FEDERAL
Research Tax Credit Extended and Sweetened
Once again, Congress has breathed new life into the politically popular Research Tax Credit, which expired December 31, 2005. The extension was contained in The Tax Relief and Health Care Act of 2006. The politically popular Research Tax Credit was extended retroactively for qualified expenses incurred after December 31, 2005 but before January 1, 2008.
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STATE
New York State Adopts Combined Reporting Law
One man's tax loophole is another's tax incentive. It all depends on your perspective. That's certainly the case in New York State, where Governor Eliot Spitzer pushed the state legislature to adopt the so-called "combined" approach to corporate taxes (used by 17 other states including California and Illinois), in order to close a budget gap that has been estimated at $1.6 billion.
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INDIVIDUAL
529 College Tuition Plans Come of Age
The "529 Plan" has now graduated to become a permanent fixture in college-saving plans. Last year, Congress and the Administration dropped a Sunset provision that had scheduled the popular college tuition programs for expiration in 2010. Instead, they made the 529 Plan (a reference to its section in the Internal Revenue Code legally known as a Qualified Tuition Plan) permanent.
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