Minnesota House File 9 ( HF 9 ) introduces significant tax changes, including an increase in the gross receipts tax rate on taxable cannabis products and the repeal of the sales tax exemption for data centers. The state’s R&D tax credit becomes partially refundable starting in tax year 2025, with refundability rates of 19.2% for 2025 and […]
Texas has created the Strong Families Tax Credit against its franchise tax, providing a credit of up to $1 million annually per taxable entity for designated contributions to eligible organizations supporting at-risk families and parenting initiatives. The total statewide credit is capped at $5 million yearly, with unused credits eligible for carryforward for up to […]
Texas has repealed its prior research and development tax credit and its associated tax credit and replaced them with a revised research and development tax credit. The credit varies based on prior expenses and collaborations, ranging from 4.361% to 10.903%, and provides a refundable option for entities owing no tax. (S.B. 2206), Laws 2025, effective […]
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 […]
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 […]
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