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New Development Projects: The Reports of Demise Were Greatly Exaggerated
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%.
While many groups applauded the cut, the shopping center industry had immediate reasons to be concerned. 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.
Opportunity Zones
Perhaps intentionally, Congress added a new, and initially little noticed, program by which the shopping center industry could find a supplemental source of equity. Known popularly as “Opportunity Zones,” the Jobs Act authorized each state to designate census tracts within distressed communities where the median family income does not exceed 80% of state median income or which have at least 20% poverty rate. Presumably, there will be a great deal of overlap among Opportunity Zones and neighborhoods where redevelopment projects can be undertaken with various state and municipal tax incentives.
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