It’s time to celebrate the holiday season. While everyone is searching for the perfect gifts for loved ones, states are busy fulfilling wishes too. There’s those startups in New York; amateur sports organizations in Missouri, and a certain plane manufacturer searching for a place to build a new plant. And it looks as though Wisconsin has something special in mind for a certain online retailer.
New York recently adopted emergency regulations for the Excelsior Jobs Program, reports a Bloomberg BNA Weekly State Tax Reportarticle. The regulations provide, among other things, that the tax benefit period for the credits is increased from five to ten years.
New York also issued regulations implementing the START-UP NY program, according to another Weekly State Tax Reportarticle. The START-UP NY program was enacted to encourage new businesses to move to New York , especially the upstate area, by offering various tax incentives in return for locating to tax-free areas on or near certain institutions of higher education.
In other news, Missouri issued emergency regulations for administering the state’s amateur sporting contribution tax credit, reports a Weekly State Tax Reportarticle. The credit is for taxpayers making donations to a certified sponsor or local organizing committee. The nonrefundable credit is available for taxable years starting on or after Jan. 1, 2013 and is equal to 50 percent of the amount donated by the taxpayer.
And, related to last week’s blog topic, Boeing is reportedly being offered even more state tax incentives. Missouri’s Governor, Jay Nixon, is attempting to get the company to build its next plant in the state, reports a St. Louis Post-Dispatcharticle. Nixon wants to offer Boeing a tax credit package totaling $1.7 billion, according to the article.
And speaking of offering tax incentives to large companies . . . another state, Wisconsin, has already offered a generous tax incentive package to online retailer Amazon. Wisconsin announced last month that it is providing Amazon up to $7 million in enterprise zone tax credits in return for Amazon’s decision to construct a distribution facility in the state, reports a Weekly State Tax Reportarticle.
For more information about state tax credits and incentives, check out Bloomberg BNA’s Credits and IncentivesPortfolios.
In other developments . . .
New York City issued regulations allowing certain property owners with damage from Hurricane Sandy to use their rebates as a property tax credit, according to a Bloomberg BNA Weekly State Tax Reportarticle.
By: Kathleen Caggiano
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