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Pending Legislation Tax Credits

Ogletree, Deakins, Nash, Smoak & Stewart,...

Alabama Eyes Portable Benefits for Freelancers and Gig Workers

Certain states have considered enacting legislation facilitating the creation of portable benefit accounts for independent contractors, including gig economy workers. These accounts attach to the individual worker rather than...more

Miller Canfield

Michigan Will Grant a Refundable Research and Development Income Tax Credit Beginning in 2025

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HB 5100 and HB 5101, as passed by the Michigan House of Representatives and Senate, and to be signed by Governor Gretchen Whitmer, provide a new income tax credit. For tax years beginning on and after January 1, 2025,...more

Polsinelli

Not-For-Profits Gain Access to Historic Tax Credits with Enactment of Missouri HB 2062

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On May 16, Missouri passed HB 2062 modifying the state’s existing Historic Tax Credit (HTC) program. The bill alters the program in several significant ways. The program will now feature a year-round application cycle,...more

Polsinelli

Colorado General Assembly Passes Trendsetter Affordable Housing Initiatives

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Colorado’s General Assembly passed two bills this legislative session dedicated to improving the state of affordable housing in Colorado. HB24-1316 and HB24-1434 aim to supplement the State’s oversubscribed affordable housing...more

Eversheds Sutherland (US) LLP

Georgia’s 2024 legislative session: Major tax legislation moving forward

This year’s Georgia’s legislative session is quickly progressing, with some major tax legislation moving towards passage. Last Thursday, February 29, 2024 was “Crossover Day”—the 28th legislative day of 40 total legislative...more

Pillsbury Winthrop Shaw Pittman LLP

A Hat Tip to the Manufacturing, R&D and Electric Power Industries: California Bill Would Provide Income Tax Credits for Sales and...

California’s Existing Partial Exemption for Statewide Sales and Use Tax Paid on Qualified Tangible Personal PropertyRTC section 6377.1 exempts from certain state sales and use taxes the sale of, and the storage, use or other...more

Harris Beach Murtha PLLC

Massachusetts Tax Law Update - May 2023

On April 13, the Massachusetts House of Representatives approved H.3770, a tax reform bill that includes significant changes for individuals, businesses and estates. The bill is now with the Senate’s Ways and Means Committee,...more

Williams Mullen

Virginia’s General Assembly Enacts New Tax Legislation in 2023 (Chart Included)

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The table below summarizes the tax legislation enacted by the General Assembly during its 2023 Regular Session and approved by Gov. Youngkin that will become law on or before July 1, 2023. Please note that any legislation...more

Miller Canfield

The Inflation Reduction Act: A Tax Overview

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The Inflation Reduction Act of 2022 (the “Act”), which passed both chambers of Congress on Aug. 12, 2022, includes the following tax provisions meant to raise government revenues and subsidize green energy initiatives....more

Shumaker, Loop & Kendrick, LLP

One Big Thing; Largest Climate Investment in U.S. History

The Inflation Reduction Act of 2022 (IRA) passed in both the House and the Senate on party line votes and now heads to President Biden’s desk for his signature....more

Polsinelli

The Proposed Inflation Reduction Act Moves to the House After the Senate Passes a Revised Version of the Bill

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On August 7, 2022, the Senate passed the Inflation Reduction Act of 2022 (H.R. 5376) (the “Act”).  The announced goal of the Act is to create an economic initiative to address various climate protection initiatives.  In...more

BakerHostetler

Inflation Reduction Act Expected to Become Law

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Key Takeaways: ..The Senate voted 51-50 on August 7 to pass the Inflation Reduction Act. ..The legislation is expected to pass the House this week without changes and to be signed by President Biden. ..The...more

Eversheds Sutherland (US) LLP

Inflation Reduction Act of 2022: The energy tax provisions you need to know about

​​​​​​​The Inflation Reduction Act of 2022 (the Act) runs 725 pages and includes numerous energy tax provisions aimed at enhancing US energy security. The Act, if enacted, would extend and expand the renewable and alternative...more

Latham & Watkins LLP

Key Senators Agree to Significantly Expand Tax Incentives for Clean Energy

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The Inflation Reduction Act, which includes the most dramatic expansion of clean energy tax credits in recent history, would provide a multi-year extension of existing tax credits for wind and solar, increase tax credits for...more

Eversheds Sutherland (US) LLP

Georgia’s tax legislation survives 2022 Crossover Day

“Crossover Day” in the Georgia legislature was Tuesday, March 15th - the 28th legislative day of 40 total legislative days - the day by which all bills must have passed one legislative chamber in order to cross over and be...more

Kaufman & Canoles

Employee Benefits Client Alert – Retirement Plan Limitations, ACA Numbers and Limits, Premium Tax Credit Reference Guide, and...

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Kaufman & Canoles’ ESOPs & Employee Benefits Practice Group is pleased to provide the following reference materials as 2022 approaches...more

Stinson LLP

Employee Retention Tax Credit Ended 2021 Q3

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On November 5, 2021, the House of Representatives passed H.R. 3684: Infrastructure Investment and Jobs Act. The Act currently awaits signature by President Biden. Prior to the Act, Section 3134 of the Internal Revenue Code...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Beltway Buzz - August 2021

RIP, Richard Trumka. AFL-CIO President Richard Trumka died unexpectedly this week at the age of 72. A former coal miner, Trumka became president of the United Mine Workers of America in 1982....more

Miller Canfield

The Government's Use of Procedural Hurdles to Disallow Research Credit Refund Claims

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In two recent cases, the IRS has tried to defeat research credit refund claims on procedural grounds, rather than simply litigating whether the substantive nature of the asserted research meets the requirements of section 41...more

Williams Mullen

New Virginia Opportunity Tax Credit Program

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On March 1, 2021, the Virginia General Assembly approved legislation creating the Virginia Opportunity Tax Credit Program (Program), a new state low-income housing tax credit (LIHTC) that contributes an amount to a qualified...more

Eversheds Sutherland (US) LLP

Georgia’s 2021 Sine Die - Thoughtful policy mixed with last minute surprises and everything in-between

During the 2021 legislative session, the Georgia General Assembly passed key legislation, including conformity to the federal tax law, the elimination of deference to subregulatory interpretations of the Department of...more

Holland & Knight LLP

American Rescue Plan Act of 2021: Summary

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The U.S. House of Representatives on March 10, 2021, passed the Senate-amended H.R. 1319, the American Rescue Plan (ARP). The ARP provides $1.9 trillion in additional relief to respond to the novel coronavirus (COVID-19)....more

BCLP

US COVID-19: New COVID Relief Bill Extends Certain FFCRA Tax Credits, But Does Not Mandate Extension of Leave Benefits

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Late on December 21, 2020, Congress passed a new federal COVID relief bill, which, if signed into law, would amend a number of laws, including the Families First Coronavirus Response Act (“FFCRA”). The FFCRA currently...more

Eversheds Sutherland (US) LLP

Congress unveils 2020 energy tax extenders

Congress is moving rapidly towards passing the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Extenders Bill) as part of the Consolidated Appropriations Act, 2021. If enacted, the Extenders Bill would extend certain...more

Holland & Knight LLP

Holland & Knight's Energy and Natural Resources Quarterly Newsletter: Summer 2020

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This newsletter provides a look around the corner, highlighting top issues and emerging opportunities for the private sector. This edition covers, among other relevant topics, a number of recent U.S. political developments...more

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