Corporate Tax

On Tuesday night the Senate passed a bill that would retroactively renew tax extenders that expired at the end of 2013. The Tax Increase Prevention Act, passed last week by the House, renews most of the expired tax breaks for another year. The bill, passed 76-16, now goes to President Obama, who is expected to…

California has passed AB 1412, which eliminates retroactive taxation on taxpayers who received a benefit under the previous Qualified Small Business Stock Incentives program. The program permitted deferral of income and credits for investments in start ups. In Cutler v. Franchise Tax Board (208 Cal. App.4th 1247 (2012), a California Appeals court struck down the…

A bill introduced in the California State Assembly by Bob Wieckowski, AB 901, would remedy the recent controversy over the State’s former qualified small business stock incentives program. The program permitted a deferral of income and credits for investments in startups, but favored California-owned startups over out of state businesses. A California Appellate Court, in…

The America’s Small Business Tax Relief Act of 2013 (H.R. 886), proposed by Representative Jim Gerlach (R-PA) on February 28, 2013, would provide a permanent turn-off of the Alternative Minimum Tax (AMT) limitation for general business credits claimed by eligible small businesses. The law would also permit a special 5-year carry-back of eligible small business…