California Designates Three Pilot Areas For New Employment Credit
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, and Riverside Pilot Area. These pilot areas encompass the former Enterprise Zone areas of each of the former Fresno and Merced enterprise zone areas that have the highest unemployment and highest poverty in the State.
House Elects New Chairman of JCT
On April 14, Rep. Dave Camp (R-MI), Vice Chairman of the Joint Committee on Taxation (JCT) and Chairman of the House Committee on Ways and Means, announced that Sen. Ron Wyden (D-OR) has been elected Chairman of the JCT for the remainder of the second session of the 113th Congress.
Georgia Continues to Promote Business Growth Through Tax Credits
On Monday, April 14, 2014, Governor Deal signed into law a two year extension of state income tax credits for video game companies. The two year extension provides for up to $25 million in tax credits for video game developers.
Kentucky Incentives Get a Boost
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.
Tax Extenders Legislative Update
Senate Finance Committee Chairman Ron Wyden, D-Ore., led the Finance Committee yesterday to pass bipartisan legislation renewing a set of provisions known as “tax extenders” that have expired or will expire at the end of this year. The bill, entitled the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, was approved by bipartisan voice vote.
Applications Now Being Received for California Competes Tax Credit
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 percent of the total credits available each year.
Cybersecurity Investment Incentive Tax Credit
Beginning January 1, 2014, Maryland provides a refundable tax credit equal to 33% of an eligible investment to Qualified Maryland Cybersecurity Companies (QMCCs) that seek and secure investment from an in-state or out-of-state investor. The Program appropriations for FY 2014 are $3 million, with a minimum appropriation per year through July 1, 2019 of $2 million.
State Tax Credits & Incentives II
The Texas franchise tax credit for clean energy provides a franchise tax credit for up to three clean energy projects. The credit cannot be issued before the later of September 1, 2018 or the expiration of an agreement under Chapter 313 of the Texas Economic Development Act regarding the clean energy project for which the credit is issued.
Take Advantage of Employer Provided Child Care Tax Credits
Take Advantage of Employer Provided Child Care Tax Credits in Oregon and Mississippi, as well as the Federal Tax Credit for Employer Provided Child Care
Walton Management Services Appoints Phil Ownbey as President
Ocean, NJ, February 17, 2014 – – Walton Management Services, Inc. (WMS), one of the longest-tenured independent tax and non-tax incentives consulting firm in the U.S., announced today the splitting of the president and CEO position, previously held by Fred Stiftel, and the appointment of Phil Ownbey as president. Mr. Ownbey brings extensive and relevant experience to WMS, having held strategic executive positions at tax credit and incentive firms. Fred Stiftel will retain the title of CEO.