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Up to $750 Million Available Through Second Regional Economic Development Council Competition: May-07-2012 — Governor Cuomo has announced that up to $750 million in state funding and tax incentives will be awarded through the second round of the Regional Economic Development Council competition. The funding for the second round includes $220 million to implement regional strategic plans and support priority projects ($150 million in capital and $70 million in tax credits) and up to $530 million from the various other state agency programs funded through the Consolidated Funding Application ("CFA"). More...
FATCA Reporting Requirements Apply to Interests in Foreign Benefit Plans: Apr-05-2012 — FATCA, the Foreign Account Tax Compliance Act, requires U.S. taxpayers who hold more than $50,000 of foreign financial assets to report those assets to the IRS with their tax returns, beginning with returns due on April 17, 2012. More...
Buffalo Niagara Region in the Middle of the Pack in a Brookings Institution Export Study: Mar-28-2012 — The Brookings Institution in Washington, D.C., has completed a study on the nation’s foreign exports, which stresses the importance of exports to the regional and domestic economy. More...
Complete Streets Coalition Organizes One-Day Summit – Thursday, April 19th: Mar-28-2012 — The Complete Streets Coalition is presenting a forum for the discussion of the importance of implementing Complete Streets policies in the Buffalo Niagara region. More...
The New York State Solar Jobs Coalition Urges Acceleration of Growth in NY's Solar Industry: Mar-28-2012 — The New York Solar Jobs Coalition is calling on New York State to take steps to reach 5,000 megawatts of installed solar power. New York State currently has 60 megawatts of solar capacity in comparison to California, More...
Grants Available for Seneca Buffalo Creek Casino Area: Mar-12-2012 — Seneca Gaming Corp. has made $1 million available for community development grants to be awarded to applying casino neighbors, nearby developers, residents and businesses for use on neighborhood beautification projects. More...
New York Takes Aim At Nonprofit Executive Compensation: Mar-12-2012 — Recently, New York Governor Andrew Cuomo and Attorney General Eric Schneiderman have separately announced proposals that may significantly impact executive compensation practices of New York nonprofits. Other important changes, intended to improve nonprofits' governance practices and reduce regulatory and cash flow burdens, have also been proposed. More...
Niagara County's Economic Development Staff Outline Strategy for the Year: Mar-06-2012 — Niagara County's Economic Development staff has detailed its initiatives for the year. Included in the 2012 Economic Development Report and in the staff's initiatives are efforts concerning the following: More...
The U.S. Treasury announces the award of $3.5 billion in New Markets Tax Credits (NMTCs): Mar-05-2012 — The U.S. Treasury announced the award of $3.5 billion in New Markets Tax Credits (NMTCs) to financial institutions across the country. Under the NMTC Program, it is possible for a project to obtain a loan at a below market rate of interest, or to obtain the equivalent of an equity subsidy of approximately 15%-20% of total project cost. More...
State Expands Initiatives for Minority- and Women-Owned Businesses: Feb-27-2012 — State officials have announced the creation of the New York State Surety Bond Assistance Program, which will help minority- and women-owned businesses secure bonds and state contracts by providing them with credit through a revolving loan fund. More...
Southern Tier Regional Economic Development Council Seeks Transformational Projects for Next Consolidated Funding Application Round: Feb-27-2012 — The Southern Tier Regional Economic Development Council was awarded $49.4 million during the last funding round, the smallest amount given to any of the regional councils. More...
June 30, 2011 Deadline for Cafeteria Plan (FSA) Amendments: Jun-14-2011 — The health care reform law passed last year provides that certain employer health plans, including health flexible spending arrangements (FSAs) and health reimbursement arrangements (HRAs) cannot reimburse expenses incurred for over-the-counter drugs unless they are prescribed by a physician or are insulin. Employers who sponsor FSAs may need to amend their plans by June 30, 2011 to comply with this new restriction. More...
Court of Appeals Decision Opens New Opportunities for the NYS Brownfield Cl: Jul-27-2010 — Eligibility into the tax credit-rich Brownfield Cleanup Program (BCP) has been eased by the New York State Department of Environmental Conservation (NYSDEC) due to a recent New York Court of Appeals decision in LighthousePointe Property Assoc. v. NYSDEC, 14 NY3d 161 (2010). If a site exceeds cleanup standards, it appears that the site is now eligible for inclusion into the program. This ease of eligibility returns the BCP to its earlier days, when NYSDEC was eager to get sites into the Pro More...
IRS Guidance on the Small Business Health Care Tax Credit: Jun-03-2010 — The new health care reform law provides a valuable tax credit to some small employers that provide health insurance coverage to their employees. The credit is available beginning this year to employers that pay at least half the cost of their employees' h More...
HIRE Act Provides Tax Breaks for Hiring and Retaining Unemployed Workers: Apr-06-2010 — In a renewed attempt to encourage new employment and stimulate the economy, Congress recently passed the Hiring Incentives to Restore Employment Act ("the HIRE Act"), which President Obama signed into law on March 18, 2010. Under the HIRE Act, a partial payroll tax "holiday" is available to qualified employers that hire unemployed workers, and a business tax credit is available if the employer retains such employees for at least a year. Companies that intend to hire new employees during the rema More...
Desperate for Dollars - New York State Announces Taxpayer Amnesty Program: Feb-10-2010 — New York's annual multi-billion dollar tax gap - the difference between taxes owed and taxes collected - has led the State to increase enforcement and encourage payment and compliance through its tax incentive programs. The Penalty and Interest Discount Program ("PAID") and the Voluntary Disclosure and Compliance Program are currently available for delinquent taxpayers, but time is of the essence with PAID. More...
U.S. Treasury Awards $5 Billion To Subsidize Projects Under The New Markets: Nov-23-2009 — On October 30, 2009, Treasury Secretary Timothy Geithner announced that the federal government has made $5 billion in financing available to subsidize business and real estate projects under the New Markets Tax Credit Program. The New Markets Tax Credit (NMTC) program was enacted in 2000 as part of the Community Renewal Tax Relief Act of that year. Intended to address the lack of investment capital available for business and economic development in low income communities, the NMTC program w More...

Articles

New incentives make historic renovation more attractive: Oct-19-2009 — In 2006, New York became the 28th state in the nation to enact a tax incentive to encourage the rehabilitation of historic commercial and residential properties in rundown and abandoned areas. However, limitations imposed by the initial legislation restricted the ability of the incentive to deliver on its promise - the economic and community revitalization of these neighborhoods. More...
Business First Article - Developers Tap eco-incentives: Jun-17-2009 — Cazenovia Recovery Systems Article - Raymond Reichert & Christopher Ollinick quoted regarding eco-friendly construction and installations benefitting low-income housing projects. More...