CCH Tax Day Report Legislation has been enacted that updates the Internal Revenue Code (IRC) tie-in date for determining corporate and personal income tax liability from January 1, 2016, to January 1, 2017. The requirement for reporting federal changes that affect North Carolina corporate income tax liability has been expanded to include federal corrections or […]

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CCH Tax Day Report Recently enacted Nevada legislation authorizes the Department of Taxation to allow additional credit amounts to be claimed against the modified business tax and the financial institution modified business tax for donations of money to a qualified scholarship organization. Specifically, in addition to credit amounts previously authorized for fiscal year 2017-18 under […]

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CCH Tax Day Report Louisiana Gov. John Bel Edwards has signed legislation that, for purposes of claiming the insurance premium tax credit for qualifying Louisiana investments, requires a health maintenance organization (HMO) to: — offer fully insured commercial or Medicare Advantage products; — be domiciled and licensed in Louisiana; — operate in Louisiana; — maintain […]

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CCH Tax Day Report Effective January 1, 2018, the Texas property tax exemption for certain property owned by charitable organizations is extended to property used to provide tax return preparation and other financial services without regard to the beneficiaries’ ability to pay. H.B. 1345, Laws 2017, effective as noted

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CCH Tax Day Report From July 1, 2017 to December 31, 2017, the Nebraska motor fuel tax rate is decreased from 27.3 cents per gallon to 27.0 cents per gallon. The announcement can be viewed on the Nebraska Department of Revenue’s website at http://www.revenue.nebraska.gov/fuels/fuelrate.html. News Release, Nebraska Department of Revenue, June 19, 2017

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CCH Tax Day Report Louisiana Gov. John Bel Edwards has signed legislation that makes significant changes to the corporate and personal income tax credit for motion picture production expenditures. Under the new legislation, the following tax credits are available for state-certified productions: — Base investment credit of 25% for projects in excess of $300,000, or […]

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