Research Tax Incentives Multi-State Tax Alert

 

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About Peter J. Scalise

Peter J. Scalise serves as the National Partner-in-Charge and the Federal Tax Practice Leader for Engineered Tax Services. Peter is a highly distinguished BIG 4 Alumni Tax Practice Leader and has approximately twenty years of progressive public accounting experience developing, managing and leading multi-million dollar tax advisory practices on both a regional and national level.

Peter is also a renowned keynote speaker and author on specialty tax incentives, tax controversy matters, and legislative updates from Capital Hill NAREIT, USGBC, AICPA, ASTP, NATP, ABA, AIA, TEI and services as volunteer member of the iShade Tax faculty. Peter serves on both the board of Directors and Board of Editors for The American Society of Tax Professionals (“ASTP”) and is the Founding President and Chairman of The Northeastern Region Tax Roundtable, an operating division of ASTP.

North Carolina Technology Development Credit Extended and Renamed as Research and Development Credit

By Peter J. Scalise

Governor Pat McCrory, North Carolina, signed House Bill 998 into law entitled “The Tax Simplification and Reduction Act”. Under the new law, the state’s Research and Development Credit, formerly known as the Technology Development Credit, has been extended through 2015. Under the Research and Development Credit, North Carolina businesses with qualified research expenses are allowed a credit of up to 35% of the amount of those expenses. The exact rate depends on the facts and circumstances of the taxpayer; the location of the research activity; and the amount of the expenses. This credit is the only remaining research credit offered by the state, as two of the original three credits previously offered by the state were repealed in 2006, when the state’s tax incentives were revamped. The credit cannot exceed 50% of the amount of tax against which it is claimed, reduced by the sum of all other tax credits allowed against that tax. It should be duly noted that any unused portions may be carried forward for the succeeding fifteen taxable years.

Utilizing Energy Tax Incentives to Effectively Tax Effect a Commercial Building Owner’s Expenditures for Undergoing an Energy Efficient Renovation Project

iShade brings this informative piece to you, authored by Peter J. Scalise, B.S., M.S., of Engineered Tax Services.

Whether a commercial property owner is undergoing new construction or remodeling, energy tax incentives should certainly be utilized to essentially tax effect the commercial building owner’s expenditures for undergoing the energy-efficient renovation project.

As enacted in The Energy Policy Act of 2005 (hereinafter “EPAct”), the I.R.C. § 179D Energy Tax Deduction for building envelope efficiency encourages building owners to “Build Green” to not only save money by reducing their utility bills on a carry forward basis, but to also reduce their tax liability on their tax returns as well. Read this complete article on iShade

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