professionals like Dennis Carey of Korn/Ferry International are extremely well versed in CEO succession. If they happen to hire someone that comes in and does not do a good job, there is a good chance that the company could greatly suffer, or even crumble. For this reason, there is an incredibly lengthy interview process, although the bulk of the courting process for the position starts well before the interviews start, as the head hunter has the job of assessing people from a distance before approaching them for the job.
The Maine New Markets Capital Investment Program is modeled after the federal New Markets Tax Credit Program. The program is believed to attract investment capital to the communities who have low income. They do this by giving the investors an opportunity to get a state tax credit on the equity investments that they are able to make in the Community Development Entities which is known to many as CDE.
The funding for the program is done in cooperation with the Maine Revenue Services and the Maine Department of Economic and the Community Development. It is then administered by FAME.
For a CDE to be able to participate in this program, they should first be certified to be a qualified Community Development Entity. This should be done by the Secretary of the United States Treasury. It should also be a party to an already existing allocation agreement with the Department of Treasury’s Community Financial Institution Fund that is still in effect and not in any way subject to revocation or even cancellation. The agreement should have Maine in their service area. On top of this, the CDE should be able to give answers to four of the mandatory five questions positively.
However, there are some basic requirements that every CDE must meet for its eligibility to be approved.
First the CDE might seek an allocation of tax credit authority, reserving their tax credit eligibility for their later qualified equity investments. This can be done by filing allocation their applications with FAME.
The mandatory allocation for each CDE is $62,500,000. The allocation of the tax credit authority will only be useful for two years.
After getting the qualified equity investments in the approved allocation, and reinvested in the right active low-income community investment for use , the CDE should then file for a certification application from FAME giving the details in the transaction.
FAME is then supposed to review the application to ascertain if the eligibility of the certification for the program tax credits. It is approved, and then FAME will give notice to the CDE and even to the Maine Revenue Services for the persons qualified for the credits and amount thereof.
The individuals eligible for the tax credit might get refundable state income tax credits which could go up to 39% from their eligible investment, which might be taken on an increasing basis for over seven years.
When a CDE has qualified to be awarded the tax credit allocation authority should file their annual report with FAME.
Independent small businesses employ over fifty percent of all workers in the U.S., and local and county governments rely on the small businesses to provide jobs, grow the local economy and bring in vital tax revenue. Many of these businesses need investment capital to grow but are often overlooked by investment firms because these businesses are deemed to be too risky in part based on their location. To solve this problem, state and local officials created the Certified Capital Company Program, or CAPCO programs, to help bring in venture capital investments to underserved and overlooked businesses in certain areas.
Washington D.C. has its own CAPCO program that has the goal of increasing private capital investments in small businesses based in D.C. The CAPCO operates independently from the local D.C. government, and it is run and managed by venture capital firms who set the terms and investment criteria without the local government being involved in the investing decision. The law that establishes the CAPCO program in D.C. also does not set the terms and criteria for investment decisions. Insurance companies provide up to $50 million to fund the D.C. based CAPCOs. The CAPCOs then provide up to $50 million in loans and private equity investments to the local D.C. based businesses that meet certain requirements for the loan or investment. The local D.C. government then provides the insurance companies up to $50 million in tax credits.
One of the CAPCOs operating in D.C. is Enhanced Capital District Fund. It is a small business investment firm that focuses on lower middle market businesses that are growing. Founded in 1999, it participates in many public-private investing partnerships by providing loans, targeted investments, and tax credit financing. It is headquartered in New York City and has regional offices throughout the country including Washington D.C.
Alabama, Colorado, Florida, Louisiana, Missouri, New York, Texas and Wisconsin also have CAPCO programs. Many small businesses in these state plus Washington D.C. have benefited from this program by receiving vital investment capital they need to grow. As other states look to attract investments for the businesses in their state, they may want to look into the CAPCO program.
Tennessee voters find themselves in the position of questioning their state legislature competence as dysfunction and stagnation continue to bedevil representatives’ ability to perform even the simplest functions of governing.
As shared in the Tennessean by Frank Garrison, it appears as though Tennessee finds itself in something of a bind as lawmakers complicate the process of governing and legislating far beyond reasonable means.
