Stronger Bonds

In this episode, Emily Luther and Ray Jones explore the complex world of nonprofit organizations, highlighting their roles, benefits, and regulatory considerations. Whether you're involved in government, development, or finance, understanding how nonprofits operate can unlock strategic advantages and ensure compliance.

Nonprofit versus tax-exempt:

• IRS, applying for tax-exempt status and how it differs from simply being a nonprofit
• South Carolina Nonprofit Corporation Act (governance, bylaws, no private benefit), S.C. Code Title 33, Chapter 31
• IRS Form 990 overview

Nonprofits in financing:

• South Carolina Jobs-Economic Development Authority (JEDA), the state’s conduit
• Qualified 501(c)(3) bonds (how a charitable borrower reaches tax-exempt financing), IRC § 145

Parker Poe - Government & Municipalities

Emily Luther

Ray Jones

Do you have a question, a topic idea, or a request? Please email us at [email protected].

Stronger Bonds is recorded and produced by Robby Woodard.

Unlock the hidden power behind South Carolina’s most versatile economic development tool...its "Swiss Army Knife" of incentives. 

While most developers and policymakers are familiar with property tax credits, few understand how this broad-ranging instrument can reshape development and funding strategies. In this episode of Stronger Bonds, Ray and Emily peel back the layers of the Special Source Revenue Credit (SSRC), revealing how it’s evolved from a cumbersome bond-based mechanism into a streamlined, flexible credit system that can accelerate growth in every corner of the state.

The Basics:

• South Carolina fee in lieu of tax (FILOT) overview, SC Department of Revenue: dor.sc.gov
• Multi-county industrial and business parks: S.C. Const. art. VIII, § 13(D)
• Special source revenue credit authority: S.C. Code §§ 4-29-68, 4-1-175, 12-44-70

Where we are seeing it:

• South Carolina Public Interest Foundation v. City of Columbia (Ct. App. 2020), student housing in a business park upheld
• Charleston County economic development incentives and multi-county park/housing fund use

The threat and the frontier:

• Proposed legislation to subject these credits or park revenue to school district approval (introduced last session; did not advance; verify current status)
• Transferable, monetizable credit concept: Parker Poe SCACA treatise, The Evolution of the Special Source Revenue Credit

Parker Poe - Government & Municipalities

Emily Luther

Ray Jones

Do you have a question, a topic idea, or a request? Please email us at [email protected].

Stronger Bonds is recorded and produced by Robby Woodard.

In this episode of Stronger Bonds, Ray & Emily demystify tax credits in development projects, explaining how they work, their policy goals, and their impact on revitalization efforts like historic buildings and mill redevelopments. They discuss practical examples from South Carolina and the marketplace for buying and selling these credits.

• Featured projects:
  • Judson Mill District (Greenville): https://judsonmilldistrict.com/
  • The Cigar Factory (Charleston): Wikipedia
  • BullStreet District / Babcock Building / Midtown at BullStreet (Columbia): https://bullstreetsc.com/
• South Carolina credit resources – the basics:
  • SCDAH – Income-producing Historic Rehabilitation Tax Incentives: scdah.sc.gov
  • SC DOR – SC Textiles Communities Revitalization Act: dor.sc.gov
  • SC DOR – Rehabilitation Credits for Historic Structures: dor.sc.gov
  • SC Housing Finance and Development Authority (LIHTC allocation): schousing.sc.gov
  • Municipal Association of SC – Abandoned Buildings overview: masc.sc
• Federal credits – quick references:
  • National Park Service – Federal Historic Preservation Tax Incentives: nps.gov
  • CDFI Fund – New Markets Tax Credit Program: cdfifund.gov
  • HUD – Low-Income Housing Tax Credit overview: huduser.gov
• How tax credits get monetized – marketplaces and funds:
  • Tax Credit Marketplace (TCM): https://taxcreditmp.com — SC-based marketplace, founded 2013, has monetized $100M+ in SC credits.
  • Matt Zackon (Chief Strategy Officer, TCM – Columbia): TCM team page
• Parker Poe alert referenced in this episode:
  • Parker Poe – Madison Felder & Richard Few, South Carolina Department of Revenue Issues Taxpayer-Friendly Ruling Updating Guidance on Textile Tax Credits (Feb. 17, 2025): parkerpoe.com

Parker Poe - Government & Municipalities

Emily Luther

Ray Jones

Do you have a question, a topic idea, or a request? Please email us at [email protected].

