Automation Tax Credit Extended in North Dakota

North Dakota allows primary sector businesses to claim a tax credit against the purchase of machinery and equipment used in the automation of a manufacturing process.  While this tax credit has been extended to the 2016 and 2017 tax years, the funding for the tax credit program has been reduced to $500,000 per...
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Automation Tax Credit Extended in North Dakota

North Dakota allows primary sector businesses to claim a tax credit against the purchase of machinery and equipment used in the automation of a manufacturing process.  While this tax credit has been extended to the 2016 and 2017 tax years, the funding for the tax credit program has been reduced to $500,000 per...
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2016 Tax Reform to be Considered by House Ways and Means Committee

According to a press release on January 19, 2016, House Ways and Means Committee Chairman Kevin Brady (R-TX) announced that the Committee will hold its first hearing of the year on Tuesday, January 26, 2016.  The hearing will focus on pro-growth policies that will help create jobs, increase paychecks, and expand opportunities. The Ways and Means’ priorities for 2016 largely follow those already laid out by House Speaker Paul D. Ryan, R-Wis., who wants the committee to focus on reforming the tax code, repealing the Affordable Care Act, opening trade possibilities , and reform...
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New Jersey BEIP Funding Finally Addressed

On January 11, 2016, the solution for which many New Jersey  businesses had been waiting finally arrived.  Governor Christie signed the bipartisan P.L. 2015, c. 194 into law, permitting the voluntary conversion of outstanding Business Employment Incentive Program (BEIP) grant commitments into refundable tax credits.  Under the law, a business approved for a BEIP grant that chooses to pursue this opportunity has 180 days following enactment (by July 11, 2016) to direct the EDA to convert the grant to a ...
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Georgia Qualified Education Expense Credit Cap Announced

As of January 4th, the Georgia qualified education expense credit cap of $58 million for calendar year 2016 already has been reached.  All appications received on January 4, 2016, were prorated down to $58 million. The proration percentage is anticipated to be 53.36%. The Department is in the process of mailing preapproval letters for applications received and denial letters for applications received after the cap was reached. Taxpayers may begin submitting applica...
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Tax Extenders Signed into Law

On Friday, December 18, 2015, President Obama signed into law H.R. 2029 - Consolidated Appropriations Act, 2016.  This measure is the vehicle for the Consolidated Appropriations Act, 2016 and the Protecting Americans from Tax Hikes Act of 2015, in which the tax extenders have been renewed for various periods and, in some cases, expanded.  The compromise legislation included both the $1.1 trillion omnibus spending bill and the $622 billion for the tax extenders. Within the legislation is a five-year renewal of the Work Opportunity Tax (WOTC) Program, with a retr...
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WOTC Five Year Extension

The Senate voted 55-33 to pass H.R 2029, the Omnibus appropriations and tax extenders bill and sent the bill to the President for his signature.  The bill contains a five year retroactive extension of WOTC and the VOW To Hired Heroes Act tax credits for hiring veterans.  The President has said he will sign the bill.  He has until midnight December 22 to do so because government funding runs out at that time.

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Tax Credit Extenders H.R. 2029 Amendment #2 Passes House

The House has approved H.R. 2029 as amended with The Protecting Americans From Tax Hikes Act, which both renews and expands various tax credit programs.  In particular, the Work Opportunity Tax (WOTC) Program will be renewed for a period of five years, with a retroactive start date of January 1, 2015 through December 31, 2019.  Also included in the renewal of the WOTC Program is an expansion in which a new target group has been added to the existing nine groups.  The new target group is the long-term unemployment recipient, which includes individuals who have been receiving f...
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Tax Credit Extenders Renewal Continues to Move Forward

H.R. 2029 has been amended with The Protecting Americans From Tax Hikes Act to both renew and expand various tax credit programs.  In particular, the Work Opportunity Tax (WOTC) Program will be renewed for a period of five years, with a retroactive start date of January 1, 2015 through December 31, 2019.  Also included in the renewal of the WOTC Program is an expansion in which a new target group has been added to the existing nine groups.  The new target group is the long-term unemployment recipient, which includes individuals who have been receiving federal or state unemplo...
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Know Where You Stand on State Tax Credits and Incentives

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 Maximizing non-WOTC credits and incentives is about the process.  With Walton Management’s ...
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