California- Proposed Balance Budget, Finance New Priorities-Tax Incentives for the Film Industry

January 9, 2025 | Tax Alerts, Tax Incentives

After two years of budget deficits, California Gov. Gavin Newsom proposed a $322.5 billion balanced budget. However, his plan would pull from rainy day funds to finance new priorities including tax incentives for the film industry. The state’s fiscal outlook has stabilized due to rising tax collections. While the state faced several years of deficits, […]

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South Carolina— Corporate, Personal Income Taxes: Headquarters, Job Retraining, and Other Credits Modified

July 10, 2024 | Tax Alerts, Tax Credits

South Carolina has expanded the corporate headquarters credit so that it also applies to the individual income tax, and references to “corporation” are replaced with references to “taxpayer.” The law is also amended to specify that a taxpayer, or taxpayer’s business unit, doing business solely in South Carolina does not qualify as a headquarters. Qualifying […]

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South Carolina—Guidance on Solar Energy Credit Provided

June 25, 2024 | Tax Alerts, Tax Credits

The South Carolina Department of Revenue has released an advisory opinion on the Solar Energy Credit, outlining its application and clarifying its various aspects. The credit is aimed at taxpayers who purchase and install qualifying solar energy systems, small hydropower systems, or geothermal machinery and equipment. The credit is equal to 25% of the costs […]

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South Carolina—Multiple Taxes: Abandoned Buildings Credit Extended

May 22, 2024 | Tax Alerts, Tax Credits

South Carolina has extended until December 31, 2035, the Abandoned Buildings Revitalization Act, under which income and property tax credits are available to taxpayers who rehabilitate qualified abandoned buildings. Previously, the provisions were set to expire on December 31, 2025. In addition, the maximum income tax credit amount for any taxpayer in a tax year […]

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