Ohio has enacted a new credit for commercial vehicle operator training expenses. What is the commercial vehicle operating training expenses credit? For 2023 through 2026, an employer may apply for a credit for training expenses. Ohio will not certify more than $50,000 per year as tax credit-eligible training expenses for any employer. The employer credit […]
IRS Provides Guidance on IRA’s Prevailing Wage and Apprenticeship Requirements and Construction/Installation Dates (Notice 2022-61; IR-2022-208) Nov. 30, 2022 An IRS Notice provides guidance on the prevailing wage and apprenticeship requirements that the Inflation Reduction Act of 2022 (P.L. 117-169) added to several new and amended tax credits and deductions. The IRS also anticipates issuing […]
Key Development that affected US state and local income/franchise and other business taxes for the third quarter of 2022. Iowa – certifies corporate income tax rate reduction starting in 2023 On March 1, 2022, Iowa Governor Kim Reynolds signed 2022 IA HF 2317, provisions of which provide for the reduction of corporate income tax rates […]
Jul. 7, 2022 California—Corporate, Personal Income Taxes: Tax Credit Changes, Forgiven PPP Loan Conformity, and More Enacted California has enacted budget-implementing legislation that includes corporation franchise and income and personal income tax changes relating to: the Main Street Small Business Tax Credit; the Homelessness Hiring Tax Credit; the California Competes Tax Credit; forgiven Paycheck Protection […]
Arizona Arizona—Corporate, Personal Income Taxes: Motion Picture Production Credit Enacted Jul. 11, 2022 Arizona will allow motion picture production companies a new refundable income tax credit for tax years beginning after December 31, 2022. How do companies qualify for the credit? To qualify for the credit, a motion picture production company must either: use a […]
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