Tax Credits

News & Analysis as of

SC Public Policy Update - January 2016 #4

What's New - Judicial Elections - Judicial Elections are scheduled to take place on Wednesday, February 3 at noon. Included in this round of elections is a race for the vacant seat on the Supreme Court as a result...more

Offshore Supply Vessel Tax Credit Targeted in Louisiana Governor’s Proposed Fiscal Plan

Louisiana Governor John Bel Edwards’ proposal for short term fixes for the State’s fiscal problems includes a shot at already-hurting offshore supply vessel owners/operators. OSV operators/owners currently receive a...more

Manatt on Health Reform: Weekly Highlights - January 2016 #3

Louisiana's Governor pushes ahead on Medicaid expansion, while expansion is blocked by Wyoming's Legislature; Massachusetts plans to submit a 1332 waiver application to preserve its merged markets; and CBO lowers its 2016...more

IRS Publishes Guidance for RICs that Receive Foreign Tax Credit Refunds

IRS announces the issuance of new regulations that will provide relief for certain regulated investment companies that receive foreign tax refunds by either netting the refund against foreign taxes paid in the year of the...more

Manatt on Health Reform: Weekly Highlights - January 2016 #2

Minnesota's Task Force recommends maintaining their State-based Marketplace while Oregon considers bringing back theirs; CMS narrows the criteria for special enrollment periods; and President Obama seeks an extension of full...more

Fourth Circuit Affirms Tax Court Decision Holding Partnership Allocation of State Tax Credits Was a Taxable Disguised Sale.

In its recently issued opinion in the case of Route 231, LLC v. Commissioner, No. 14-1983, 2016 WL 97598 (4th Cir. 2016), the U.S. Court of Appeals for the Fourth Circuit (the “Court”) affirmed the U.S. Tax Court’s decision...more

IRS Releases February 2016 Interest Rates

The 7520 rate for February 2016 will stay at 2.2%. The February 2016 Applicable Federal Interest Rates can be found here. Please see full Article below for more information....more

Excluding Your Gains on Small Business Investments

2016 promises to be another very good year to invest in start-ups because of the extension of significant tax breaks for investors who invest in early stage companies. Investors who invest in small businesses can exclude...more

Highlights of Substantial Tax Changes in the Consolidated Appropriations Act, 2016

Expiring tax provisions and “extenders” legislation have become fairly common in recent years. The typical pattern involves institution of one- or two-year provisions (short-lived due to revenue issues) that have expired with...more

A&B Healthcare Week in Review - January 2016

On January 5, 2016, the Office of Management and Budget (OMB) received for review a final rule from the Centers for Medicare & Medicaid Services (CMS) entitled Covered Outpatient Drugs (CMS-2345-F). The rule had previously...more

Several Key Business Associations Announce 2016 Tax Legislative Agendas

In preparation for the 2016 regular session, which begins on February 2, several of Alabama's key trade and business organizations recently announced their tax legislative agendas. As reflected in these agendas, the 2016...more

The PATH Act Brings Federal Income Tax Changes - The Protecting Americans from Tax Hikes Act of 2015 Enacted in December 2015

The Protecting Americans from Tax Hikes Act of 2015, also known as the PATH Act, was enacted by Congress at the end of 2015. Below are the highlights from that legislation. TAX EXTENDERS - Tax extenders are...more

Omnibus Spending Bill Signed Into Law Includes Extension of Biofuel Tax Credit

On December 18, 2015, President Obama signed the omnibus spending bill, or Consolidated Appropriations Act, 2016, into law. The $1.1 trillion spending bill includes the retroactive extension of the $1 per gallon tax credit...more

Manatt on Health Reform: Weekly Highlights - January 2016

Louisiana's Governor signs an executive order on his first day in office to expand Medicaid; Kentucky's Governor opts to replace, rather than repeal, its Medicaid expansion program; and New York and Missouri make it easier...more

IRS Taxpayer Advocate Releases 2015 Annual Report to Congress

Today, the Internal Revenue Service’s National Taxpayer Advocate, Nina E. Olson, released her annual report to Congress. The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that is dedicated to...more

Green Tax Incentive Compendium

GENERAL DESCRIPTION. The Federal Internal Revenue Code provides a business income tax credit in the amount of $0.023 (2015) per kilowatt hour of electricity produced from qualifying renewable resources during a ten-year...more

Recent Federal Legislation Rings In the New Year With Some Exciting Developments for Both the Renewable and Oil Energy Industries

On December 18, 2015, the current divided United States Congress, which has not been known for many grand compromises, passed an omnibus spending bill featuring key measures related to renewable energy tax credits and to the...more

Employee Benefits Developments - December 2015

ALERT: IRS Extends ACA Reporting Deadlines. With only a few days remaining in 2015, the IRS provided some welcome relief for employers subject to certain Affordable Care Act reporting requirements. Under IRS Notice 2016-4,...more

Happy Holidays from the IRS: Deadlines Extended for Affordable Care Act Reporting Forms

This week, the IRS extended the due dates for providing ACA reporting forms to employees and filing the forms with the IRS. The extension applies to the forms for 2015, which are due in 2016....more

ACA Update: Two-Year Cadillac Tax Delay, More Changes Pass in Congress

In a rare display of bipartisan cooperation, Congress recently passed major spending and tax bills, that, among other things, amended the Affordable Care Act’s (“ACA”) so-called Cadillac Tax by delaying its implementation for...more

Obama Signs Omnibus Budget Bill that Includes $622 Million in Tax Extenders

On December 18, 2015, President Obama signed the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”) after both houses of Congress voted to approve the budget measure and comprehensive spending bill. The PATH Act...more

Updated Tax Credit Eligiblity Clarification

Last week the IRS released the final regulation addressing the effect of various items on an individual’s eligibility for premium tax credits. Generally, premium tax credits are not normally available to individuals who are...more

New Legislation Extends and Modifies Renewable Energy Industry Tax Incentives

The five-year tax credit extension for wind and solar power facilities is a welcome development for the renewable energy industry in light of recent indications by Congress of a push to end tax credit benefits for wind and...more

Extension of Renewable Energy Tax Incentives

On December 18, 2015, President Barack Obama signed into law the Consolidated Appropriations Act, 2016 (H.R. 2029) (the Act), which included welcomed extensions to a number of energy tax incentives....more

Congress Passes End of Year Spending Bill Containing Significant Energy Related Provisions

After weeks of intense negotiations and backroom tradeoffs, last Friday Congress passed, and President Obama signed into law, a 2,000 page omnibus bill to fund the federal government for fiscal year 2016. The biggest winner...more

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