Illinois—Sales and Use Tax: Tax Incentives for REV Illinois Electric Vehicle Production Discussed

May 12, 2022 | Blog

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 […]

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State Tax Alert Update

April 22, 2022 | Tax Reform

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. […]

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State Tax Cut Trends

April 20, 2022 | Blog, Tax Reform

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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State Alerts and Updates

April 7, 2022 | Tax Credits, Tax Incentives

West Virginia—Corporate Income Tax: Qualified Rehabilitated Buildings Investment Credit Amended Apr. 6, 2022 West Virginia amended the corporate income tax credit for qualified investments in the rehabilitation of historic buildings to: remove fiscal-year caps on total credits and credits for each project; eliminate the set aside for small rehabilitation projects; and allow phased rehabilitation projects completed after […]

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