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Tax Benefits in Hiring Incentives to Restore Employment Act of 2010

This article briefly and broadly summarizes the tax benefits in the Hiring Incentives to Restore Employment Act of 2010 (HIRE Act), which was signed on March 18. The HIRE Act has two main benefits: it exempts employers from the employer's share of Social Security employment taxes on wages...

IRS Issues Notice 2010-45 with Application Criteria for New Section 48D

On May 21, the Treasury Department released Notice 2010-45 (Notice) for guidance on the Qualifying Therapeutic Discovery Projects credits program under Section 48D. As we described in our April 6 Client Alert , to qualify for the credit, taxpayers must receive a certification from the IRS that they...

Qualifying Health-Sciences Companies Should Act Quickly to Secure Available Tax Credits and Grants for Investments in Therapeutic Discovery Projects

The Patient Protection and Affordable Care Act of 2010 has added a section to the Internal Revenue Code, providing a 50 percent tax credit for eligible taxpayers who invest in qualified therapeutic discovery projects in 2009 and 2010. The Patient Protection and Affordable Care Act of 2010 added...

Joel S. Newman on the Tax Treatment of Research & Development Under IRC Section 41

Since its inception as part of the 1981 Tax Act, the research and development tax credit under IRC Sec. 41 has expired and been reinstated many times. The credit lapsed as of December 31, 2011, but is expected to be reinstated again in some form. Treasury has attempted to draft regulations governing...

State Net Capitol Journal – April 7, 2014; Cigarette Taxes Spurring Costly Crime

Budget & Taxes CIGARETTE TAXES SPURRING COSTLY CRIME: Forty-seven states, the District of Columbia and New York City have increased their tobacco taxes a total of 113 times since 2000, according to the Federation of Tax Administrators. All that activity has created wide disparities in the price...

State Net Capitol Journal – March 9, 2015; Louisiana Governor Proposes Tax-Credit Changes

Budget & Taxes LA GOV PROPOSES TAX-CREDIT CHANGES: Louisiana Gov. Bobby Jindal's (R) administration proposed a 2016 budget last month that included deep cuts that would close community health clinics and historic sites, as well as force more belt-tightening at the state's colleges and...

State Net Capitol Journal – June 15, 2015; California Considering Prop 13 Reform

Budget & Taxes CA Considering Prop 13 Reform A bill introduced last week in California would overhaul Proposition 13 -- the landmark property tax limit initiative approved by the state’s voters in 1978 -- to allow regular reassessments of commercial and industrial properties. Currently...

State Net Capitol Journal – June 22, 2015; Some Republicans Embracing Tax Hikes

Budget & Taxes Some Republicans Embracing Tax Hikes After Republicans swept into control of 29 governor’s offices and 25 state legislatures in the 2010 elections, they moved aggressively to cut spending and taxes. The cuts continued the next few years in the wake of the Great Recession...

State Net Capitol Journal – July 20, 2015; Kansas Keeping Some Tax Credits Secret

Budget & Taxes KS Keeping Some Tax Credits Secret According to Kansas’ Department of Revenue, in 2013 the state granted $622 million in income and privilege tax credits, allowing taxpayers to deduct various qualifying expenses from their taxes. But the state actually spent more than that...

State Net Capitol Journal – August 10, 2015; States Embrace Earned Income Tax Credit

Budget & Taxes States Embrace Earned Income Tax Credit As states continue to recover from the Great Recession, several are embracing a tax credit to help bring working families along. This year five states, including California and Massachusetts, where a Democrat and a Republican hold the top...