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State Tax Credits News Briefs - October 2016

Delaware S.B. 236 was effective Aug. 3. The bill amends the definition of a “brownfield” by eliminating the use of the phrase “any vacant, abandoned or underutilized real property.” The phrase now included is “real property, the expansion, or redevelopment or reuse.” This change was implemented so that the designation of the property as a brownfield is focused on the remediation of environmental contamination and not the status of the property’s use.

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Amendments to several sections of the Oklahoma Administrative code were effective Aug. 25. Oklahoma Administrative Code Section 710:50-15-74 was amended to include the prohibition from claiming the credit for investment/new jobs for any investment or job creation in electric power generation by means of wind. Sections 710:50-15-114 and 710:50-15-115 were amended to change the number of additional years of commitment from two to one for the additional amount of credit. Section 710:50-17-51 was amended to outline commission policy relating to the application of expenses allocated to nontaxable income. More information is available at ***.oar.state.ok.us.

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The Connecticut Department of Economic and Community Development (DECD) issued a report Aug. 1 analyzing the impact of the First Five Plus Program. DECD found that the First Five Plus Program generated significant economic benefits to the state. The report includes 13 companies participating in the program, as well as the amount and type of incentives provided to each, along with the number of jobs created. Under the program, DECD can create financial assistance agreements with companies that include loans, tax credits and other incentives, and in exchange, the companies must either create 200 new jobs within two years or invest $25 million and create 200 jobs within five years.

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The Indiana Department of Revenue published revised Information Bulletin No. IT95 concerning the Hoosier Business Investment Tax Credit July 1. The bulletin includes changes made by S.B. 378, which was signed into law March 28. The amendment specifies procedures for the recapture of the tax credit claimed when it is determined by the Indiana Economic Development Corporation (IEDC) that the taxpayer is not compliant with provisions of the agreement. After giving the taxpayer an opportunity to explain the noncompliance, the IEDC will request the department to impose an assessment for the amount of previously allowed credits, a statutory penalty and interest.

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On Aug. 31, the Wisconsin Department of Revenue issued a revised fact sheet discussing the community rehabilitation program credit. The fact sheet now includes a definition of the term “vocational rehabilitation services,” and now indicates where taxpayers can obtain further information about the community rehabilitation program credit.

Journal Category:

State Tax Credits

Authors:

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