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Delaware Permanently Extends State R&D Credit

On July 1, 2013, Delaware Governor Jack Markell (D) signed HB 143, which permanently extended Delaware’s credit for increasing research activities (also known as the R&D Tax Credit). Delaware adheres to the federal credit statute, I.R.C. § 41, which includes a sunset provision that has been extended each time the credit has come up for…

Employers Not Complying with Worker Classification Rulings

In a report issued in June, the Treasury Inspector General for Tax Administration (“TIGTA”) found that employers continue to mis-classify employees as independent contractors even after rulings by the I.R.S. . Employers are responsible for one half of the Social Security, Medicare, and Unemployment taxes (1.45% for Medicare, 4.2% in wage withholding, and an additional…

Employer Mandate Delayed Until 2015

In a Treasury Notes Blog Post on July 2, 2013, Assistant Secretary for Tax Policy, Mark J. Mazur, announced that enforcement of the employer mandate portion of the Affordable Care Act would be delayed until 2015. The employer mandate – officially known as the Employer Shared Responsibility Payment – applies to “large employers” – those…

Texas Adopts New R&D Tax Credit

On May 21st, the Texas State Legislature unanimously passed H.B. 800, establishing a new incentive for research and development activities. It was signed into law by Governor Rick Perry on June 14th, and becomes effective on January 1, 2014. Texas joins thirty-eight other states that provide for a credit for increasing research activities in some…

TIGTA Releases Report After Reviewing IRS Compliance

On June 12, 2013, the Treasury Inspector General for Tax Administration (“TIGTA”) released a report reviewing IRS compliance with legal guidelines when conducting seizures of taxpayers’ property during a fiscal year period ending June 30, 2012. TIGTA reviewed a random sample of 50 of the 738 seizures that occurred during the fiscal year ending June…

Supreme Court Upholds U.K. Windfall Tax

The Supreme Court, in a PPL Corporation v. Commissioner (Feb. 20, 2013), unanimously held a tax imposed by the U.K. could generate a foreign tax credit under I.R.C. § 901(b)(1). Section 901 permits a foreign tax credit for foreign taxes imposed on income. At issue in PPL was whether the British “windfall profits” tax, which…

Texas House Passes R&D Tax Credit

The Texas House of Representatives passed a bill authorizing a $250 million package of incentives including sales tax exemptions and franchise tax credits for research and development (R&D) activity. A previous version of the credit sunset in 2006, and renewal has been under study for some time. A version of the bill is expected to…

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aNlogo-footer3@2x

Washington D.C.
Willard Office Building, Suite 300 1455 Pennsylvania Ave.
Washington, D.C. 20004
202.888.7006

© 2021 alliantNational. - All Rights Reserved.

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