Technology Business Tax Certificate Transfer Program (NOL)
|
|
- Lizbeth Dean
- 8 years ago
- Views:
Transcription
1 MAY 1, 2014 Technology Business Tax Certificate Transfer Program (NOL) Clark Smith, Venture Officer Technology & Life Sciences John Rosenfeld, Director Bonds & Incentives
2 Agenda Program Overview Eligibility Criteria / 2013 Clarifications Statistics Q & A
3 Program Overview The Technology Business Tax Certificate Transfer Program enables approved Biotechnology and Technology Businesses with Net Operating Losses to sell their Unused Net Operating Loss Carryover (NOL) and Unused Research and Development Tax Credits (R&D Tax Credits) for at least 80% of the value of the tax benefit to a profitable corporate taxpayer in the State of New Jersey that is not an Affiliated Business. This allows Biotechnology and Technology Businesses with NOLs and R&D Tax Credits to turn those tax losses and credits into cash to buy equipment or facilities, or for other Allowable Expenditures. The New Jersey Economic Development Authority (NJEDA) determines eligibility, and the New Jersey Division of Taxation determines the value of the tax benefits (NOL and R&D Tax Credits).
4 Program Overview (continued) 1. The applicant must meet the Statutory and Regulatory definitions of Biotechnology Business or Technology Business. 2. The applicant must own or exclusively control Protected Proprietary Intellectual Property as defined in the Program Regulations. 3. The applicant and any entity owning/controlling, directly or indirectly, 50% or more of the applicant may not have Net Operating Income on either of its 2 most recent full year GAAP financial statements prepared by an independent CPA. 4. The applicant and all related entities combined must have fewer than 225 employees in the U.S. and more than the minimum number of Full-Time Employees working physically in New Jersey for at least 35 hours per week. 5. The applicant must offer health benefits under a group health plan to its Full-Time Employees.
5 Biotechnology Business An emerging corporation that has its headquarters or base of operations in this State; that owns, has filed for, or has a valid License to use Protected Proprietary Intellectual Property; and that is engaged in the research, development, production, or provision of Biotechnology for the purpose of developing or providing products or processes for specific commercial or public purposes, including but not limited to, medical, pharmaceutical, nutritional, and other health-related purposes, agricultural purposes, and environmental purposes. Biotechnology The continually expanding body of fundamental knowledge about the function of biological systems from the macro level to the molecular and sub-atomic levels, as well as novel products, services, technologies and sub-technologies developed as a result of insights gained from research advances which add to the body of fundamental knowledge.
6 Technology Business An emerging corporation that has a headquarters or base of operations located in New Jersey, That owns, has filed for, or has an exclusive License to use Protected Proprietary Intellectual Property whose primary business is the provision of a scientific process, product, or service and that employs some combination of the following: Highly educated and/or trained managers and workers employed in New Jersey Who use sophisticated scientific research service or production equipment, processes or knowledge to discover, develop, test, transfer or manufacture a product or service.
7 PPIP Evidence Required (Clarification for 2013) Summary of relevant patents or patent applications. Exclusive license agreement from the patent owner granting control of all aspects of the patent to commercialize technology. Copyright Registration documentation. The applicant will need to demonstrate both how the patent/registered copyright is for the technology that is the applicant s primary business as well as how the patent/registered copyright in and of itself enables the applicant to meet the Statutory definition of Biotechnology Business or Technology Business.
8 Unacceptable Criteria & IP Documentation Exclusive Distribution Agreement Exclusive Sales Agreement Exclusive Service Agreement Licensed Software such as Microsoft Windows or Oracle Trade Secrets, Trademarks Unregistered Copyright Longevity of Key Company Personnel
9 Financial Statement Requirements Attach the two most recent years of independent Certified Public Accountant (CPA) prepared financial statements or annual reports in accordance with GAAP (include footnotes). If the applicant is publicly held, please submit the most recent Form 10K. For applicants that are subsidiary corporations, include the two most recent parent company(ies ) financial statements which must also be prepared in accordance with GAAP (include footnotes) by an independent CPA. Include the two most recent financial statements prepared in accordance with GAAP (include footnotes) by an independent CPA of all affiliates as filed for federal income tax purposes.
10 Net Operating Income Eligibility Criteria Applicant cannot have positive Net Operating Income in any of the two most recent full years of ongoing operations, as determined on its GAAP financial statements. Applicant cannot be, directly or indirectly, 50% or more owned or controlled by another corporation that has demonstrated positive Net Operating Income in any of the two most recent full years of ongoing operations as determined on its GAAP financial statements. Applicant cannot be a part of a consolidated group of affiliated corporations, as filed for Federal Income Tax purposes, that has demonstrated positive Net Operating Income in any of the two most recent full years of ongoing operations as determined on its combined GAAP financial statements.
