Since 2004, New York has provided tax credits to encourage film and television productions located in the state. The credit is 30% of “qualified costs” incurred in the production. Legislation

Continue Reading Proposed Amendments to NY Film Production Tax Credit Would Disallow Costs for Artificial Intelligence

On June 14, 2023, the IRS released proposed regulations and additional guidance describing rules for applicable taxpayers to benefit from investments in renewable energy projects through a direct payment of

Continue Reading IRS Releases Guidance on Elective Payments and Transferability of Certain Tax Credits

The U.S. Department of the Treasury announced initial wage and apprenticeship guidance under the Inflation Reduction Act of 2022 (IRA) that applies to taxpayers in order to increase available credit

Continue Reading Treasury Announces Initial Guidance on the Inflation Reduction Act’s Labor Requirements for Renewable Energy Tax Credits and Incentives

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) on Oct. 28 announced $5 billion in New Markets Tax Credit (NMTC) awards with the goal of

Continue Reading U.S. Treasury Announces $5 Billion Allocation of New Markets Tax Credit Awards

This GT Alert provides a high-level summary of key tax provisions of the Inflation Reduction Act, which President Biden signed into law on Aug. 16, 2022.

Continue reading the
Continue Reading The Inflation Reduction Act – Key Tax Considerations

On Dec. 21, 2020, Congress passed a COVID-19 relief bill (the Consolidated Appropriations Act, 2021) including the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which would provide much-anticipated
Continue Reading Taxpayer Certainty and Disaster Tax Relief Act of 2020: Spotlight on the Proposed Extensions of Certain Alternative Energy Tax Credits