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The Repeal of the 80/20 Regime

On August 10, 2010, the President signed into law the Education, Jobs and Medicaid Assistance Act , P.L. 111-226, which, although not evident in the name of the Act, contained certain key foreign tax credit provisions and other rules that significantly affect U.S. multinational corporations. The...

Georgia Special Council on Tax Reform and Fairness Releases Report: Proposes Broader Consumption Taxes and the Elimination of Tax Credits in Lieu of Lower Income Tax Rates

By Jonathan A. Feldman The Special Council on Tax Reform and Fairness for Georgians (the Council) released its Report (the Report) on January 7, 2011. The Council was formed to review the tax code for fairness and to recommend a new tax structure to stimulate the Georgia economy. Unlike many other jurisdictions'...

Govt. Sues Tax Preparers In 5 states On Tax Credits

WASHINGTON, D.C. - (AP) The Justice Department says it has sued seven tax preparers in five states to stop them from fraudulently claiming tax credits for first-time homebuyer and earned-income. The department also has obtained an indictment of a Philadelphia man in the law enforcement initiative, charging...

Pepper Hamilton LLP: Maryland Comptroller Gets a Black Eye, Susan

By Lance S. Jacobs Howard County Circuit Court Rules that Out-of-State Tax Credit Mechanism Violates the Constitution A recent ruling by the Howard County Circuit Court, on an appeal from the Maryland Tax Court, offers the possibility of potential refund claims for Maryland residents...

McDermott Will & Emery: IRS Proposed Premium Tax Credit Regulations Signal Direction of Future Guidance on Employer Pay-or-Play Penalties

By Amy M. Gordon , Susan M. Nash , Maureen O'Brien and Jamie A. Weyeneth The Internal Revenue Service has issued proposed regulations implementing health insurance premium tax credits. The proposed regulations clarify the eligibility criteria for health insurance premium tax credits. In addition...

Cadwalader Clients & Friends Memo: Investment in Alternative Energy After the End of Cash Grants

The cash grant program for renewable energy expires at the end of this year. When cash grants end, renewable energy projects will once again rely on "tax equity investors" to offer lower-cost financing in exchange for the tax credits and accelerated depreciation that are available to investments...

State Net Capitol Journal – March 12th, 2012

c Budget & Taxes FL JUDGE SIDES AGAINST STATE IN PENSION CASE: A Florida circuit court ruled last week that Gov. Rick Scott (R) and Republican legislative leaders' decision last year to cut public employee salaries to offset the state's contribution to their pension fund was an...

State Net Capitol Journal – March 12th, 2012

c Budget & Taxes FL JUDGE SIDES AGAINST STATE IN PENSION CASE: A Florida circuit court ruled last week that Gov. Rick Scott (R) and Republican legislative leaders' decision last year to cut public employee salaries to offset the state's contribution to their pension fund was an unconstitutional...

State Net Capitol Journal – May 7, 2012

SNCJ Spotlight With Congress stalled, states work their own "Amazon tax" deals Like millions of Americans these days, Dena Davidson buys a lot of products online. From birthday gifts to home furnishings, she eschews crowded malls at every opportunity, preferring the comfort of shopping...

State Net Capitol Journal – May 7, 2012

SNCJ Spotlight With Congress stalled, states work their own "Amazon tax" deals Like millions of Americans these days, Dena Davidson buys a lot of products online. From birthday gifts to home furnishings, she eschews crowded malls at every opportunity, preferring the comfort of shopping...

State Net Capitol Journal – September 10, 2012

Budget & Taxes CA STRUGGLES TO BALANCE ENVIRONMENTAL, ECONOMIC CONCERNS: The California Environmental Quality Act (CEQA), passed in 1970, has been credited with helping to preserve the state's lush wetlands and keep condos off the slopes of the majestic Sierra Nevada mountain range. But...

State Net Capitol Journal – September 10, 2012

Budget & Taxes CA STRUGGLES TO BALANCE ENVIRONMENTAL, ECONOMIC CONCERNS: The California Environmental Quality Act (CEQA), passed in 1970, has been credited with helping to preserve the state's lush wetlands and keep condos off the slopes of the majestic Sierra Nevada mountain range. But the...

