January 2025 - Ashmore Consulting | Growth to the Intersection of Opportunity & Solutions

Connecticut – Grant Program To Accelerate Growth of Connecticut Supply Chains and Attract New Operations

January 16, 2025 | Tax Incentives

Governor Ned Lamont and the Connecticut Department of Economic and Community Development (DECD) Commissioner Daniel O’Keefe announced the launch of a $25 million state grant program to help supply chain companies in Connecticut’s core industries expand and increase production capacity and encourage the establishment of new operations in the state. Administered by DECD, the Strategic Supply […]

Massachusetts- Energizes Clean Tech with $700 Million in New Incentives

January 15, 2025 | Tax Alerts, Tax Incentives

Massachusetts Governor Maura Healey signed the Mass Leads Act in December 2024. Climate tech provisions are part of $4 Billion Mass Leads Act. Key elements of the Mass Leads Act include: $300 Million in Tax Credits over 10 years to employers growing research, development, innovation, manufacturing, deployment and commercialization in the climate-tech sector. $200 Million […]

New York- Proposed Expansion of Child Tax Credit

January 9, 2025 | Tax Alerts, Tax Credits

Gov. Kathy Hochul announced a proposed expansion of the state’s Child Tax Credit known as the Empire State Child Credit. The proposal would increase the maximum credit to $1,000 per child under the age of 4 and $500 per child ages 4 to 16. Families earning up to $170,000 annually would qualify for the credit […]

Ohio- Property Tax Review and Reform

January 9, 2025 | Tax Alerts

Ohio’s Joint Committee on Property Tax Review and Reform released its long-delayed report to address property tax concerns in the state. The report included 21 recommendations, including passing a refundable circuit breaker when property taxes exceed 5 percent of an occupant’s income. The information contained herein is general in nature and is not intended […]

California- Proposed Balance Budget, Finance New Priorities-Tax Incentives for the Film Industry

January 9, 2025 | Tax Alerts, Tax Incentives

After two years of budget deficits, California Gov. Gavin Newsom proposed a $322.5 billion balanced budget. However, his plan would pull from rainy day funds to finance new priorities including tax incentives for the film industry. The state’s fiscal outlook has stabilized due to rising tax collections. While the state faced several years of deficits, […]