Starting July 1, 2023, the City of Philadelphia is reducing its business income and receipts, wage and earnings and net profits, and school income, tax rates. Business Income and Receipts Tax (BIRT) For tax year 2023, the net income portion of the BIRT will drop to 5.81% from its current 5.99% rate. The BIRT applies to gross Read More…
The Inflation Reduction Act’s (IRA’s) expansion of key energy efficiency tax incentives – such as the 179D energy efficient commercial buildings deduction and the 45L new energy efficient home credit – is anticipated to have a significant impact on real estate and construction industry. The legislation could provide a significant financial boost for firms looking to utilize environmentally conscious Read More…
The Inflation Reduction Act of 2022 (IRA) that was signed into law on August 16, 2022, included $13 billion for electric vehicle incentives. The IRA amended the Qualified Plug-in Electric Drive Motor Vehicle Credit, now known as the Clean Vehicle Credit, and added a new requirement for final assembly in North America that took effect Read More…
President Biden signed the Inflation Reduction Act into law at a White House ceremony on August 16, finalizing a legislation intended to address inflation by paying down the national debt, lower consumer energy costs, provide incentives for the production of clean energy, and reduce healthcare costs. The bill moved through the legislative process in near-record Read More…
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