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 (S.B. 536), Laws 2022, effective July 1, 2022, and applicable to all taxable years beginning after December 31, 2021
Maryland—Property Tax: Credit Available for Newly Constructed Office/Retail Property
May. 18, 2022
Effective for tax years after June 30, 2022, Maryland will offer an enterprise zone property tax credit for newly constructed property with office and retail space that became eligible for the property tax credit between January 1, 2019 and December 31, 2021. The credit is available for 13 years and is available for 80% of the tax for the first eight years and decreases by 10% each year after until the credit expires.
Ch. 449 H.B. 27, Laws 2022, effective as noted
Maryland—Property Tax: Exemption Enacted for Specified Community Solar Energy Generating Systems
May. 18, 2022
For tax years after June 30, 2022, a Maryland personal property tax exemption is enacted for machinery or equipment of specified community solar energy generating systems.
The system must:
- have a generating capacity that does not exceed two megawatts;
- provide at least 50% of the energy produced to low- or moderate-income customers at a cost of at least 20% less than the amount charged by the electric company in the area; and
- be installed on a rooftop, parking canopy, or brownfield.
Ch. 415, H.B. 76, Laws 2022, effective as noted
Nevada—Sales and Use, Property Taxes: Rules for Energy-Related Tax Incentives Revised
May. 18, 2022
Existing regulations for energy-related property and sales and use tax incentives have been revised.
Revised provisions of the energy-related tax incentives include the:
- definition of “facility”is expanded to include a facility for the storage of energy from renewable generation or a hybrid renewable generation and energy storage facility;
- definition of “wages”is revised;
- application fee is increased to $9,000 (previously, $7,500);
- annual compliance report fee is increased to $500 (previously, $250); and
- on-site inspection fee is increased to $1,000 (previously, $500).
LCB File No. R045-21, Nevada Department of Taxation, effective April 11, 2022
To learn more about how these could impact your business, reach out to Ashmore Consulting.
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