is winter coming?media.mwcllc.com/events/ipt-presentation.pdf · is winter coming? avoiding the...
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Institute for Professionals in Taxation®
Alex LeathPartner
BradleyBirmingham, AL
Is Winter Coming?Avoiding the Game of Thrones Incentives Political Feeding Frenzy
Chris LloydSenior VP, Economic
Development
McGuireWoods ConsultingRichmond, VA
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November 12-15, 2019 Seattle, WA 2
Presentation Goals
• Understand the multiplying political and fiscal
threats to the use of incentives
• Why is this happening now?
• What strategies are being used to roll back
incentives
• How to insulate you and your firm from these
threats
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November 12-15, 2019 Seattle, WA 3
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November 12-15, 2019 Seattle, WA 4
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November 12-15, 2019 Seattle, WA 5
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November 12-15, 2019 Seattle, WA 6
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November 12-15, 2019 Seattle, WA 7
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November 12-15, 2019 Seattle, WA 8
“Illinois official calls incentives a form of cronyism”
“Incentives: PBS vs. GE”
“Florida program gives $423,000 incentive to cocaine dealer”
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November 12-15, 2019 Seattle, WA 9
“With its strong economy, does Idaho still need business incentives”
“Indianapolis’ wise move on tax incentives is only a start”
“Travis County Temporarily Stops Tax Break Incentive Program for Companies”
“Editorial: Enough with the corporate welfare. California can stop the tax-break arms race”
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November 12-15, 2019 Seattle, WA 10
“Jackson Hewitt lied on EDA incentive
application”
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November 12-15, 2019 Seattle, WA 11
New Incentives Requirements• Lobbyist registration
• Disclosure of fee arrangements
• Corporate officer certifications
• Enhanced corporate financial disclosure and background checks
• Payment and performance bonds
• Linking incentives to social justice goals
• Treating incentive recipients as government contractors
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November 12-15, 2019 Seattle, WA 12
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November 12-15, 2019 Seattle, WA 13
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November 12-15, 2019 Seattle, WA 14
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November 12-15, 2019 Seattle, WA 15
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November 12-15, 2019 Seattle, WA 16
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November 12-15, 2019 Seattle, WA 17
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November 12-15, 2019 Seattle, WA 18
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November 12-15, 2019 Seattle, WA 19
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November 12-15, 2019 Seattle, WA 20
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November 12-15, 2019 Seattle, WA 21
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November 12-15, 2019 Seattle, WA 22
Protecting You and Your Company• Understand legal requirements
• Incentives are a partnership, not just money
• Post-performance incentives
• Escrow accounts for incentive payments
• Demonstrate broader ROI to the community
• Ensure that HR/Real Estate are read in to the deal