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 […]
May. 12, 2022 For corporate and sale and use tax purposes, Illinois issued an informational bulletin discussing tax incentives for the Reimagining Electric Vehicles (REV) production. The Illinois Reimagining Electric Vehicles in Illinois (REV Illinois) Act establishes several tax exemptions to encourage continued growth in the manufacturing of electric vehicles, electric vehicle component parts, and […]
April 27, 2022 Big changes are coming to Kentucky’s tax code. Ratified in April 2022, Kentucky House Bill 8 will gradually lower the state’s income tax and impose new sales taxes on certain high-growth industry services. Implications of the new bill on Kentucky businesses and individuals. KY House Bill 8 to Lower Income Tax, Add […]
Virginia—Corporate, Personal Income Taxes: Worker Training Credit Extended and Expanded Apr. 18, 2022 The sunset date for the Virginia worker training tax credit has been changed from January 1, 2022, to January 1, 2025. In addition, eligible training has been expanded to include courses at any Virginia public institution of higher education. Ch. 431 (H.B. […]
April 20, 2022 Major State Tax Proposals/Developments The KENTUCKY General Assembly has handily overridden Gov. Andy Beshear’s veto of House Bill 8. Among other things, the bill will lower the state’s flat income tax from 5 to 4 percent over the next two years and includes triggers to lower the rate further. MAINE Gov. […]
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