Certified businesses that construct a plant engaged in the manufacture of tiers or other related rubber or automotive products and enterprises owning or operating maritime fabrication and assembly facilities are eligible for up to 25 years in exemptions against corporate income tax arising from the project.
Mississippi Businesses Benefit from Major Economic Impact Act Read More »
Many states offer lucrative tax credits to encourage businesses to relocate, hire, or invest within a state’s borders. These incentives are a no-brainer for smart executives. But after the deal is done, many companies struggle to capture all of the intended tax credits because of missed deadlines on capital investment and hiring.
Problem: Leaving Tax Credits on the Table because of Missed Deadlines
Solution: ICS Compliance Monitor
State Tax Credits and Incentives: Know Where You Stand Read More »
The emergency rules (originally set in place July 1, 2015) to set fees associated with various Louisiana corporate and personal income tax, sales and use tax, and property tax credit and incentive programs have been extended. These programs include:
Louisiana Department of Economic Development Extends Credit Fee Emergency Rules Read More »
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.
Utah Veteran Credit Removed Read More »
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
California Film and Television Tax Credit Program — Sales and Use Tax Liability Read More »
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:
New Alabama Jobs Act Read More »
Although the Florida Enterprise Zone Act is scheduled to sunset on December 31, 2015, businesses may apply to the Florida Department of Economic Opportunity for the incentives associated with the Florida Enterprise Zone for an additional 3 years.
Businesses must satisfy the following criteria:
Florida Enterprise Zone Program Set to Expire — Take Advantage Now Read More »
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.Â
The following tax credits have expired for taxable years beginning on or after January 1, 2014:
Wisconsin Allows Tax Credits to Expire Read More »
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
California Competes Tax Credit Application Period Open Read More »
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).
California Competes Releases Final Regulations Read More »
