Tax Credits Income Taxes

News & Analysis as of

July 11 Deadline to Convert Unpaid N.J. BEIP Grant to Tax Credits

Under New Jersey’s Business Employment Incentive Program, approved businesses that created jobs in New Jersey were awarded annual cash grants. Nearly 500 businesses were awarded grants valued at $1.6 billion. Unfortunately,...more

Businesses Locating in Expanding Keystone Innovation Zone May Qualify for Tax Credit

Philadelphia Mayor Jim Kenney recently announced a significant expansion of the University City Keystone Innovation Zone which is intended to attract new businesses into Center City Philadelphia. Now may be the time to...more

Southeast State & Local Tax: Important Developments - March 2016

The Williams Mullen Southeast State and Local Tax (SESALT) team is pleased to provide you with a comprehensive recap of important tax developments around the Southeast....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

2015 Year-End Tax Planning

As 2015 draws to a close, there is still time to reduce your 2015 taxes and plan ahead for 2016. This letter highlights several potential tax­saving opportunities for you to consider. We welcome the opportunity to meet with...more

MoFo New York Tax Insights - Volume 6, Issue 10

State Tax Department Releases Draft Article 9-A Nexus Regulations Under Corporate Tax Reform - The New York State Department of Taxation and Finance has released draft amendments to the Article 9-A corporate franchise...more

North Carolina Tax Reform (2015 Edition)

North Carolina’s General Assembly is continuing the overhaul of the State’s tax system that it began in 2013. That year, the General Assembly slashed corporate and individual tax rates, eliminated many income tax deductions...more

IRS Releases Favorable Guidance for Individual Investors in Community Solar to Claim Section 25D Tax Credit

The IRS recently issued a Private Letter Ruling (PLR) clarifying that an individual investor in a net-metered community solar project may claim the federal residential Investment Tax Credit (ITC) under Section 25D of the...more

IRS Opens Door for Community Solar Investors to Qualify for Federal Tax Credits

The Internal Revenue Service issued a private letter ruling this week to an individual owner of solar panels installed in an off-site net-metered community solar garden. In the Ruling, the Service confirmed the individual’s...more

Possible Tax Refund for Kansas Residents

If you work in Kansas City, Missouri and live in Kansas, recent tax developments may give you a basis for a refund. Although Kansas provides residents a tax credit for taxes paid to the State of Missouri, it had not...more

Big Decisions: The 2014-15 U.S. Supreme Court Term in Review

The 2014-15 United States Supreme Court term featured a number of significant cases to the business community. The Faegre Baker Daniels appellate advocacy group is committed to helping our clients understand the Court’s...more

UK Supreme Court Decision in Anson v. HMRC Reverses Established Tax Treatment of US LLCs

In its July 1, 2015 decision in the case of Anson v. HM Revenue & Customs (2015 UKSC 44), the Supreme Court of England and Wales ruled that a Delaware limited liability company was “transparent” for UK income tax purposes. A...more

Congratulations on the Birth of Your New Tax Exemption! (Tax Breaks for New Parents)

Planning for a new baby is a constant stream of decisions and questions concerning diapers, cribs, colors, daycare and more, all in the service of preparing your life for a new bundle of joy. What new parents forget in the...more

Seeing Green: New York’s Reformed Brownfields Cleanup Program Creates Opportunities for Redevelopment to Generate Refundable Tax...

Now is the time to begin brownfield redevelopment projects in the State of New York. Reauthorization of and reforms to New York’s Brownfields Cleanup Program, which provides tax credits to redevelop contaminated properties,...more

Focus on Tax Controversy - Summer 2015

The French 3 Percent Distribution Tax: Claiming a Refund - Since December 2012, French companies have been liable for a 3 percent tax on distributions to their shareholders (3 Percent Tax), but practitioners have widely...more

Spotlight on Louisiana: 2015 Legislative Session Increases Tax Burdens to Balance State Budget

Even though Louisiana's 2015 legislative session has concluded, the dust may be far from settled as to how increases in tax burdens meant to balance the State's budget will impact taxpayers. At least one industry trade...more

UK Supreme Court case of Anson v. HMRC [2015] UKSC 44

Delaware LLC held to be UK tax transparent - The UK Supreme Court has handed down its judgment on the final appeal in the Anson case, in which it treated a taxpayer's interest in a Delaware LLC as transparent for UK tax...more

Politics of Hiking Earned Income Tax Credit More Intriguing than the Substance

For anyone awaiting the final resolution of the state budget for Fiscal Year 2016 (July 1, 2015 – June 30, 2016), one of the biggest question marks overs over the Earned Income Tax Credit (“tax credit”). The Senate...more

Supreme Court Once Again Saves the ACA: Rules Yes on Tax Credits For Purchasers From a Federal Exchange

On June 25, 2015, the Supreme Court of the United States ruled that tax credits are available to individuals in states that have a federal Exchange under Section 1321 of the Affordable Care Act (the Act or the ACA). In a...more

2015 Oklahoma Tax Legislation: Wind Farm Tax Incentives, Tax Amnesty Program, Aggregate Income and Franchise Tax Return, Tax...

The Oklahoma Legislature enacted changes in Oklahoma tax laws in its 2015 session. The changes include a tax amnesty program for payment of delinquent taxes without interest or penalty during a two (2) month...more

Focus on Tax Controversy and Litigation - Supreme Court Decides Maryland v. Wynne and Rules that Maryland Tax Scheme Is...

In This Issue: - Maryland’s Tax Scheme Ruled Unconstitutional - “FTC Generator” Case Update - FSA Rules that Equitable Disgorgement May be Deductible Expense - District Court Upholds Attorney Client...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

Global Tax News - January 2015

A SWIFT LOOK AT OECD’S DISCUSSION DRAFTS ON BEPS PLUS ONE CHART SETTING OUT TIMELINES - During the short days before Christmas, when most of us were busy closing transactions or making last-minute year-end reviews to...more

Tax Law Alert: The Tax Increase Prevention Act of 2014 Extends Expired or Expiring Provisions

Congress this week passed the Tax Increase Prevention Act of 2014 (the Act), which is expected to be signed by President Obama at any time. The Act renews or extends a number of expired or expiring provisions. Some of the...more

BC LNG Tax Regime: Rate Concessions and New Tax Credit but Uncertainty Remains

On October 21, 2014, the British Columbia government introduced Bill 6, the Liquefied Natural Gas Income Tax Act (LNGITA). The LNGITA proposes a two-tier tax on income derived from liquefaction activities at liquefied natural...more

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