Tax Credits

News & Analysis as of

Ontario “Grandfathers” Tax Credit Rate Changes

When Ontario announced its 2015 budget, one particular proposed change was met with… well, let’s call it “concern” from the Ontario film and television production community: the reduction of the OPSTC and OCASE tax credits...more

Supreme Court Update: Comptroller v. Wynne (13-485) And San Francisco v. Sheehan (13-1412)

We're back with the two remaining decisions from Monday, Comptroller v. Wynne (13-485) and San Francisco v. Sheehan (13-1412), two split decisions featuring strange bedfellows. The Justices' philosophical differences...more

North Carolina General Assembly Week in Review

The state House passed their two-year, $22.1 billion spending proposal early this morning on a vote of 93-23 after a long week of debate that saw delays because of the sheer number of amendments to the bill. House Bill 97,...more

Maryland’s Denial of Credit for Tax Paid in Other States Declared Unconstitutional

In a 5-4 decision, the U.S. Supreme Court, in the case of Comptroller of the Treasury of Maryland v. Wynne, 575 U.S. ____ (2015), has struck down, under the “dormant” Commerce Clause, an aspect of Maryland’s income tax laws...more

Religious Institutions Update: May 2015

Religious institutions commonly keep ministry supporters and members abreast of developments through newsletters, correspondence and other communications. Sometimes, the developments reported are embarrassing to those...more

Illinois Circuit Court Dismisses Challenge to Retained Job EDGE Credits

Corporations with Illinois Economic Development for a Growing Economy (EDGE) credit agreements giving credit for retained jobs can breathe a sigh of relief: The litigation challenging the state’s ability to grant EDGE credits...more

Energy & Environment Update - May 2015 #3

In This Issue: - Energy and Climate - Congress - Administration - Department of Energy - Department of Interior - Environmental Protection Agency - Federal Energy Regulatory...more

International Tax Grows Up: The Tax Section at 75, Subpart F at 53, and the Foreign Tax Credit at 97

As the Tax Section celebrates its 75th anniversary, I was asked to reflect on the Section’s contribution in the international tax arena and on how the Section’s international community has grown. I started by recognizing the...more

GST and Awards of Damages

A recent Victorian Supreme Court decision, Millington v Waste Wise Environmental Pty Ltd [2015] VSC 167 , confirms that a damages award should generally be calculated on a GST exclusive basis in circumstances where the...more

Bill Would Create New Category of Tax-Exempt Bonds, Tax Credits for P3 Projects

On May 4, 2015, U.S. Senate Finance Committee Ranking minority member Ron Wyden, an Oregon Democrat, and Senator John Hoeven, a Republican from North Dakota, introduced legislation entitled the "Move America Act of 2015,"...more

June Expiration of Select New York City Residential and Commercial Incentive Programs

Four major New York City based incentives programs for residential and commercial property owners and tenants are scheduled to sunset in June. Depending on individual circumstances, there may be an opportunity to vest...more

Tax Policy Update

NUMBER OF THE WEEK: $9.6 Billion. The total amount that the federal government could save over 10 years under the PTC Elimination Act (H.R. 1901) – a bill that would phase out and repeal the renewable energy production tax...more

Ontario’s 2015 Budget Makes Changes to Cultural Tax Credits

The Ontario government released its 2015 Budget on April 23, 2015 – and it makes some significant changes to Ontario’s cultural tax credit regime, including the elimination of the sound recording tax credit. (Please note that...more

High Net Worth Family Tax Report, Vol. 10, No. 1

Recent Case Illustrates Importance of Keeping Legal Entities in Good Standing - A recent United States Tax Court case illustrates the importance of keeping legal entities in good standing. In Medical Weight Control...more

April 3, 2015 Legislative Update

Spring Break Y’all - For the first time we can recall the House and Senate will take Spring Break next week. The House announced last month it will have Spring Break while the Senate announced it will hold skeletal...more

Locke Lord QuickStudy: The New York Legislature Ends The Guessing - Brownfield Tax Credits Extended And Modified

On April 1, 2015, the New York Legislature passed a budget bill for fiscal year 2015-2016, which included numerous amendments (the Amendments) to the Brownfield Cleanup Program (BCP), a state program designed to incentivize...more

New York State Governor and Legislature Amend and Extend Brownfield Cleanup Program

Governor Andrew Cuomo and the New York State Legislature have reached an agreement to amend and extend the State's Brownfield Cleanup Program (BCP) in advance of December 31, 2015, when tax credit eligibility under the...more

Washington Healthcare Update

This Week: CMS Releases Three Documents on Biosimilar Reimbursement... SCOTUS: Agencies, Not State Courts, in Charge of Medicaid Rate Setting... HHS OIG and Treasury IG Release Report on ACA’s Advanced Premium Tax Credits....more

Inside the New York Budget Bill: Net Operating Losses and Investment Tax Credit

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the Budget Bill) containing several significant “technical corrections” to the...more

N.C. State Senate Introduces Bill Granting Tax Credit for "Property" Serving Renewable Energy Efforts

Last week, the North Carolina State Senate introduced a bill that seeks to extend renewable-energy tax credits applicable to eligible property -- which is defined as specific "machinery and equipment or real property" -- that...more

Bill Introduced in North Carolina Senate Seeks to Extend the State’s Renewable-Energy Tax Credit Through 2020

This week, a bill was introduced in the North Carolina Senate to extend the state’s renewable-energy tax credit to eligible property that is placed in service by the end of 2020. Eligible renewable-energy property would...more

Government of Québec 2015-16 Budget: A Balanced Budget and Ambitious Economic Plan

On March 26, 2015, the Quebec government (Government) unveiled the 2015-16 budget (Budget). After six years of deficits and further to a significant reduction of Government expenses, Quebec is anticipating returning to a...more

Don’t Skip the Credits: The Oft-Overlooked Importance of Air Emission Credits in Mergers and Acquisitions

There is no shortage of environmental matters to navigate when buying a company or facility. Environmental counsel must first lead a diligence effort that delineates the target’s environmental footprint and then suss out the...more

UK budget 2015

Earlier today the UK government delivered its last budget before the UK general election in May. Many of the measures were, as one might expect so close to an election, focused on personal rather than corporate taxation....more

Ship on course but choppy waters abound! UK Budget 2015: 10 key measures impacting business

Before the Budget was announced, there was natural apprehension that, given the impending general election, the Chancellor would pander to the electorate and sail off course from this Government’s carefully navigated path...more

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