California—Corporate, Personal Income Taxes: Tax Credit Changes, Forgiven PPP Loan Conformity, and More Enacted

July 14, 2022

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 […]

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State Tax Alerts and Updates

July 11, 2022

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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Illinois: Recovery and Mental Health Employment Credit Enacted

June 30, 2022

Illinois —Corporate, Personal Income Taxes: Recovery and Mental Health Employment Credit Enacted Jun. 14, 2022 Effective for tax years beginning on or after January 1, 2023, Illinois is providing a corporate and personal income tax credit to employers in the state who hire eligible individuals in recovery from a substance use disorder or mental illness. […]

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Colorado—Corporate, Personal Income Taxes: Advanced Industry Investment Tax Credit Extended and Increased

June 8, 2022

Colorado—Corporate, Personal Income Taxes: Advanced Industry Investment Tax Credit Extended and Increased Jun. 8, 2022 Colorado has modified its advanced industry investment income tax credit as follows: extended the credit to investments made through 2026 (previously, 2022); increased the credit to 35% (previously, 30%) for qualified investments in rural or economically distressed areas; increased the […]

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Connecticut and Oklahoma: Corporate Income and Other Tax Updates

June 2, 2022

Connecticut—Corporate Income Tax: Manufacturing Apprenticeship Credit Extended to PTE Tax Jun. 2, 2022 Connecticut provides a corporation business tax credit for employing apprentices in the manufacturing trades. Effective for tax years beginning on or after January 1, 2022, S corporations, partnerships, and limited liability companies eligible for the credit can apply it against Connecticut pass-through entity tax […]

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