Tax Credits

Utah Veteran Credit Removed

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The Utah veteran credit for recently deployed veterans will no longer be available beginning in 2016. A Utah State Tax Commission notice indicates that the non-refundable credit against corporate income tax will be removed form the 2016 corporate tax return and may not be claimed or carried forward. The removal is taking place due to the following having been met: (1) the total amount of the credit claimed is less than $10,000; (2) less than 10 persons file a return claiming the credit; and (3) a period of two taxable years has passed after the taxable year in which either (1) and/or (2) occurred.

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iCIMS Releases First Quarter 2015 U.S. Hiring Trends

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iCIMS, a global leader of Applicant Tracking Systems and recruiting software, has recently released a report on job creation and demand trends for industries, geographies, and company sizes within the United States. Some key findings of the report include:

The West has the highest demand for talent (e.g., open positions) in the healthcare industry.
The technology and construction industries have the largest gap between talent entering the hiring pipeline and the number of positions that need to be filled.
The West has the largest demand for talent with the lowest ratio of applicants entering the hiring pipeline to the number of open positions.

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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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Wisconsin Allows Tax Credits to Expire

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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

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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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Iowa Historic Preservation and Cultural and Entertainment District Credit

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For agreements entered into with the Department of Cultural Affairs on or after July 1, 2014, Iowa has made revisions to the existing historic preservation and cultural and entertainment district tax credit. An eligible taxpayer who has entered into an agreement for the successful completion of all requirements of the program is eligible to receive

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Mississippi Historic Property Rehabilitation Credit Extended

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An extension from 2014 to December 31, 2017 has been approved for businesses pursuing the historic property rehabilitation and income tax credits. Business now have until December 31, 2017 to either have a certificate issued evidencing an eligible historic property rehabilitation credit or receive a determination in writing that Mississippi Department of Archives and History

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