Whether it’s dealing with Superstorm Sandy or comments about his weight, New Jersey Governor Chris Christie has been in the news a lot lately.
Most recently, with regard to state tax credits, the Governor conditionally vetoed a bill (A.B. 3206) that would increase the cap for the neighborhood revitalization tax credit from $10 million to $15 million, according to a Bloomberg BNA Daily Tax Reportarticle.
The credit is available to businesses that invest in neighborhood revitalization and preservation projects in New Jersey sponsored by nonprofit organizations.
The Governor nixed the increased credit cap due to the lack of corresponding spending cuts; however, the Governor supports a provision in the bill that expands the credit by allowing taxpayers to take it against gross income tax, the article reports. Currently, the tax credit can be taken against other taxes, such as the corporation business tax and the insurance premiums tax, but not the gross income tax, notes the article.
Governor Christie’s conditional veto of this particular piece of legislation is just one example of how states are clamping down financially in order to control their budgets. Other examples are discussed here.
For more information about New Jersey’s neighborhood revitalization credit, check out Bloomberg BNA’s Business Credits and Incentives Portfolio Series.
In other developments . . .
Wind and solar energy system tax credit regulations were amended by the Louisiana Department of Revenue to clarify that multiple system components constitute a single system and to explain which items are eligible for the credit, according to a Bloomberg BNA Weekly State Tax Reportarticle.
By: Kathleen Caggiano
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