Stronger Bonds is recorded and produced by Robby Woodard.

Explore the critical role of water and sewer infrastructure in community development, public health, and environmental sustainability. Jay Nicholson, General Manager and CEO of the Joint Municipal Water and Sewer Commission, joins Ray Jones and Emily Luther to share insights on infrastructure challenges, growth management, and the importance of public awareness.

Jay Nicholson serves as General Manager and Chief Executive Officer of the Joint Municipal Water and Sewer Commission (JMWSC), headquartered in Lexington, South Carolina. JMWSC was formed in October 1992 under the Joint Municipal Water Systems Act with four founding members—the County of Lexington, the City of Cayce, the Town of Pelion and the Town of Swansea—and has since grown to serve eleven member jurisdictions across Lexington County, including the City of West Columbia, the Town of Batesburg-Leesville, the Town of Springdale, the Town of Gaston, the Gilbert-Summit Rural Water District, the Town of Lexington and the Town of South Congaree. The system has quadrupled in size since the 1990s.

Jay holds a Bachelor of Science degree from Presbyterian College. Before joining JMWSC, he served as Utilities Director for the Town of Chapin. He worked his way up at JMWSC over the course of his career—starting as an Engineering and Construction Technician, then progressing to Manager of Operations, before being named General Manager and CEO. Under Jay’s leadership, JMWSC has executed major regional initiatives, including the Batesburg-Leesville Water System Expansion Project (a 40,000-foot pipeline addressing a long-standing state Consent Order) and a 40-year water and sewer service agreement with the Town of Swansea announced in late 2025/early 2026. 

Jay is a past President of the Water Environment Association of South Carolina (WEASC) and was inducted into the 5S—the Select Society of Sanitary Sludge Shovelers—an honorary recognition for outstanding service to WEASC and the broader water environment profession.

LinkedIn - https://www.linkedin.com/in/jay-nicholson-87388019/

Joint Municipal Water and Sewer Commission - https://www.lcjmwsc.com/

Water Plant Diagram

Parker Poe - Government & Municipalities

Emily Luther

Ray Jones

Do you have a question, a topic idea, or a request? Please email us at [email protected].

Stronger Bonds is recorded and produced by Robby Woodard.

On this special episode of Stronger Bonds, the team takes the stage live from the 2026 South Carolina Government Finance Officers Association (SC GFOA) Conference. In front of an audience of public finance leaders and professionals from across the state, the conversation dives into the power of relationships, leadership, communication, and collaboration in local government.

From real-world challenges to meaningful success stories, this live session highlights how stronger connections create stronger communities. Whether you attended the conference or are tuning in afterward, this episode offers practical insights, authentic conversations, and plenty of takeaways for anyone working to build trust and impact within their organization.

https://gfoasc.org/

Parker Poe - Government & Municipalities

Emily Luther

Ray Jones

Do you have a question, a topic idea, or a request? Please email us at [email protected].

Stronger Bonds is recorded and produced by Robby Woodard.

This episode, Emily & Ray are joined by Jeff Shacker — a new member on the Parker Poe Consulting team — to explore how local governments can effectively navigate private development proposals, emphasizing due diligence, strategic planning, and managing expectations to foster successful public-private partnerships.

Parker Poe - Government & Municipalities

Emily Luther

Ray Jones

Do you have a question, a topic idea, or a request? Please email us at [email protected].

Stronger Bonds is recorded and produced by Robby Woodard.

This episode explores the complex relationship between government investments in affordable housing and the associated public costs, focusing on property tax exemptions in South Carolina and North Carolina. We discuss the role of nonprofits, legislative changes, and the ongoing debate about ensuring effective and compliant affordable housing initiatives.

Listen to our previous episode on Affordable Housing 

Parker Poe - Government & Municipalities

Emily Luther

Ray Jones

Do you have a question, a topic idea, or a request? Please email us at [email protected].

Stronger Bonds is recorded and produced by Robby Woodard.

