This bill amends Pennsylvania's tax code to create a new economic development tax credit designed to support business growth and infrastructure improvements within the state. To receive this credit, entities must hire only Pennsylvania residents, use 100% materials sourced from within the state or the United States, and comply with prevailing wage laws. The Department of Community and Economic Development is tasked with auditing recipients annually to ensure they meet these requirements, and any entity found non-compliant must repay the full amount of the tax credit.
HB 981 amends state laws to allow local governments to create joint economic development districts where they can levy income taxes on businesses and employees operating within those areas. The bill defines specific rules for forming these districts, such as requiring the participating areas to be geographically connected and ensuring that no residents live inside the district boundaries. It also establishes how different local governments can share costs and revenue generated from these taxes to fund improvements and services. Additionally, the legislation clarifies which types of entities and individuals are considered businesses or owners for tax purposes and sets standards for what counts as mixed-use development.
To enact section 9.71 of the Revised Code to disallow companies associated with certain foreign countries from receiving state or local economic incentives and to name this act the Ohio Business Investment Act.
This bill repeals specific sections of the state tax law that currently limit how businesses can deduct expenses. By removing these restrictions, the legislation aims to align the state's tax code with federal rules regarding business expensing. The changes apply directly to businesses operating within the state and take effect immediately upon passage.
This bill creates a new tax incentive called the "amplify Mi voice credit" for Michigan residents who donate money to support candidates or ballot measures in state and local elections. Starting in the 2028 tax year, eligible taxpayers can claim a credit against their income tax equal to the amount they contribute to specific candidate committees, with a maximum limit of $250 for single filers or $500 for joint filers. To receive the credit, individuals must provide proof of their donations on their tax return, and any unused portion of the credit will be refunded if it exceeds the tax owed. The measure specifically excludes contributions to political party committees, independent groups, and caucus committees, focusing only on direct support for candidates and ballot questions.
By Representative Decker of Cambridge, a petition (accompanied by bill, House, No. 5607) of Marjorie C. Decker (with the approval of the city council) that the city of Cambridge be authorized to allow for a personal property tax exemption of certain personal property. Revenue. [Local Approval Received.]
This bill primarily updates tax and bond laws in Illinois to support large-scale construction projects known as megaprojects. It allows the Department of Commerce and Economic Opportunity to certify specific building projects, granting eligible developers a temporary exemption from state and local taxes on building materials for up to 15 years. Additionally, the legislation clarifies that public corporations can no longer levy taxes to pay off bonds once the debt is fully paid or the bond matures. The bill also requires that future bond referenda be held during general elections rather than at regularly scheduled times, while making various technical adjustments to existing tax acts.
This Substitute for House Bill 211 creates the Innovate Delaware Program. This Program allows an Economic Development Organization to apply for a tax credit program through the Division of Small Business. This Substitute also lowers the cap on appropriations to support the tax credit program from 10 million to 3 million dollars in a calendar year.
