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. LegislationContinue 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.
To help offset some production costs associated with producing digital games in New York state, the Department of Economic Development on Aug. 10 issued an emergency regulation (at page 9)…
Continue Reading New York Provides Tax Credit for Video Game Production
This GT Alert outlines how the Inflation Reduction Act, which the House passed Aug. 12 and now heads to the president’s desk, would apply to the renewable energy industry.
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
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020, contains a tax credit to encourage companies to continue paying employees…
Continue Reading Employee Retention Tax Credit for Employers under the CARES Act
On Thursday, Nov. 2, 2017, the House Republicans unveiled their long-awaited tax plan, which was introduced as a Bill (H.R. 1) entitled the “Tax Cuts and Jobs Act”…
Continue Reading Tax Credits for Wind and Solar Facilities Under the Republican Tax Plan