Many states issue publications providing information regarding all the new tax credits that are available in their jurisdictions for the upcoming tax year.
The Maryland Comptroller’s Office recently issued its latest Revenews bulletin, which highlights important tax information in the state. The bulletin offers information regarding what is new for the 2013 tax year.
In particular, the bulletin mentions the new tax credits available in Maryland and directs you to the appropriate tax forms for claiming those credits.
New credits include the health enterprise zone practitioner tax credit, which provides incentives to certain health care practitioners working in designated health enterprise zones.
For tax years 2013 through 2015, health enterprise zone practitioners may receive income tax credits, loan repayment assistance, grants, and other benefits, reports a Bloomberg BNA Weekly State Tax Reportarticle. A health enterprise zone practitioner is a licensed or certified practitioner providing primary care, behavioral health, or dental services.
Health enterprise zone practitioners may claim an income tax credit equal to 100 percent of taxes due from income derived from practicing in the health enterprise zone. In addition, practitioners may also claim a refundable credit, in an amount equal to $10,000, for hiring a qualified employee in the zone.
Maryland also offers an income tax credit of up to $750 per year for individuals and corporations for recycling bushels of oyster shells.
Iowa annually publishes a Tax Credits Users’ Manual, which provides an explanation of all the available credits in the state. The manual lists all the credits currently available in Iowa, as well as all the credits that have been repealed.
For example, Iowa enacted a custom farming contract tax credit that gives taxpayers an income tax credit for entering into a custom farming contract with a beginning farmer, notes a Bloomberg BNA Weekly State Tax Reportarticle.
The Missouri Department of Economic Development issued guidelines explaining its new Missouri Works Program. Qualified companies creating new jobs or retaining jobs in the state are eligible for incentives such as retained withholding taxes and income tax credits.
For more information about the various state tax credits and incentives, check out Bloomberg BNA’s Credits and Incentives Portfolios.
In other developments . . .
California Governor Jerry Brown recently vetoed a measure that provided an income tax credit for contributions to the College Access Tax Fund, according to a Bloomberg BNA Weekly State Tax Reportarticle by Laura Mahoney.
By: Kathleen Caggiano
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