New Alabama Jobs Act
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 new 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...
California Film and Television Tax Credit Program – Sales and Use Tax Liability
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 qualified expenditures for film and television shows produced in California. Under A1839, not only has a new ranking system replaced the current lottery system as well as an expansion of eligibility to big-budget feature films, one-hour TV series, and TV pilots; elimination of budget caps for studio and independent films; and a funding increase from $100M to $300M per fiscal year; but also a Ne...
Florida Enterprise Zone Program Set to Expire – Take Advantage Now
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 three years.
Businesses must satisfy the following criteria:
the business has entered into a contract with the department for a project, as provided, between January 1, 2012, and July 1, 2015;
the contract is deemed active by the department and has not expired or been terminated; and
the project that is the ...
Wisconsin Allows Tax Credits to Expire
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 Wisconsin tax credits have expired for taxable years beginning on or after January 1, 2014:
Dairy manufacturing facility investment credit
Meat processing facility investment credi...
California Competes Tax Credit Application Period Open
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. This application period is the last of three for fiscal year 2014/15.
WOTC Extended Deadline for 2014 IRS 8850 Form Filing
IRS Notice 2015-13, “Work Opportunity Tax Credit (WOTC) Extension For 2014.” The notice may be accessed at www.irs.gov/pub/irs-drop/n-15-13.
Employers have until April 30, 2015 to file certification requests (IRS Form 8850) with the appropriate state workforce agency for workers hired from January 1 through December 31, 2014. The Not...
California Competes Releases Final Regulations
Effective February 5, 2015, final regulations to implement the California Competes Tax Credit (CCTC) program were adopted. These final regulations are substantively similar to regulations adopted as emergency regulations on November 17, 2014. CCTC is administered by the Governor's Office of BBusiness 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 Continues to Encourage Businesses Growth
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.
Senator Wyden Urges Renewal of Tax Extenders
On September 15, Senate Finance Committee Chairman Ron 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:
Idaho Boosts Incentives for Job Creation Through the Idaho Reimbursement Incentive Act
As of July 1, 2014, the Idaho State Tax Commission put in place temporary administrative rules, creating a refundable tax credit for qualified business entities that create a certain minimum number of qualified new jobs and generate certain new revenue in Idaho.