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…
On January 18, 2022, Governor Murphy signed legislation to rectify the issues related to New Jersey’s Business Alternative Income Tax (BAIT) regulations. The legislation becomes effective as of January 1, 2022. The major changes to the BAIT, which were included in the legislation are as follows: A modification was made to include more income that Read More…
On October 28, 2021, President Joe Biden unveiled a framework for a $1.75 trillion tax and spending package. The tax and spending provisions of the Build Back Better framework include: A 15% minimum tax on corporate profits for firms with earnings over $1 billion reported to shareholders, and a 1% surtax on stock buybacks. A Read More…
The manufacturing industry alone claims annual R&D tax credits in excess of $7.4 billion. Innovation is driving the manufacturing industry, and the objective of R&D tax credits is to encourage exactly the type of efforts that are at the core of Industry 4.0. You don’t have to be developing new products or engineering brand new Read More…
On January 7, 2021, Governor Phil Murphy signed the New Jersey Economic Recovery Act of 2020. The law provides for the administration of programs and policies related to jobs, property development, food deserts, community partnerships, small and early-stage businesses, among others. In an effort to bolster development, the Economic Recovery Act creates, among other things, Read More…
The federal R&D tax credit benefits large and small companies in nearly every industry. Common questions and answers related to the R&D tax credit and those specific to small businesses are outlined below. What is the R&D tax credit? Created in 1981 to stimulate research and development (R&D) in the United States, the R&D tax credit is Read More…
New Jersey has enacted the “Pass-Through Business Alternative Tax Act” (BAIT). This act creates an election for pass-through entities (PTE’s) to pay New Jersey income tax at the entity level and creates a corresponding individual income tax credit for the members of the PTE’s. This law was passed in response to the Federal Tax Cut Read More…
The Qualified Opportunity Zone (QOZ) program was enacted as part of the 2017 federal Tax Cuts and Jobs Act (TCJA) and is designed to direct long-term capital investments into eligible property located in a Qualified Opportunity Zone. There are 8,762 designated QOZ’s located throughout the United States, of which 8,532 are in low-income community tracts Read More…
The Internal Revenue Code is full of provisions where expenses for socially desirable items receive favorable income tax treatment. So it is no surprise that considering the cost of fossil fuels, both in terms of money and in pollution, “clean” energy expenditures are held in high esteem by the IRS. Most taxpayers are aware of Read More…
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