Illinois —Corporate, Personal Income Taxes: Recovery and Mental Health Employment Credit Enacted Jun. 14, 2022 Effective for tax years beginning on or after January 1, 2023, Illinois is providing a corporate and personal income tax credit to employers in the state who hire eligible individuals in recovery from a substance use disorder or mental illness. […]
Connecticut—Corporate Income Tax: Manufacturing Apprenticeship Credit Extended to PTE Tax Jun. 2, 2022 Connecticut provides a corporation business tax credit for employing apprentices in the manufacturing trades. Effective for tax years beginning on or after January 1, 2022, S corporations, partnerships, and limited liability companies eligible for the credit can apply it against Connecticut pass-through entity tax […]
West Virginia—Corporate Income Tax: Qualified Rehabilitated Buildings Investment Credit Amended Apr. 6, 2022 West Virginia amended the corporate income tax credit for qualified investments in the rehabilitation of historic buildings to: remove fiscal-year caps on total credits and credits for each project; eliminate the set aside for small rehabilitation projects; and allow phased rehabilitation projects completed after […]
April 6th Major State Tax Proposals/Developments GEORGIA lawmakers passed a costly, imprudent bill that will increase personal exemptions, gradually implement a 4.99 percent flat tax rate, and cost over $2 billion annually when fully implemented. The deeply regressive bill will, on average, save the state’s top earners thousands of dollars a year and less than […]
Apr. 4, 2022 In brief Arizona provides a refundable Qualified Facility Tax Credit (QFTC) program and a non-refundable Quality Jobs Tax Credit (QJTC) program. Both programs can be advantageous for businesses looking to locate or expand in Arizona, including those that have done so in the previous 36 months. The Arizona Commerce Authority (ACA) may authorize up to $125 […]
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