State Legislative Update Archives

January 31, 2008 (CA) - Governor Arnold Schwarzenegger Announces Latest Round of Conditional Zone Designations for California Enterprise Zones. Read more...

January 31, 2008 (NJ) - New Jersey enacts another tax credit, this one for business making a $75 million of qualified investment in a business facility in an urban transit hub.
At least 250 full-time employees must be employed at the facility. Tenants may also qualify if certain conditions are met.

January 31, 2008 (NJ) - The New Jersey Division of Taxation has increased from 50% to 100% the tax credits allowed to a nonprofit organization implementing a neighborhood preservation and revitalization program, and to increase from $500,000 to $1 million the annual credit allowed to a business entity.

January 30, 2008 (OR) - The Oregon Department of Energy issued regulations that implement changes to the business energy tax credit.
An income tax credit can be claimed for up to 35% of the cost of qualifying facilities. Qualifying renewable energy resource equipment manufacturing facilities and renewable energy resource facilities including high efficiency combined heat and power facilities, completed on or after January 1, 2007 are eligible for a tax credit equal to 50% of eligible costs.

January 30, 2008 (NJ) - New Jersey issued a news release addressing new filing procedures effective February 1, 2008 with regard to urban enterprise zone businesses claiming a sales and use tax refund.
The small business limitation has been broadened to include small businesses with $3 million or less in annual gross receipts to pay at purchase and then seek rebate; the previous ceiling was $1 million in annual gross receipts.

January 21, 2008 (MI) - Michigan has amended the Brownfield Redevelopment Financing act to revise the definitions of "eligible activities," "eligible property," and "blighted" for purposes of the Brownfield development credit under the Michigan Business Tax and the Single Business Tax.

January 21, 2008 (NJ) - New Jersey passed legislation which establishes a corporation business tax credit for up to 20% of qualified digital media content production expenses.

January 21, 2008 (NJ) - a recently enacted New Jersey law extends eligibility for business relocation tax credits to businesses relocating 50 or more employees within New Jersey.
Prior law required that a firm relocate a minimum of 250 jobs to be eligible for the tax credits.

January 14, 2008 (MN) - Minnesota has joined a growing number of states that have recently imposed new obligations on employers related to eligibility verification of new hires. Read more ...

January 7, 2008 (MI) - Michigan enacts a new credit against the Michigan Business Tax for research and development costs on hybrid motor vehicle propulsion systems.
The credit will be available for tax years starting on and after January 1, 2008, through 2015.

January 7, 2008 (MI) - Michigan provides a credit against the Michigan Business Tax for a portion of an eligible taxpayers' liability that is attributable to private equity fund activity.

January 3, 2008 (MI) - The Michigan business tax Renaissance Zone credit may be claimed by insurance companies subject to the gross direct premiums tax and financial institutions subject to the franchise tax.
In addition, insurance companies subject to the gross direct premiums tax may claim the MBT historic preservation credit. Previously, these taxpayers were not allowed to claim these particular credits.

December 17, 2007 (AR) - The Arkansas Department of Finance and Administration recently issued a final rule to commence the implementation, administration and enforcement of the geotourism income tax credit.

December 14, 2007 (GA) - GA Department of Revenue updates policy statement relating to the retraining tax credit.
The Georgia Department of Revenue has updated the policy statement relating to the retraining tax credit. The credit is equal to the lesser of 50% of the cost of retraining per full-time employee or $500 employees successfully completing an approved retraining program.

December 14, 2007 (LA) - The Louisiana Department of Revenue has adopted a revised emergency administrative rule designed to implement, administer, and clarify the statutory wind or solar energy system tax credit effective as of January 1, 2008.

November 14, 2007 (IA) - Corporate Income Tax credit regulations amended.
The Iowa Department of Revenue has adopted amendments to regulations to provide additional credits for historic preservation and cultural and entertainment districts; these credits are also now refundable.