Recent News

Wednesday, August 7, 2019

The Indiana Department of Revenue issued an information bulletin clarifying that no expenditures made after June 30, 2016, nor expenditures in a taxable year beginning after Dec. 31, 2015, are eligible for certification under the state historic tax credit (HTC). However, HTCs granted previously are eligible for carryforward.

Thursday, August 1, 2019

The U.S. Senate voted 67-28 Thursday to pass a two-year, $2.7 trillion discretionary budget agreement, sending the legislation to President Donald Trump, who is expected to sign it. The budget deal, which was passed last week by the House of Representatives, would suspend the federal debt ceiling until July 31, 2021, and contains no provisions to extend expired or expiring tax provisions.

Thursday, August 1, 2019

The Arkansas Department of Finance and Administration released a legal opinion clarifying that a taxpayer may claim the state historic tax credit (HTC) against the state income tax or the state insurance premium tax, but not both.

Thursday, July 25, 2019

The House of Representatives today passed a two-year, $2.7 trillion discretionary budget agreement by a 284-149 vote. The agreement would also suspend the federal debt ceiling until July 31, 2021. The budget deal would give defense programs a 3 percent increase from $647 billion in fiscal year 2019 to $666.5 billion in fiscal year 2020 and nondefense programs a 4 percent increase from $597 billion in fiscal year 2019 to $621.5 billion in fiscal year 2020. The fiscal year 2021 spending caps would be $671.5 billion for defense and $626.5 billion for nondefense.

Wednesday, July 24, 2019

The sunset date for Rhode Island historic tax credits (HTCs) funded through the cultural arts and economic grant program was extended until the end of 2022 through legislation that became law Friday. S.B. 980 extends the expiration date for those credits from the end of 2019, although no credits can be reserved after June 30, 2020. The general state HTC for Rhode Island expires June 30, 2023.

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