After the passing and implementation of President Obama’s Affordable Care Act, Governor Bill Haslam had put a considerable amount of executive influence and effort into crafting an alternative that was more in line with his conservative leanings. This was intended to provide coverage for some 280,000 uninsured people the original Medicaid coverage–attached to the ACA expansion which would’ve had to have been approved by the governor–would have cared for.
After two years of drafting the law to make it ready for implementation, Insure Tennessee was ready to be made available to the public. This voucher program would allow for Tennesseans to to seek their coverage through their employer. This voucher program would seek to cover hundreds of thousands of citizens that mostly fill low-wage positions, and an approximate 24,000 who are also veterans.
In addition to this expanded coverage, Insure Tennessee also provides $1 billion in funding to state hospitals that are in disrepair and are not being looked after under the current purview of the Affordable Care Act. Also, economists from the University of Tennessee estimate that thousands of jobs could result from the implementation of this program.
After a special session, called by Haslam, Seven senators banded together to block the proposal through a display of impassioned speeches. And though some have argued that Haslam has the authority to move forward on his own, he has been steadfast in his opposition without moving forward until he’s given legislative approval.
It’s difficult to see why legislators would oppose the passing of Insure Tennessee. It runs on federal funds that have already been allocated for Medicaid expansion, meaning that state money would not be used to run the voucher program. In numbers run by the Governor’s office, the state would actually accrue $40 million in savings in the very first year, putting the state in a winning position from the outset.
These numbers would seem to be in agreement with the positions of state republicans, yet the proposal failed to be passed by a committee to be considered for the regular legislative session.
Lieutenant Governor Ron Ramsey, leader of the state legislature, has come forward with a swath of excuses an explanation to account for the failure of representatives to put Insure Tennessee up for a vote now that the bill is ready for implementation. However, there are calls from many for the Lieutenant Governor to place the proposal up for a vote, for which he still has time.
Deciding to practice law or earn a law degree is something that requires a lot of thought and commitment. There is a lot involved in getting into a good law school and ensuring you’re able to accomplish your goals and find employment after you get your degree. If you have considered the amount of work required to get a law degree and still want to go through the process then take a look at the following information and learn how to get into law school.
Get an Undergraduate Degree
Before applying for law school, complete your undergraduate degree. There is no specific major that is required by the American Bar Association in order to apply for law school, but there are certain courses that could increase your chances of getting into law school. A few majors that tend to result in a higher rate of acceptance into law school include journalism, philosophy, and economics. While earning your degree, it is also important to maintain a high GPA. Your grade point average will have a major impact on whether you get accepted into law school.
Participate in Extracurricular Activities
Extracurricular activities always look good on a college application. You should also get started with these activities as soon as possible. Colleges like to look at how long you have been involved in each activity and your level of participation; though, you should not spread yourself out too thin. This means that you should try to focus on just a few activities. Choose several activities that have meaning to you and devote free time to them without letting your grades suffer.
Create an LSAC Account
It is also a good idea to begin preparing for law school early. Create an LSAC account. This is an account for the Law School Admission Council, the group responsible for administering the LSAT (law school admissions test). With your account in place, you can browse various LSAT related resources and even purchase preparation materials to help you gain an understanding of the depth of the test.
You will also use this account to prepare for your law school applications. Your LSAC account will give you access to the Credential Assembly Service. You can use this service to keep track of all your accomplishments, activities, internships, and other credentials that you will add to your law school applications.
Take the LSAT When You Are Ready
After reviewing some of the training materials that you find through your LSAC account you should begin preparing for the LSAT. Start taking practice tests and studying for the exam. If you do not know anyone else that is studying for the exam you may be able to find training partners online. Additionally, you will find a whole host of online resources to help you prepare. The LSAT is only offered 4 times a year, so when you believe that you are fully prepared for the exam, register to take the test. Once you have passed the LSAT, and you are nearly finished with your undergraduate degree, it is time to begin applying to law schools.
Take your time when finding law schools to apply to. Examine as much about each school as possible. Find out what their requirements are, how many new enrollees they accept each year, the price of tuition, and other factors. Carefully evaluate each school and narrow your list down to half a dozen schools. Send out your applications as you would any other college and remember to use your resources from your LSAC account to help ensure you include all your activities and other relevant information.
Getting into law school requires a lot of hard work, studying, and the passing of the LSAT. If you truly want to get involved in law then stick with your studies and continue learning as much as possible as you ready yourself for the LSAT. If you have any additional questions or concerns about applying for law school, feel free to send us a message.