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 […]
Kentucky New Markets Tax Credit Cap Increase Read More »
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
California Designates Three Pilot Areas for New Employment Credit Read More »
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.Â
Don’t Forget to Take Advantage of New York’s Offerings Read More »
As of July 1, 2014, the Idaho State Tax Commission put in place temporary administrative rules, creating a refundable tax credit for qualified businesses entities that create a certain minimum number of qualified new jobs and generate certain new revenue in Idaho.
Idaho Boosts Incentives for Job Creation through the Idaho Reimbursement Incentive Act Read More »
The tax extenders bill H.R. 3474, Hire More Heroes Act, has stalled for the moment in the Senate due to a disagreement regarding amendments. The impasse occurred when Senator Harry Reid (D-NV) moved to consider a cloture motion on Amendment No. 3060 to H.R. 3474. The primary issue at this point is not the support
Tax Extenders Stall in Senate Read More »
The New Jersey Economic Opportunity Act of 2013 was signed into law on September 18, 2013. The Act streamlines New Jersey’s 5 existing economic development incentive programs into 2. The Grow Now New Jersey Assistance (Grow NJ) Program will be the main job creation and retention incentive program. Grow NJ is for businesses creating or retaining jobs and making a capital investment in a Qualified Incentive Area and that meet or exceed minimum employment and capital investment requirements.
Effective May 14, 2014, The Colorado Job Creation and Main Street Revitalization Act provides an income tax credit for costs incurred in connection with the preservation of historic structures.
Colorado Job Creation and Main Street Revitalization Act Read More »
On Monday, April 14, 2014, Governor Deal signed into law a 2 year extension of state income tax credits for video game companies. The 2 year extension provides for up to $25 million in tax credits for video game developers. The Georgia Industry Investment Act was established in 2008 to support Georgia companies developing games
Georgia Continues to Promote Business Growth Through Tax Credits Read More »
The California Competes Tax Credit (CCTC) is an income tax credit that is available to companies for a project associated with staying or growing in California. The tentative amount of credits allocated to Go-Biz are $30M for FY 2013-14, $150M for FY 2014-15 and $200M for each FY 2015-16 and 2017-18. Small businesses with gross receipts of less than $2M during the previous taxable year have been specifically allocated to receive 25% of the total credits available each year.
Applications Now Being Received for California Competes Tax Credit Read More »
Businesses with fewer than 25 full-time equivalent employees and with average wages of $50,000/year or less (to be adjusted for inflation beginning in 2014) may qualify for employer health care tax credit. Businesses must pay a minimum of 50% of the full-time employees’ premium costs and are not required to provide health insurance coverage to
