Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
Multiple States Enact Legislation Addressing Technologies Specified in Federal IRA and CHIPS Acts
Two federal economic development bills providing various federal grants, tax credits, and incentives for investment in the United States were recently enacted into law – the Creating Helpful Incentives to Produce Semiconductors Act (“CHIPS Act”) and the Inflation Reduction Act (“IRA”). Many states have existing grants, credits, and incentives applicable to the type of investments contemplated by the IRA and the CHIPS Act. In addition to these existing programs, states may consider new legislation specifically addressing the technologies covered by the IRA and/or the CHIPS Act in the coming months.
This Multistate Tax Alert summarizes state credits and incentives related bills recently enacted by Idaho, Illinois, Massachusetts, and New York. Each requires an application to, and preapproval by, the applicable state agency.
On September 28, 2022, the Portland, Oregon city council unanimously voted to adopt a market-based sourcing methodology ordinance for sourcing sales of items other than tangible personal property. In an effort to conform to Oregon’s market sourcing regime which began in 2018, under the new Business License Tax ordinances, Portland adopts the market-based sourcing apportionment and allocation provisions under Oregon Revised Statutes, Chapters 314, 317, and 318, and the related Oregon Administrative Rules, unless otherwise provided.
This Multistate Tax Alert summarizes some of the provisions of the newly adopted city ordinances.
[Issued: October 6, 2022] More
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