In this episode of Stronger Bonds, hosts Ray Jones and Emily Luther delve into the complexities of Installment Purchase Revenue Bonds (IPRBs), a flexible financing tool for local governments. They discuss the mechanics of IPRBs, the role of nonprofits in facilitating these bonds, and the impact of recent legislative changes on their use. The conversation highlights the benefits and challenges of IPRBs, emphasizing their importance in funding essential community projects while navigating the intricacies of local government financing.

Key Topics:

• The critical difference between IPRBs and general obligation debt, and why nonprofits are central to this process
• How local governments can use revenue sources beyond property taxes—like development fees, hospitality taxes, and even infrastructure impact fees—to make installment payments
• The market’s view of IPRBs, their cost relative to traditional bonds, and why they aren’t just "cheaper" or a loophole
• Legislative tweaks: what recent bills could mean for this flexible financing tool and your community’s growth plans
• Real-world examples of cities using IPRBs for projects that serve development, all while preserving borrowing capacity for emergencies and essential infrastructure

Link to Senate Bill 891: https://www.scstatehouse.gov/sess126_2025-2026/bills/891.htm

Parker Poe - Government & Municipalities

Emily Luther

Ray Jones

Do you have a question, a topic idea, or a request? Please email us at [email protected].

Stronger Bonds is recorded and produced by Robby Woodard.

Most local governments spend millions on fire trucks and police cars—yet many citizens have no idea just how much these essential services really cost. In this eye-opening episode of Stronger Bonds, Ray Jones and Emily Luther peel back the curtain on the true price of public safety and municipal expenses, revealing costs that have doubled since 2020 and explaining why your tax dollars are more vital—and expensive—than ever.

If you've ever wondered why local taxes keep inching upward or how governments juggle rising costs with limited revenue, this is your go-to episode. 

This episode is perfect for elected officials, public servants, and engaged citizens alike— anyone wanting a behind-the-scenes look at how local governments stretch limited funds to serve their communities. Recognize the complexities behind those tax bills and walk away with a new appreciation for the hard decisions (and high costs) involved in keeping your town safe and thriving.

Whether you're attending a city council meeting, managing a municipal project, or simply curious about why local taxes keep rising, this episode will equip you with insights to navigate the delicate dance of budgeting, inflation, and public service. It’s a conversation you can’t afford to miss.

https://greenvillejournal.com/news/explainer-how-municipalities-develop-budgets-
pay-for-operations/

Parker Poe - Government & Municipalities

Emily Luther

Ray Jones

Do you have a question, a topic idea, or a request? Please email us at [email protected].

Stronger Bonds is recorded and produced by Robby Woodard.

Welcome to a very special episode of Stronger Bonds, where we’re pulling back the curtain and inviting you behind the scenes with the entire Columbia Bond team. For our end-of-season episode, Emily and Ray are joined in the studio by colleagues Emily Zackon and Ryan Romano for the first time, making this a true team affair.

In this candid and lighthearted conversation, you’ll get to know the voices you may have only heard about in passing—the “other Emily” (Emily Zackon), a dedicated bond attorney and mom of two, and Ryan Romano, whose journey brought him from Georgia to Columbia and into the specialized world of government finance law. Together, the team reflects on their favorite moments and challenging deals from the past year, shares unexpected twists—both in the legal world and at the lunch counter—and even recounts some of their funniest and goofiest experiences, like a memorable hypnotist conference and office snack mishaps.

But it’s not all laughs; there’s thoughtful reflection on professional growth, team traditions, and what’s coming up for 2026—including their hopes for more efficient workflows, more technical mini-episodes, and maybe even Stronger Bonds swag.

Whether you’re a longtime listener, a fellow practitioner, or just curious about the real life of bond lawyers, this episode is full of stories, gratitude, and a look ahead—with a few surprises along the way. Join us as the Columbia Bond team closes out 2025 and sets the stage for what’s next.

Parker Poe - Government & Municipalities

Emily Luther

Ray Jones

Emily Zackon

Ryan Romano

Parker Poe - Government & Municipalities

Emily Luther

Ray Jones

Do you have a question, a topic idea, or a request? Please email us at [email protected].

Stronger Bonds is recorded and produced by Robby Woodard.