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. […]
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 […]
April 6th Major State Tax Proposals/Developments GEORGIA lawmakers passed a costly, imprudent bill that will increase personal exemptions, gradually implement a 4.99 percent flat tax rate, and cost over $2 billion annually when fully implemented. The deeply regressive bill will, on average, save the state’s top earners thousands of dollars a year and less than […]
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 […]
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