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 The manual lists all the credits currently available in Iowa, as well as all the credits that have been repealed.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
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)