South Carolina Approves $115 Million

[TherapyTime]

5 minutes ago, TheSpecialJuan said:

I never realized how happy a man can be giving away money that isn't his to a billionaire that doesn't need it.

Like his kid just caught the winning pass, or he was just acquitted for misappropriating funds.. 

Really, no poo, he looks absolutely stoked!  

[ellis]

[Seltzer]

You got to give it to Tepper... somehow he has turned a situation where politicians are committing their constituents to subsidize a multi-million dollar enterprise owned by a multi-billionaire into something that seems like he is the one being magnanimous.

Happy for SC and yet still glad it's not my tax money... Go Panthers!

[TheCandyMan]

10 hours ago, La Pantera said:

State income tax. Applies to players and staff, as long as the money given is used on the new facility.

 

 

 

Interesting.  I assumed the tax breaks would be to the organization in the form of breaks on corporate income taxes, not the individual employees.  It would seem if that money had to go back into the facility it would still be withheld from the employee.  It would be a raise to the employee otherwise, wouldn't it?

[TheCandyMan]

8 minutes ago, Seltzer said:

You got to give it to Tepper... somehow he has turned a situation where politicians are committing their constituents to subsidize a multi-million dollar enterprise owned by a multi-billionaire into something that seems like he is the one being magnanimous.

Happy for SC and yet still glad it's not my tax money... Go Panthers!

So maybe I'm being optimistic here, but I'll be living about 5 minutes away from the new complex.  With everything they are planning; shops, restaurants, hotels with conference centers, etc., there will be state and local taxes on those transactions, and if the facility gets used for tournaments and other sporting events, people traveling in for those events will need food, lodging, gas, and merch to help offset that and bring money to the local economy.  Will SC and Rock Hill pull in more than the 115 mil tax break?  Could be a stretch, but as a SC tax payer, I'm looking at it as more of a long-term investment.  Sometimes investments work, sometimes they dont.  At least I'll get a new exit option so I don't have to hit the stop lights on Dave Lyle during rush hour, haha. 

[blackcat]

8 hours ago, TheCandyMan said:

So maybe I'm being optimistic here, but I'll be living about 5 minutes away from the new complex.  With everything they are planning; shops, restaurants, hotels with conference centers, etc., there will be state and local taxes on those transactions, and if the facility gets used for tournaments and other sporting events, people traveling in for those events will need food, lodging, gas, and merch to help offset that and bring money to the local economy.  Will SC and Rock Hill pull in more than the 115 mil tax break?  Could be a stretch, but as a SC tax payer, I'm looking at it as more of a long-term investment.  Sometimes investments work, sometimes they dont.  At least I'll get a new exit option so I don't have to hit the stop lights on Dave Lyle during rush hour, haha. 

I'm in the same boat.  I live minutes from the site and see it generating a lot of income for RH and SC.  Just look at Manchester Park/Cherry Park every weekend.  This is going to add to that. 

[45catfan]

For those who keep saying the taxpayers are directly paying are incorrect.  The money is a tax break in the form of would-be payroll taxes that the Panthers should have to pay.  So It's not a check that the State of South Carolina is writing to the Panthers, it's just lost revenue on what would be NEW taxable income.  So if the Panthers decided to stay in Charlotte, those payroll taxes would have never have been a factor in the first place.

If Tepper is correct and Hotels (hospitality tax) plus events are held at the complex, $115 million in lost tax revenue can be made up in a few years.

[45catfan]

They were probably weary the way the "new" Coliseum off Tyvola Rd was pissed away and then several years later forced the tax payers to build another new arena downtown.   Charlotte taxpayers are already burdened enough with footing these professional sports bills and I think that's a road Charlotte council probably didn't want to go down.  Secondly, I'm pretty sure they thought Tepper was bluffing simply to get a tax break.  Turns out it wasn't a bluff.

[ellis]

Preparations underway for Carolina’s 25th annual—and likely final—trip to Wofford.

 

[TherapyTime]

1 hour ago, ellis said:

Preparations underway for Carolina’s 25th annual—and likely final—trip to Wofford.

 

I went to the first camp and only missed 2 seasons.

 

I'll miss Wofford (and Wades)..

[ellis]

Just had me a fried chicken plate at Wades for lunch. Good stuff. 

#healthnut