President’s FY2023 budget The President’s FY2023 budget includes proposals that would affect how certain income and deductions are calculated for federal income tax purposes, such as the new undertaxed profits rule and tax incentives for locating jobs in the United States. Subject to exceptions, the proposals are generally effective in tax years beginning after December 31, 2022. […]
Nov. 18, 2021 Illinois enacted the Reimagining Electric Vehicles in Illinois Act to provide incentives for electric vehicle (EV) manufacturing and production. Among other tax provisions, the Act includes the following: a sales and use tax exemption for building materials, and a provision allowing local jurisdictions to abate property taxes for certain REV Illinois Project […]
Kansas—Corporate Income Tax: Changes to High-Performance Incentive Program Kansas issued a notice on changes made during the 2021 legislative session to the High-Performance Incentive Program investment tax credit for corporate income tax purposes. The notice clarified that a new law: Removes participation in the Kansas Industrial Training program or the Kansas Industrial Retraining program as […]
Texas has enacted a pilot program to provide a sales and use tax credit for businesses that employ apprentices. More information on the Texas Sales and Use Tax: Sales Tax Incentive for Employing Apprentices Offered Apprentice Sales Tax Incentive A $2,500 sales tax refund is available for each apprentice hired from a qualified apprenticeship program. […]
Companies that have yet to take advantage of two lucrative benefits, a tax incentive program and credits, offered by the State of Pennsylvania, still have a chance to apply now that deadlines have extended to December. These incentives support both young and established businesses by providing tax benefits and or cash to support growth. They […]
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