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. […]
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 […]
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 […]
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 […]
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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