News & Analysis as of

Tax Credits

Tax Incentive for Paid Family Medical Leave May Alleviate FMLA Benefit Complications

by Carlton Fields on

Not only does the Tax Cuts and Jobs Act contain a tax incentive to promote the offering of paid family medical leave (FML), but it creates a lower-cost way to eliminate common complications that arise when employees are...more

The Tax Credit is Live: Pennsylvania Now Accepting Brewery Applications for Capital Excise Tax Credits

The time has finally come! After a long wait, the Pennsylvania Department of Revenue has released the application form for Pennsylvania breweries to apply for Capital Excise Tax Credits. Expired since 2008, the Malt...more

Tax Cuts and Jobs Act Effect on ABLE Accounts and 529 Funds

by Bowditch & Dewey on

Based on changes implemented by the Tax Cuts and Jobs Act, this is an update on a previous post written by Eileen Y. Lee Breger in May 2017, “Families Can Use a Tax-Advantaged ABLE Account to Save for Disability...more

Is the New Employer Tax Credit for You?

by FordHarrison on

Under the Internal Revenue Code of 1986, as amended (the “Code”), businesses are entitled to a general business credit which is made up of several component credits, including the Work Opportunity Credit, the Indian...more

Taxing Decisions: New Rules on Deductions and Credits in the Employment Context

by Conn Maciel Carey LLP on

As many individuals turn their attention to preparing and filing their tax returns on or before April 15, there are two notable changes to the tax code of which employers should take note. These changes, tucked away in the...more

Congress Approves U.S. Blender’s Credit For 2017

by Bergeson & Campbell, P.C. on

As explained in the notice issued by Neste, a member of the Biobased and Renewable Products Advocacy Group (BRAG®), with President Trump’s signing of the Bipartisan Budget Act of 2018 (H.R. 1892), the blenders tax credit was...more

The Pennsylvania Malt Beverage Tax Credit Program

A taxpayer that is a manufacturer of malt or brewed beverages may submit an application for tax credits against the malt beverage tax imposed under Article XX of the Tax Reform Code for investment in qualified capital...more

Neglected Renewables Get Another Shot in Budget Bill

by McDermott Will & Emery on

As of February 9, 2018, the Bipartisan Budget Act of 2018 retroactively extended many energy related credits that expired December 31, 2016. The Act extended the investment tax credit under Code §48 through 2022 (with...more

Bipartisan Budget Act Partially Reinstates Orphaned Energy Tax Credits

The Bipartisan Budget Act of 2018 (H.R. 1892) (the “Act”) was enacted on February 9, 2018. The Act is a two-year budget agreement that includes a number of provisions extending lapsed renewable energy-related tax credits;...more

Georgia Film Tax Credit Expanded to Post-Production

by Taylor English Duma LLP on

For taxable years beginning on or after January 1, 2018, the Georgia legislature has expanded the film credit to cover “qualified post-production expenditures.” What is unique about this new law is that qualified...more

Energy tax extenders package passed

The Bipartisan Budget Act of 2018 (2018 BBA) passed by Congress and signed into law on February 9, 2018, extends and changes tax credits for the renewable energy, alternative fuels and nuclear energy industries, and also...more

Energy-Efficient Homes Credit is Extended for Homes Sold Before December 31, 2017

by Davis Brown Law Firm on

The Bipartisan Budget Bill of 2018, which President Trump signed into law on February 9, 2018, has extended the Energy-Efficient Homes Credit for homes sold before December 31, 2017. The extension allows builders a $2,000...more

Early Morning Budget Deal Brings the Return of Previously Expired Short-Term Tax Breaks

by Foley & Lardner LLP on

Early this morning, the House and Senate voted to pass a budget deal that included $17 billion in tax provisions, ending a short overnight government shutdown. The bill (H.R. 1892) extends the investment tax credit (ITC) to...more

Window on Washington - Vol. 2, Issue 6

by Clark Hill PLC on

Outlook for This Week in the Nation's Capital - FY18 Appropriations Work Already Underway. Since the passage of the bipartisan budget deal this past Friday, House and Senate Appropriations Committees have already begun...more

French Finance Act for 2018 and Amending Finance Acts for 2017: Key Tax Measures for Businesses and Individuals

by K&L Gates LLP on

The first and second French Amending Finance Acts for 2017 and Finance Act for 2018 were enacted on December 2, December 29 and December 31, 2017, respectively (the “Acts”). The Acts introduce a progressive reduction of the...more

Survival of the Electric Car Tax Credit

by Pullman & Comley, LLC on

Section 30D of the Internal Revenue Code (the “Code”) provides a tax credit of $2,500 to $7,500 per plug-in electric drive motor vehicle depending on the size of the battery. The tax credit generally may be applied by the...more

Tax Reform: The Impact On Real Estate

by Akerman LLP on

The new tax law commonly referred to as the “Tax Cuts and Jobs Act” (the “Act”) – signed into law on December 22, 2017 – makes far reaching income tax law changes that will impact both commercial and residential real estate....more

Gold Dome Report - February 2018 #4

Legislative Day 17 was billed by some as “Health Day” under the Gold Dome. After the Georgia State Senate took up three health-related bills on its Rules Calendar, members of the House Appropriations Committee heard...more

Tax Reform Establishes Municipal Opportunity Zones for Investment

by Pullman & Comley, LLC on

Included in the recently enacted federal tax reform legislation is the Investing in Opportunity Act (the “Act”) which establishes the Opportunity Zones Program (the “Program”). The Program aims to spur private investment in...more

FERC and the Tax Cuts and Jobs Act of 2017 – Natural Gas Pipelines

The Federal Energy Regulatory Commission (FERC) Staff has initiated inquiries involving numerous interstate natural gas pipelines, seeking information on the impact of the Tax Cuts and Jobs Act of 2017 (Tax Act) on those...more

MoFo New York Tax Insights - Volume 9, Issue 2

by Morrison & Foerster LLP on

2018–19 NEW YORK STATE EXECUTIVE BUDGET RELEASED - New York State Governor Andrew M. Cuomo has released the New York State 2018-2019 Executive Budget, containing several potentially significant tax proposals. They include...more

IRS Safe-Harbor to Calculate Federal Income Tax Credits for Research Expenses

by Miller Canfield on

A taxpayer may claim a credit against its federal income tax liability for research expenses paid or incurred during the tax year. The definitions of research expenses for financial reporting purposes and federal income...more

New Tax Law Provides Employer Tax Credit for Compensation Paid to Employees While on Family and Medical Leave

by Hinshaw & Culbertson LLP on

The new federal tax law, signed by President Trump in December, contains a number of provisions that will impact the workplace and employers. In a previous alert, we described how the new tax law eliminated the ability to...more

WPI Wage Watch: Minimum Wage & Overtime Updates (January Edition)

by Littler on

2018 may have barely begun, but minimum wage and overtime activity at the local, state – and even federal – levels is well underway. Settle in – we’ve got a lot to cover....more

Tax Reform Offers New Incentive For Employers Providing Paid FMLA Leave

by Fraser Trebilcock on

Certain employers that provide paid leave under the Family and Medical Leave Act (“FMLA”) may be eligible to receive a general business tax credit for tax years beginning in 2018 and 2019. While the FMLA provides certain...more

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