Wells Fargo Joins $5.5M Settlement With Oregon Over Inflated Tax Break

December 15, 2023

Wells Fargo and subsidiaries of Sun Life Financial and investment firm P10 have agreed to pay a combined $5.5 million to settle a claim that they inflated the cost of community development projects in Oregon to boost their benefit from a state tax credit program.

The three were found to have been “vastly inflating” the cost of opening dental clinics in rural parts of the state so they could increase receipts from Oregon’s since-lapsed New Markets Tax Credit program, says Brian de Haan, Oregon senior assistant attorney general, who led an investigation into the firms.

New Orleans-based Enhanced Capital, which was acquired by P10 in 2020, is one of the nation’s three big CDEs that have played a dominant role in the state programs, according to Rutgers University public policy professor Julia Sass Rubin. The others are Advantage Capital of St. Louis and Baton Rouge-based Stonehenge Capital.

MarketWatch, December 15, 2023

Recent Posts

Heldrich Report: NJ’s Energy-Efficiency Workforce Needs

New Jersey's Energy-Efficiency Workforce Needs, Infrastructure, and Equity Assessment New Jersey Governor Phil Murphy’s Energy Master Plan and Executive Order 315 set a goal to reduce fossil fuel usage to 100% clean energy by 2035. The Executive Order also called for...

Shaul Picker Receives 2024 Mortensen-Voorhees Award

Shaul Picker is the 2024 recipient of the Mortensen-Voorhees Award for Achievement in Transportation Studies. This award is granted annually to the highest-achieving student with a concentration in transportation at the Edward J. Bloustein School of Urban Planning and...

NJSPL – Key Insights from Early Offshore Wind Implementation

By Jessica Parineet Offshore wind development is in its early stages in the United States, with just under one gigawatt (GW) of utility scale capacity constructed. State decarbonization goals have catalyzed industry progress thus far, however the Biden administration...

EJB Talks: Political Update with Stuart Shapiro and Amy Cobb

Analyzing Trump's Guilty Verdict and the 2024 Election Outlook Stuart Shapiro welcomes back Amy Cobb MPAP '18 for a political update in the final EJB Talks episode of the spring 2024 season. They discuss the potential consequences of Trump's guilty verdict for...

Racial composition of road users, traffic citations, and police stops

Significance This study pioneers in mapping the racial composition of roads. Our findings highlight a disproportionate rate of citations for moving violations among Black drivers through both speed camera enforcement but more so via police stops, challenging the...

Upcoming Events