The Joint House/Senate Committee on Tax Credits gave final approval to the 2011 package of business tax credits, paving the way for an expedited vote in the House and Senate. The package is contained in HB 3672. Passage is expected. AOI supports the legislation.
The good news is that AOIs supported credit – the R&D Tax Credit – was saved. So was the Film and Video Tax Credit. The Business Energy Tax Credit was split into a series of smaller, more tailored credits (Renewable Energy Credit, Energy Conservation Credit, etc.). However, none of these credits were spared from budget realities.
The Joint Committee worked under a directive to reduce the price tag of many of the credits that were up for review. Nearly $38m in credits were reviewed this session.
As a result, the maximum R&D Credit per company was reduced from $2m to $1m. The
It seems performance regimes are being misused in order to bypass age discrimination laws and to put the ‘oldies’ out to pasture.