Tax & Accounting Blog

Changes to the Business Equipment Reimbursement Program in Maine

Changes to the Business Equipment Reimbursement Program in Maine

Maine Revenue Services has released a tax alert explaining recent legislative changes to the Business Equipment Tax Reimbursement (BETR) program. Businesses that qualify for reimbursement can designate their awarded compensation to pay outstanding loans owed to the Finance Authority of Maine. Reimbursements under the BETR program are reduced to 90% of the total … Read More

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Maryland Approves and Re-designates Six Enterprise Zones

Six enterprise zones have been designated, renewed, and approved by the Maryland Department of Business and Economic Development. This enables the jurisdictions to provide businesses located within the zones with income tax and property tax credits to help create and retain jobs. A new zone was approved in Glenmont/Montgomery County, zones were re-designated in Cecil … Read More

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IRS to Analyze Tax Credit Bond Credit Stripping and Credit Claims

Nearly $5 billion in qualified tax credit bonds were issued in 2009 and 2010, resulting in millions of dollars of bond tax credits claimed each year. In a heavily redacted report, the Treasury Inspector General for Tax Administration (TIGTA) has reported on its analysis of corporate and individual returns with claims for bond tax credits. … Read More