Ways & Means subpanel holds Opportunity Zone hearing Nov. 18, 2021 The House Ways & Means Oversight Subcommittee November 16 held a hearing, “The Opportunity Zone Program and Who It Left Behind,” that focused on potential improvements to the program, including more accurate data, a refundable tax credit element, and new qualification parameters. Reforming the program could […]
California: CalCompetes New Grant Program
CalCompetes has added a new grant program in the state’s 2021/2022 budget. $120 million in funding is available, with individual awards up to $36 million. The application period opens January 3 and closes January 24. This is a great opportunity for companies that typically would not be able to take advantage of a tax credit […]
Changes to Montana Tax Credit Programs
Signed on May 14, H.B. 629 enacted Grow Montana Jobs, an annual Job Growth Incentive Tax Credit (Job Growth Credit). This new credit is a nonrefundable annual job growth incentive credit against state income tax available for calendar years 2022 through 2028. The credit is equal to 50% of Montana FICA taxes paid by an employer multiplied by the […]
Texas—Corporate Income Tax: Research and Development Credit Rule Amended
Corporate Income – Texas Nov. 1, 2021 Texas has adopted changes to its franchise tax credit rule for research and development activities. The changes include: Incorporating the four-part test for “qualified research” in IRC §41(d); Clarifying the application of federal regulations; Defining “qualified research expenses” as the sum of in-house research expenses and contract research […]
Maryland Innovation Investment Tax Credit
The Maryland Innovation Investment Tax Credit program has officially launched. The program, which has $2M in funding for Fiscal Year 2022, will also help increase overall investments in current and emerging tech sectors, and boost the number of individual investors in Maryland. The Maryland Innovation Investment Tax Credit provides a refundable income tax credit to a qualified […]