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Arizona Arizona—Corporate, Personal Income Taxes: Motion Picture Production Credit Enacted Jul. 11, 2022 Arizona will allow motion picture production companies a new refundable income tax credit for tax years beginning after December 31, 2022. How do companies qualify for the credit? To qualify for the credit, a motion picture production company must either: use a […]
Colorado—Corporate, Personal Income Taxes: Advanced Industry Investment Tax Credit Extended and Increased
June 8, 2022 | Blog
Colorado—Corporate, Personal Income Taxes: Advanced Industry Investment Tax Credit Extended and Increased Jun. 8, 2022 Colorado has modified its advanced industry investment income tax credit as follows: extended the credit to investments made through 2026 (previously, 2022); increased the credit to 35% (previously, 30%) for qualified investments in rural or economically distressed areas; increased the […]
Maryland and Nevada Tax Updates
May 17, 2022 | Blog, Tax Incentives
Maryland—Corporate, Personal Income Taxes: Film Production Activity Tax Credit Expanded to Include Digital Animation Projects May. 17, 2022 The Maryland film production activity income tax credit is expanded to include digital animation projects. A “digital animation project” is the creation, development, and production of computer-generated animation content for distribution or exhibition to the general public. Ch. 323 […]
Illinois—Sales and Use Tax: Tax Incentives for REV Illinois Electric Vehicle Production Discussed
May 12, 2022 | Blog
May. 12, 2022 For corporate and sale and use tax purposes, Illinois issued an informational bulletin discussing tax incentives for the Reimagining Electric Vehicles (REV) production. The Illinois Reimagining Electric Vehicles in Illinois (REV Illinois) Act establishes several tax exemptions to encourage continued growth in the manufacturing of electric vehicles, electric vehicle component parts, and […]
Big changes are Coming to Kentucky’s Tax Code and More State Alerts
April 25, 2022 | Blog, Tax Reform
April 27, 2022 Big changes are coming to Kentucky’s tax code. Ratified in April 2022, Kentucky House Bill 8 will gradually lower the state’s income tax and impose new sales taxes on certain high-growth industry services. Implications of the new bill on Kentucky businesses and individuals. KY House Bill 8 to Lower Income Tax, Add […]
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