Tax Credits Archives

California Competes Releases Final Regulations

Leave a Comment / Tax Credits / Lori Witt

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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Kentucky Incentives Get a Boost

Leave a Comment / Tax Credits / Lori Witt

Kentucky has increased the amount of Endow Kentucky tax credits that can be awarded annually to $1 million from the current $500,000 in fiscal years beginning on or after July 1, 2016. Additionally, the Kentucky Industrial Revitalization Act (KIRA) credit allows approved company projects to undertake supplemental projects during or within 24 months following the

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Iowa Historic Preservation and Cultural and Entertainment District Credit

Leave a Comment / Tax Credits / Lori Witt

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

Leave a Comment / Tax Credits / Lori Witt

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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California Continues to Encourage Businesses Growth

Leave a Comment / Tax Credits / Lori Witt

With the California Enterprise Zone Program (CAEZ) allowed to expire, California continues its efforts to encourage businesses to create jobs and make investments in California with new and expanded tax credit and incentive programs.

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Senator Wyden Urges Renewal of Tax Extenders

Leave a Comment / Tax Credits / Lori Witt

On September 15, Senate Finance Committee Chairman Ton Wyden raised the issue of the expired tax provisions, issuing the following statement on the need to renew expired tax provisions to give certainty and relief to American workers and businesses:

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Updates to the Nebraska Advantage Microenterprise Tax Credit Act, Application, and Schedule I

Leave a Comment / Tax Credits / Lori Witt

The Microenterprise Act provides an individual actively involved in micro-businesses a refundable individual income tax credit based on demonstrated growth of the business over two tax years in an eligible area. For applications filed on or after January 1, 2014, all Nebraska counties are eligible with the exception of specific areas. The Microenterprise Act provides

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Kentucky New Markets Tax Credit Cap Increase

Leave a Comment / Tax Credits / Lori Witt

During the 2014 legislation session, the credit cap for the new markets tax credit was increased from $5 million to $10 million. The New Markets Development Program Tax Credit provides a person or entity, making a qualified equity investment, a credit equal to 39% of the purchase price of the qualified equity investment made by

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California Designates Three Pilot Areas for New Employment Credit

Leave a Comment / Tax Credits / Lori Witt

The franchise tax board has designated three pilot areas for purposes of the New Employment Credit (NEC) against personal and corporation franchise and income taxes until December 31, 2017:

Fresno Pilot Area
Merced Pilot Area
Riverside Pilot Area

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Don’t Forget to Take Advantage of New York’s Offerings

Leave a Comment / Tax Credits / Lori Witt

New York’s FY 2014-15 included a number of attractive additions and changes to taxes and incentives.

Corporations may look forward to a reduction in their franchise tax rate from 7.1% to 6.5%, effective January 1, 2016, while manufacturers will enjoy a reduced tax rate from 5.9% to 0% as of January 1, 2014, in addition to refundable income tax credit equal to 20% of the real property taxes paid by manufacturers that own property.

Additionally, for those businesses participating in the New York Youth Works Program, they will now be allowed a second year’s retention credit for each qualified employee employed for at least one additional year.

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