Tax Credits Archives

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

Leave a Comment / Tax Credits / Lori Witt

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

Leave a Comment / Tax Credits / Lori Witt

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

Leave a Comment / Tax Credits / Lori Witt

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 / 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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