PATH Act Effects Code Section 179
The PATH Act increased the expensing break for qualifying real estate improvements. It also made it easier for improvements to qualify for bonus first-year depreciation, but the determinations of qualifying improvements and expenses are more complex. The detail of these new complications is lengthy, but, as summarized by Thomas Reuters in their Checkpoint New dated March 8, 2016, as a general rule, the cost of commercial real estate improvements is recovered over a period of 39 years via straight line depreciation only.
“However, for specially defined categories of r...
Mississippi Businesses Benefit From Major Economic Impact Act
Certified businesses that construct a plant engaged in the manufacture of tires 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 on income arising from the project. Qualifying projects for tire or other related rubber or automotive manufacturing plant projects are those projects commencing aft...
WOTC Extension Discussion Progresses
Ways and Means Chairman Kevin Brady sent to the House Rules Committee last night a two-year tax extenders bill tabled as a House amendment to a Senate Amendment to H.R. 34, “Tax Increase Prevention and Real Estate Investment Act of 2015.” This bill is only one option currently on the table with other options being a five-year extension and a broader bill making some extenders permanent.
The House amendment reauthorizes the WOTC Program retroactively until the end of 2016, introduces a new target group, “Long-term unemployment recipient”, which is applicable to new hi...
Louisiana Department of Economic Development Extends Credit Fee Emergency Rules
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:
Industrial Ad Valorem Tax Exemption Program;
Enterprise Zone Program;
Restoration Tax Abatement Program;
Quality Jobs Program;
Technology Commercialization Credit and Jobs Pro...
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).