State Net Capitol Journal – November 19, 2012

Budget & Taxes OBAMA FIRES OPENING BUDGET SALVO: At a meeting with union leaders and other liberal activists last week, President Barack Obama announced that he intended to begin budget negotiations with congressional leaders by calling for $1.6 trillion in additional tax revenue over the next...

State Net Capitol Journal – November 19, 2012

Budget & Taxes OBAMA FIRES OPENING BUDGET SALVO: At a meeting with union leaders and other liberal activists last week, President Barack Obama announced that he intended to begin budget negotiations with congressional leaders by calling for $1.6 trillion in additional tax revenue over the next...

Marten Law: Tax Legislation Sets Up Race to "Begin Construction" of Renewables Facilities by Year-End

By Richard Allan , Partner, Marten Law PLLC As part of the American Taxpayer Relief Act of 2012, Congress extended eligibility for tax credits for renewable energy projects through the end of 2013, provided developers "begin construction" before the end of the year. Because the Act gives...

New Bill Proposes Tax Credits for Renewable Energy Storage

The Storage Technology for Renewable and Green Energy Act of 2013, or STORAGE 2013 Act, seeks to make the energy grid cleaner and more efficient, and to reduce the cost of electricity to consumers. Today’s energy grid system suffers from the high demand for energy that occurs during peak times...

Further IRS Clarification on Tax Credit Prerequisites for Renewable Energy

As discussed on early blog posts ( April 15 th and April 28th ), the American Taxpayer Relief Act of 2012 modified the definition of a qualified facility under Section 45(d) of the Internal Revenue Code (IRC) [ enhanced version available to lexis.com subscribers ], for purposes of the production tax...

Clean Energy Projects to Receive $150 Million in Tax Credits

By Seth J. Schriftman , Staff Attorney, Jenner & Block On December 12, 2013, the United States Energy Department announced that clean energy tax credits of $150 million had been awarded to support domestic clean energy manufacturing. The awards were provided to 12 businesses through the Treasury...

State Net Capitol Journal – February 10, 2014; California Needs Bigger Entertainment Tax Credits?

Budget & Taxes CA NEEDS BIGGER ENTERTAINMENT TAX CREDITS? Hollywood has long been the capital of the film industry. But California Assemblyman Raul Bocanegra (D) said the state needs to boost its film and TV tax incentives to keep productions from being lured away to other locations. "For...

D.C. Circuit Strikes Down Subsidies For Federal Exchanges

WASHINGTON, D.C. — (Mealey’s) Patient Protection and Affordable Care Act (ACA) premium tax credits are available only for individuals who enrolled through state exchanges and not the federal exchange, a District of Columbia U.S. Circuit Court of Appeals panel majority held July 22. The dissent...

4th Circuit Finds ACA Tax Credit Proper Under IRS Interpretation

RICHMOND, Va. — (Mealey’s) Patient Protection and Affordable Care Act (ACA) language governing whether individuals who enroll through the federal exchange are entitled to tax credits is ambiguous enough to defer to the Internal Revenue Service’s interpretation, a Fourth Circuit U.S...

Full D.C. Appeals Court Takes Up ACA Tax Credit Case

WASHINGTON, D.C. — (Mealey’s) The District of Columbia Circuit U.S. Court of Appeals granted en banc review on Sept. 4 of a decision finding that the Patient Protection and Affordable Care Act (ACA) provides tax credits only for individuals who enrolled through state-created exchanges ( Jacqueline...

High Court Affirms Availability Of Tax Credits In ACA Federal Exchange

WASHINGTON, D.C. — (Mealey’s) The Patient Protection and Affordable Care Act (ACA)’s structure suggests the availability of tax subsidies in the federal exchange, and Congress could not have intended the state insurance market “death spirals” likely to result from barring...

Williams Mullen: Supreme Court Upholds ACA Premium Assistance Nationwide

By: Brydon M. DeWitt This morning [June 25], the Supreme Court ruled that Affordable Care Act (ACA) premium tax credits will remain available to individuals residing in states that did not establish their own health insurance marketplaces. In King v. Burwell , the Supreme Court analyzed ACA statutory...

DLA Piper: Supreme Court Upholds ACA Subsidies

By Anne Pachciarek and Rita M. Patel | On June 25, the US Supreme Court issued a 6-3 opinion in King v. Burwell upholding the Affordable Care Act’s subsidy scheme [ enhanced opinion available to lexis.com subscribers ] [lexis.com subscribers may access Supreme Court briefs for this case ...