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Hawaii re-establishes State R&D Tax Credit

On July 9, 2013, Hawaii Governor Neil Abercrombie (D) signed bill SB 1349 , which reestablished the research and development tax credit for qualified research activities. The State credit tracks the federal credit for increasing research activities found at I.R.C.…

Employer Mandate Delayed Until 2015

In a Treasury Notes Blog Post on July 2, 2013, Assistant Secretary for Tax Policy, Mark J. Mazur, announced that enforcement of the employer mandate portion of the Affordable Care Act would be delayed until 2015. The employer mandate –…

Texas Adopts New R&D Tax Credit

On May 21st, the Texas State Legislature unanimously passed H.B. 800, establishing a new incentive for research and development activities. It was signed into law by Governor Rick Perry on June 14th, and becomes effective on January 1, 2014. Texas…

TIGTA Releases Report After Reviewing IRS Compliance

On June 12, 2013, the Treasury Inspector General for Tax Administration (“TIGTA”) released a report reviewing IRS compliance with legal guidelines when conducting seizures of taxpayers’ property during a fiscal year period ending June 30, 2012. TIGTA reviewed a random…

Supreme Court Upholds U.K. Windfall Tax

The Supreme Court, in a PPL Corporation v. Commissioner (Feb. 20, 2013), unanimously held a tax imposed by the U.K. could generate a foreign tax credit under I.R.C. § 901(b)(1). Section 901 permits a foreign tax credit for foreign taxes…
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