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New Development Projects: The Reports of Demise Were Greatly Exaggerated

Numerous shopping center developers use a “layer-cake” of financing, including state and federal tax incentives to reduce the costs of debt and equity financing. The industry correctly saw that the market value of the credits would drop once the Jobs Act become effective. Such tax cut could undoubtedly impact the ability of developers to raise equity, certainly for new projects not yet placed in service.

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Politics aside, various regions and industries throughout the country were certain to be impacted differently by the Tax Cuts and Jobs Act of 2017 (the Jobs Act). Of the numerous provisions of the Jobs Act, perhaps the most publicized was the reduction in tax rates. Most significantly the corporate tax rate was cut from 35% to 21%.

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