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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 […]
Florida—Corporate Income Tax: Guidance on Internship Tax Credit Program Issued Feb. 28, 2022 For corporate income tax purposes, the Florida Department of Revenue published a tax information publication on the Florida internship tax credit program. For taxable years beginning during the 2022 and 2023 calendar year, a student internship tax credit is available. The program […]
Feb. 3, 2022 Connecticut Gov. Ned Lamont announced a package of tax proposals that would: accelerate the phase-in of the personal income tax exemption for pension and annuity income; expand the corporation business tax credit for student loan repayments by employers; restore eligibility for the property tax credit to all personal income taxpayers and increase the credit; […]
New Jersey Governor (Gov.) Phil Murphy signed legislation (S-4094/A-6070) that expands digital media production tax credits, bolstering the implementation of the New Jersey Film & Digital Media Tax Credit Program. Under the legislation, the amount of the digital media content production portion of the tax credit program is increased while maintaining the overall cap on tax […]
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