Employment Incentives
Georgia Tax Credit Allows Businesses to Recover Qualified Training Costs
In order to promote the competitiveness and success of existing businesses, Georgia is encouraging workforce development by allowing businesses to recover significant training costs through an income tax credit incentive. Companies can recover costs associated with “retraining,” including efforts to train for new equipment, technology, or similar changes that would otherwise result in deficiencies in the workplace. The credit computation is based on one half of the total direct costs toward employee training, and the credit can be claimed against the Georgia income tax and can offset as much as 50 percent of a company’s state income tax liability. The. Read More.
New Law Extends Tax Relief, Reinstates Estate & Gift Tax
Key Provisions of the Tax Relief Act of 2010 Incentives for Individuals Federal Estate & Gift Taxes Incentives for Businesses On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 , or H.R. 4853 (hereafter, “the Act”). The bipartisan legislation extends for two additional years many of the so-called “Bush-era tax cuts” originally enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Key provisions of the new law extend the individual and capital gains/dividend tax cuts for all taxpayers through 2012, enact a payroll tax cut for 2011, provide a two-year AMT patch, establish a top estate tax rate of 35 percent with an exclusion of $5. Read More.
New Tax Relief Act Extends Bush-Era Tax Cuts, Includes Business Incentives
Key Provisions of the Tax Relief Act of 2010 Incentives for Individuals Federal Estate & Gift Taxes Incentives for Businesses On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 , or H.R. 4853 (hereafter, “the Act”). The bipartisan legislation extends for two additional years many of the so-called “Bush-era tax cuts” originally enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Key provisions of the new law extend the individual and capital gains/dividend tax cuts for all taxpayers through 2012, enact a payroll tax cut for 2011, provide a two-year AMT patch, establish a top estate tax rate of 35 percent with an exclusion of $5. Read More.
North Carolina Adds and Expands Tax Incentives to JobsNOW Initiative
On July 22, 2010, North Carolina Governor Bev Perdue signed into law legislation, part of the JobsNOW initiative, adding and amending several economic development incentives . The incentives, which include a number of tax rebates and credits, come in addition to tax changes in the recent 2010-11 Budget . Among the changes are extensions to several provisions, including the credit under Article 3J, expansion of covered costs for production companies, plus new incentives for digital media producers and Eco-I ndustrial Parks . Growing Businesses Tax Credits The Article 3J tax credit for growing businesses has been extended two years, now ending January 1, 2013. This credit can be taken. Read More.
South Carolina Introduces Economic Development Act, Seeks Renewable Energy Investment
The government of South Carolina took steps this month to attract investment and job growth to the state. The Economic Development Competitiveness Act of 2010 (the Act), signed into law by Governor Mark Sanford, creates and alters several credit measures, as well as several changes to fee-in-lieu of tax arrangements. Many changes are also made to fair market value reporting structures, with the hope if providing greater transparency upon credit receipt. The South Carolina Renewable Energy Tax Incentive Program For tax years beginning January 1, 2010, the Act establishes the Renewable Energy Tax Incentive Program to encourage investment in renewable energy production.
Florida Creates Economic Development Package for Several Key Industries
Florida residents and businesses will soon be able to participate in several new economic development programs. Signed into law by Governor Charlie Crist, the development package includes a hiring tax credit for eligible employers, as well as other incentives specifically designed for the entertainment, aircraft, and spacecraft industries. TAX CREDIT FOR HIRING THE UNEMPLOYED Beginning July 1, 2010, eligible businesses will be able to claim a $1,000 tax credit for each qualified employee hired after that date. The cornerstone of the new development package, credits will be applied against corporate income taxes. Qualified Employee – An employee is considered qualified. Read More.