Author name: Mike Dietterick

Partner UI News: Michigan Taxable Wage Base for 2015 Updated

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Barnett Associates, a key strategic Walton partner and expert in Unemployment Cost Control provides update regarding Michigan taxable wage base for 2015.

Beginning with the third quarter of 2015, the Taxable Wage Base (TWB) — the maximum annual wage on which an employer must pay unemployment taxes — will be lowered from the current rate of $9,500 to $9,000. This means that non-delinquent contributing employers will pay less in unemployment taxes for the upcoming quarters.

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WOTC Extension Bill Passes Senate Finance Committee

Leave a Comment / Work Opportunity Tax Credits /

The Senate Finance Committee overwhelmingly approved a tax extenders bill with a vote of 23-3. In order to enhance passage, only a few amendments were allowed. None affected a number of significant changes to certain tax credit programs in the original bill.

The bill reauthorizes the Work Opportunity Tax Credit (WOTC) program for a 2 year period: retroactively from January 1, 2015 through December 31, 2016. The VOW to Hire Heroes Act tax credits for hiring post 9/11 disabled and other veterans also were extended for the same period as were the Empowerment Zone designations, EZ tax credits, and Employment Tax Credit (EITC).

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California Film and Television Tax Credit Program — Sales and Use Tax Liability

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Significant changes have been made to the California Film and Television Tax Credit Program, which allows qualified taxpayers a tax credit against income and/or sales and use tax liabilities based on expenditures for film and television shows produced in California. Under A1839, not only has a new ranking system replaced the current lottery system as

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New Alabama Jobs Act

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The Alabama Jobs Act provides incentives to businesses for projects that create new jobs and whose predominant activity involves chemical manufacturing, data centers, engineering, design, research, or metal/machining technology, or for businesses that create jobs and have a base workforce of at least 50 new employees for all other projects. Unless the program is extended or expanded, project agreements must have been executed on or prior to December 31, 2019, with an aggregate balance of outstanding incentives not to exceed $850 million.

Companies may claim either or both of the following:

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Wisconsin Allows Tax Credits to Expire

Leave a Comment / Tax Credits /

Several Wisconsin tax credits expired for taxable years beginning on or after January 1, 2014. While no new credits may be computed, according to the Wisconsin Department of Revenue unused nonrefundable credits computed prior to the expiration date may be carried forward subject to the carryforward limitations of each credit. 

The following tax credits have expired for taxable years beginning on or after January 1, 2014:

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California Competes Tax Credit Application Period Open

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Applications are now being accepted for the California Competes Tax Credit. The California Competes Tax Credit provides an income or franchise tax credit to businesses that relocate to California or expand within California. The proposed business venture, investment, or expansion in California is the basis for award of the California Competes Tax Credit. Applications are

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California Competes Releases Final Regulations

Leave a Comment / Tax Credits /

Effective February 5, 2015, final regulations to implement the California Competes Tax Credits (CCTC) program were adopted. These final regulations are substantially similar to regulations adopted as emergency regulations on November 17, 2014. CCTC is administered by the Governor’s Office of Business and Economic Development (GO-Biz), is a credit against the personal income and the corporation franchise (income) tax for businesses locating or expanding in California, based on an amount negotiated between Go-Biz and the taxpayer (as approved by the CCTC Committee).

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