Key point from yesterday’s Winston-Salem Journal article on Dell’s assertion that they can just slide on state tax credits:

Kenneth Lay, the state’s revenue secretary, said in an interview this week that, because Dell no longer meets the criteria used to determine the tax credits, the state can now require the company to repay the money. The method for the state to recoup the money is to adjust Dell’s future tax bills, including the tax return the company will file for 2009.

“For some of the credits, there are particular bars, and if you fall below the bar, then you’re no longer eligible for that credit,” Lay said in an interview. “So we would go back and adjust prior years’ returns based on the fact that they’re no longer eligible for that credit. It’s called a look-back.”

Meanwhile, big news at Tony Wilkins’ blog that the City of Greensboro is supplementing the hotel-motel tax — which supposedly would fund the aquatic center —- in order to pay debt service. Immediately my gut reaction is to ask what debt service?