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. […]
Apr. 4, 2022 In brief Arizona provides a refundable Qualified Facility Tax Credit (QFTC) program and a non-refundable Quality Jobs Tax Credit (QJTC) program. Both programs can be advantageous for businesses looking to locate or expand in Arizona, including those that have done so in the previous 36 months. The Arizona Commerce Authority (ACA) may authorize up to $125 […]
Mississippi—Corporate, Personal Income Taxes: Rural Economic Development Credit Extended Mar. 30, 2022 The sunset date for the Mississippi rural economic development credit that may be claimed against corporate and personal income taxes is extended to October 1, 2025. The credit was previously scheduled to sunset on October 1, 2022. S.B. 2846, Laws 2022, effective July […]
March 31, 2022 While the end-of-session surprises will likely let up soon, one thing that is not surprising is Fitch Ratings’s analysis of 2022 state tax cut plans, as they note that there could be serious effects if states are unable to sustain current levels of revenue growth. Major State Tax Proposals and Developments The […]
March 23, 2022 Major State Tax Proposals and Developments A MAINE bill that would limit big box retailers’ ability to mount “dark store theory” legal challenges has now been approved in the Senate in addition to the House. The bill would require that towns and cities base property assessments on the highest and best use. […]
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