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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Maryland and Nevada Tax Updates

May 17, 2022

Maryland—Corporate, Personal Income Taxes: Film Production Activity Tax Credit Expanded to Include Digital Animation Projects May. 17, 2022 The Maryland film production activity income tax credit is expanded to include digital animation projects. A “digital animation project” is the creation, development, and production of computer-generated animation content for distribution or exhibition to the general public. Ch. 323 […]

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

May 12, 2022

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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Big changes are Coming to Kentucky’s Tax Code and More State Alerts

April 25, 2022

April 27, 2022 Big changes are coming to Kentucky’s tax code. Ratified in April 2022, Kentucky House Bill 8 will gradually lower the state’s income tax and impose new sales taxes on certain high-growth industry services. Implications of the new bill on Kentucky businesses and individuals. KY House Bill 8 to Lower Income Tax, Add […]

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