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. Continue reading “Florida Enterprise Zone Program Set to Expire — Take Advantage Now”
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 reviewed by the Governor’s Office of Business and Economic Development (GO-Biz) and will be accepted through April 6, 2015. The application period is the last of three for fiscal year 2014-2015.
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 term of the initial project and to qualify for additional incentives. Continue reading “Kentucky Incentives Get a Boost”
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 a historic preservation and cultural and entertainment district tax credit in the amount equal to 25% of the qualified rehabilitation expenditures of a qualified rehabilitation project that are specified in the agreement. The law allows unclaimed credits to be awarded to different projects and makes changes to the process of reserving tax credits for qualified projects.
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 that the rehabilitation is inconsistent with the historic character of the property and that the property meets the U.S. Secretary of the Interior’s standards for rehabilitation. Continue reading “Mississippi Historic Property Rehabilitation Credit Extended”
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. Continue reading “California Continues to Encourage Businesses Growth”
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 an individual actively involved in micro-businesses a refundable individual income tax credit based on demonstrated growth of the business over two tax years. Continue reading “Updates to the Nebraska Advantage Microenterprise Tax Credit Act, Application, and Schedule I”
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 the person or entity claiming the credit, to be utilized against its tax liability for the taxable year that includes the credit allowance date equal to the applicable percentage for the credit allowance date multiplied by the purchase price paid for the qualified equity investment, or carry forward any unused portion to a subsequent tax year, or, if an insurance company, apply the tax credit against the insurance premium tax. A refundable performance fee has been added that would required when a credit application is submitted. Applications can be submitted beginning July 15, 2014.
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
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. Continue reading “Don’t Forget to Take Advantage of New York’s Offerings”