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State Tax Credit News Briefs – July 2018

The California Governor’s Office of Business, together with the Economic Development (GO-Biz), updated May 3 its frequently asked questions about the California Competes Tax Credit (CCTC). There were two updates, with one in the general section and one in the privacy section. In the general section, the question, “what is the maximum ratio that will move my application to the Phase II evaluation process,” was updated to show the cutoff ratios through the third application period in the 2017-2018 fiscal year. Previously, ratios were shown through the second application period in the 2017-2018 fiscal year. The single question in the privacy section reads, as revised, “Is a California Competes Tax Credit Application and its related materials subject to a California Public Records Act request?” The revised answer provides that Go-Biz is subject to the California Public Records Act (CPRA), and that all documents, including a CCTC application and its related application materials, are subject to a document request pursuant to the CPRA. For applicants awarded the credit, the information that Go-Biz is required to post on its website about them and their credit has not changed.

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The Code of Maryland Regulations updated sections 24.05.24.01 through 24.05.24.13 on the One Maryland economic development tax credit. The regulations were repealed and adopted to meet current statutory requirements, correspond with the Maryland Department of Commerce’s existing administrative practices and to clarify the timing of project eligibility. The updates were effective May 21. 

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Oklahoma House Bill 3225 was approved by Gov. Mary Fallin May 10. The bill requires the Oklahoma Tax Commission to make tax credit data information available on its website, free of charge, and directs what type of information must be available. The data must be made accessible on or before Jan. 1, 2020. H 3225 will be effective Nov. 1

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Newly adopted Georgia Rules and Regulations 560-7-8-.62, Rural Zone Tax Credits, was effective June 7 and applicable to tax years beginning on or after Jan. 1, 2018. The regulation includes the rural zone jobs tax credit, the rural zone property tax credit and the rural zone qualified rehabilitation expenditures tax credit. The sunset date for the credit is Dec. 31, 2027.

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Maryland H 302 amends the claim procedure for the Maryland wineries and vineyards income tax credit. Effective June 1, the bill is applicable to all credits certified after Dec. 31, 2017. A claim can be made by attaching a certification of the approved credit amount from the Maryland Department of Commerce to an income tax return filed for any taxable year after the taxable year in which the qualified capital expenses were incurred. In addition, the bill extends the sunset date from June 30, 2018, to June 30, 2021.

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Iowa H 2500 amends the Workforce Housing Tax Incentives program by allowing a one-time extension of the three-year completion deadline for housing developments. The bill is effective for properties registered under the program on or after July 1. The extension must not exceed 12 months and the extension application must be made before the expiration of the three-year completion deadline.

Journal Category:

State Tax Credits

Authors:

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