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State Tax Credits News Briefs - November 2016

The Mississippi Department of Revenue adopted amendments to Mississippi Administrative Code 35.X.1.01, effective retroactively to June 1. The amendments are revised regulations to the Jobs Tax Credit and related to moving from one location to another in the state, minimum jobs required and mergers and acquisitions. Other amendments also provide information related to the jobs tax credit for economically distressed communities, the Brownfields jobs tax credit, the jobs tax credit for alternative energy suppliers and the jobs tax credit for upholstered household furniture manufacturers.

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New Jersey S. 2041, enacted Sept. 7, authorizes up to $90 million in Economic Redevelopment and Growth Grant (ERG) program tax credits. The increase in funding is for two categories of qualified residential projects. S. 2041 also increases the ERG tax credit cap from $628 million to $718 million. 

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Delaware S.B. 221 was signed into law Aug. 29. The bill amends Title 30 of the Delaware Code and enacts a refundable tax credit for employers who hire individuals with disabilities. The credit is allowable against the corporate income tax, the bank franchise tax, the personal income tax, the insurance premium tax and the privilege tax on certain domestic insurers. S.B. 221 is effective for vocational rehabilitation referrals hired after Dec. 31.

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New York Gov. Andrew Cuomo announced Sept. 14 that the state’s budget director is to execute a memorandum of understanding (MOU) to release $2 billion in funding toward the creation of more than 100,000 units of affordable and supportive housing during the next five years. Among other things, the MOU would make available $1.4 billion for construction of new affordable housing and as much as $565 million to extend the affordability of existing apartments. The MOU will ultimately go before the state Senate and Assembly.

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State Tax Credits

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