South Carolina legislator considers that Bill fund capital companies Certified
Dir Jim Hodges, and almost one third of the General Assembly have their names behind a bill that critics say $ 100 million to state taxpayers’ money Pad pockets of a new type of undertaking ‘ investment.
In the midst of a crisis of public finances, the bill would spawn tax burden of companies known as certified capital companies or Capcos.
Proponents say Capcos that investing in promising young companies, are a means of financing the High-Tech industry in the state.
But critics say the only clear winners are the Capcos and insurance companies could reduce their taxes by investing in Capcos.
Capco programs have been increased to $ 1.65 billion of tax credits from seven countries in the last 15 years. The area is marked by four companies, who reap millions of dollars with each new State with which they operate.
In South Carolina, which are financial return Capcos that a bill would divert $ 100 million of public funds to teach their businesses.
Insurance is a tax credit of up to $ 100 million on investments in Capcos. The Capcos, which would invest in small technology companies.
In Bill SC, Capcos would be 25 million dollars over 10 years for investment management. After putting $ 100 million in small high-tech firms, they could also accessible on foot with the value of their investments.
Insurance companies have reduced their state taxes up to $ 100 million over the next 10 years in exchange for investment in Capcos. Insurers were also the first $ 100 million to invest Capcos.
Capco programs have severely criticized in some countries.
Officials in Louisiana and Missouri, the first two countries to the establishment of Capcos, South Carolina warned not to follow in their footsteps.
“If you want something, look what we have and do the exact opposite,” said Mike Williams of the Louisiana Department of Economic Development.
In South Carolina, Capco program tight Dwight Drake, one of the most powerful lobbyists State. Drake works for the four major Capcos - Advanced Capital, Enhanced Capital, Newtek Capital and Stonehenge.
These four companies represent approximately 80 per cent of 1.65 billion Capco industry, Louisiana, Missouri, New York, Florida, Wisconsin and Colorado.
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