From: | Lenny Siegel <lennysiegel@gmail.com> |
Date: | Fri, 8 Feb 2008 08:48:14 -0800 (PST) |
Reply: | cpeo-brownfields |
Subject: | [CPEO-BIF] Michigan "tax breaks blunted by ill economy" |
Brownfield tax breaks blunted by ill economy Incentives attractive to developers linger on properties no one wants in tough times. Louis Aguilar The Detroit News (MI) February 8, 2008 The widely used tax credit that Michigan and cities like Detroit are granting to spur development is now tied to a growing number of projects that have been delayed or even killed because of the slowing economy. The result is that tens of millions of dollars in so-called "brownfield" tax credits are stuck in a holding pattern, left to linger on the state's books for up to five or even 10 years before they expire. That trend could continue this year as the ongoing global credit crises clamps down on private financing, stalling more projects. "It's a situation that could increase, given the national economy," said Eric Lupher, director of local affairs for the Citizens Research Council of Michigan, a Lansing nonprofit that studies public policy. ... For the entire article, see http://www.detnews.com/apps/pbcs.dll/article?AID=/20080208/BIZ/802080361/1001 -- Lenny Siegel Executive Director, Center for Public Environmental Oversight a project of the Pacific Studies Center 278-A Hope St., Mountain View, CA 94041 Voice: 650/961-8918 or 650/969-1545 Fax: 650/961-8918 <lsiegel@cpeo.org> http://www.cpeo.org _______________________________________________ Brownfields mailing list Brownfields@lists.cpeo.org http://lists.cpeo.org/listinfo.cgi/brownfields-cpeo.org | |
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