11 Employment Eligibility Criteria Total U.S. employment cannot exceed 224 employees, including employees of all affiliates, parents, and subsidiaries. Minimum Number of Full Time Employees in New Jersey Incorporated/Formed At Time of Application and Sale of Tax Benefits Less than 3 years (as of 6/30) 1 More than 3 years, but less than 5 years (as of 6/30) 5 More than 5 years (as of 6/30) 10
12 Employment Eligibility The minimum number of Full-Time Employees working in New Jersey to qualify for the program is to be considered from the earliest incorporation or formation date of the applicant or its earliest predecessor entity, irrespective of the corporate structure or tax status of the entity at time of formation/incorporation. A Full-Time Employee is a person employed by a new or expanding Biotechnology or Technology Business for at least 35 hours a week and whose wages are subject to withholding tax in New Jersey (W2). Must spend at least 80% of their time working in New Jersey. To qualify as a Full-Time Employee, the employee must be offered health benefits under a group health plan.
13 Employment Eligibility (continued) (Clarifications for 2013) To be counted as a Full-Time Employee, the employee may not be: An independent contractor, a consultant, an intern, a temporary employee, or be in a temporary position for the new or expanding Biotechnology or Technology Business, or Exempt from withholding under the New Jersey Gross Income Tax Act, such as Pennsylvania residents, who are exempt pursuant to a Reciprocal Income Tax Agreement between New Jersey and Pennsylvania. For all employees hired in the current year, the applicant must provide the offer letters, resumes, and job descriptions. For all employees, the applicant must indicate if an employee is currently seeking a college degree and any relationship between any employee and any other employee, shareholder, or investor.
14 Employment Eligibility (continued) (Clarifications for 2013) When an applicant leases its staff from a Professional Employment Organization (PEO), the PEO must: Write a letter on applicant s behalf indicating the number of Full-Time Employees working in New Jersey at least 80% of the time leased to the applicant as of: December 31, 2012; and June 30, 2013 The PEO letter must also include the state in which each employee works, thestate in which h each employee resides and how many employees have submitted a Certificate of Non-Residence for exemption from the New Jersey Gross Income Tax. The PEO must submit the IRS form 941 payroll report for the applicant.
15 Annual Allocation Innovation Zones $10,000,000* General Pool $50,000,000 Total Annual Allocation $60,000,000 Unused balances of annual $10 million Innovation Zone (IZ) allocation for business in any of the three IZs (sections s of Camden, Newark & Greater New Brunswick Area) revert e to the General Pool for use by businesses not located in IZs.
16 Maximum Lifetime Value Of Surrendered Tax Benefits $15,000,000 Tax Benefit Calculation Example Net Operating Loss (NOL) $3,000,000 Assume 80% Allocation Factor (2012 Avg.) X 80% Corporate Business Tax Rt Rate X 9% Tax Benefit Available for Sale $216,000 Minimum i Sl Sale Pi Price: 80% $172,800
17 Who Can Buy the Tax Benefits & for How Much? The NOLs & R&D Tax Credits may be acquired by an un-affiliated profitable New Jersey business in exchange for private financial assistance. The purchaser of the benefits must pay at least 80% of the value of the benefits being surrendered. The seller of the tax credits may use the sale proceeds to assist in the funding of any Allowable Expenditures related to the new or expanding emerging gbiotechnology or Technology Business.
18 Affiliated Business Test Sale of Tax Benefits The buyer cannot directly or indirectly own or control 5% or more of the voting rights or 5% or more of the value of all classes of stock of both the taxpayer receiving the benefits and a corporation that is surrendering the benefits.
19 Recapture Of Tax Benefits In the event a selling business fails to maintain a headquarters or base of operation in the State during the five years following the receipt of the private financial assistance, the EDA will allow the selling business to retain 20 percent of the face value of the tax credit certificate for each full year the business remains in New Jersey. Exception: Liquidation of Biotechnology or Technology Business Move Out of State Within Recapture Percentage of the Face Value of the Corporation Business Tax Benefit Transfer Certificate 1 Year of Sale 100% 2 Years of Sale 80% 3 Years of Sale 60% 4 Years of Sale 40% 5 Years of Sale 20%
20 Statistics Applicants Total Allocation $60 million $60 million $30 million $60 million $60 million Average Innovation Zone Award $793,520 $1,621,741 $2,524,364 $1,314, $848, Average Award $923,077 $800,000 $319,297 $612,244 $750,000 Average Sl Sale Pi Price $93 $.93 $93 $.93 $93 $.93 $92 $.92 $92 $.92 Highest Award $4,580,318 $9,459,430 $2,524,364 $4,473,692 $3,273,562 Lowest Award $15,556 $21,475 $14,640 $11,793 $21,355
21 Application Fee: $2,500* PLEASE NOTE: The application is now a fully online application, and can be accessed at No paper applications or payments will be accepted. Application deadline is on June 30 th at 11:59 PM. Any applications submitted after this time will not be accepted. The 2014 Online Application and Frequently Asked Questions are available at * Non-refundable
22 Q & A For additional info please NOL@njeda.com Thank you
FREQUENTLY ASKED QUESTIONS
THE TECHNOLOGY BUSINESS TAX CERTIFICATE TRANSFER PROGRAM FREQUENTLY ASKED QUESTIONS These questions and answers are meant to provide general guidance regarding a number of often misunderstood components
More informationBUSINESS INCOME TAX RETURNS
BUSINESS INCOME TAX RETURNS This section describes the federal and state income tax returns that must be filed by various business entities. The business also may be liable for estimated tax payments,
More informationHOUSE COMMITTEE ON APPROPRIATIONS FISCAL NOTE. HOUSE BILL NO. 1055 PRINTERS NO. 3577 PRIME SPONSOR: Mustio
HOUSE COMMITTEE ON APPROPRIATIONS FISCAL NOTE HOUSE BILL NO. 1055 PRINTERS NO. 3577 PRIME SPONSOR: Mustio COST / (SAVINGS) FUND FY 2011/12 FY 2012/13 Administration Fund $0 $0 General Fund $0 $0 Workmen
More informationRetention Period for Specific Records. Retention Period. Permanent. Permanent. Permanent
for Specific s Corporate/Organization s Board records, including agendas, resolutions, and minutes Corporate maps or hierarchy charts Incorporation records, including articles of incorporation and bylaws,
More informationNEW JERSEY ANGEL INVESTOR TAX CREDIT FREQUENTLY ASKED QUESTIONS (FAQ)
NEW JERSEY ANGEL INVESTOR TAX CREDIT FREQUENTLY ASKED QUESTIONS (FAQ) 7/9/2013 Summary of Changes from original version posted 6/11/2013: 1) 6/18/2013 Added new Question 47, now 51. 2) 6/27/2013 a) Question
More informationTURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%.
TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%. Corporations in Turkey can be regarded as either limited or unlimited
More informationSC REVENUE RULING #09-4. Applies to all periods open under the statute. All previous advisory opinions and any oral directives in conflict herewith.
State of South Carolina Department of Revenue 301 Gervais Street, P. O. Box 125, Columbia, South Carolina 29214 Website Address: http://www.sctax.org SC REVENUE RULING #09-4 SUBJECT: EFFECTIVE DATE: SUPERSEDES:
More informationPart 5. Tax Credits for Qualified Business Investments. 105-163.010. (Repealed effective for investments made on or after January 1, 2013)
Part 5. Tax Credits for Qualified Business Investments. 105-163.010. (Repealed effective for investments made on or after January 1, 2013) Definitions. The following definitions apply in this Part: (1)
More informationEMPLOYMENT CREATION VISAS (PERMANENT INVESTOR VISAS) EB-5
12000 Biscayne Boulevard Suite 106 Miami, Florida 33181 Phone (305) 895-0300 Fax (305) 895-0306 EMPLOYMENT CREATION VISAS (PERMANENT INVESTOR VISAS) EB-5 CHECKLIST OF DOCUMENTS REQUIRED TO SUPPORT EMPLOYMENT
More information2015 NEVADA TAX REFORMS. Commerce Tax, Modified Business Tax, Business License Fee
Joshua J. Hicks Attorney at Law 775.622.9450 tel 775.622.9554 fax jhicks@bhfs.com 2015 NEVADA TAX REFORMS Commerce Tax, Modified Business Tax, Business License Fee Current as of June 10, 2015 A. Commerce
More informationThe General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows: CHAPTER 1 PRELIMINARY PROVISIONS
PROFESSIONAL EMPLOYER ORGANIZATION ACT Act of Jul. 5, 2012, P.L. 946, No. 102 An Act Cl. 77 Providing for professional employer organizations. TABLE OF CONTENTS Chapter 1. Section 101. Section 102. Section
More informationAn Updated Guide to Establishing a Subsidiary in India
An Updated Guide to Establishing a Subsidiary in India by fred m. greguras, s.r. gopalan and steven s. levine Businesses in the U.S. continue to move a portion of their development, support and other operations
More information2 Business Income Tax
2 Business Income Tax 2 BUSINESS INCOME TAX PART A: GENERAL TAX PROVISIONS AND ADMINISTRATION OF CREDITS 1. FEDERAL TAX CONFORMITY South Carolina income tax laws conform substantially to the federal income
More informationTAX CARD 2015 GREECE. Table of Contents
GREECE TAX CARD TAX CARD 2015 GREECE Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Employment and Pension Income 1.1.2 Income from Individual Practices and Freelance Professions 1.1.3
More informationMexico Mergers and acquisitions involving Mexican assets
p84-88 IM&A - Chevez Rulz 21/03/2013 08:44 Page 84 Mexico Mergers and acquisitions involving Mexican assets by Ricardo Rendon and Layda Carcamo, Chevez, Ruiz, Zamarripa y Cia, S.C. Whenever a corporate
More informationTrust & Estate Insights
A UBS Private Wealth Management Newsletter Advanced Planning January 2014 Trust & Estate Insights Key takeaways When understanding stock options and equity compensation, be sure to speak the "language."
More informationDELAWARE, MARYLAND, AND NEW YORK BUSINESS DEVELOPMENT TAX INCENTIVES
February 17, 2015 Office of Legislative Research Research Report 2015-R-0018 DELAWARE, MARYLAND, AND NEW YORK BUSINESS DEVELOPMENT TAX INCENTIVES By: Rute Pinho, Principal Analyst Heather Poole, Legislative
More informationINTERNATIONAL TAX COMPLIANCE FOR GOVERNMENT CONTRACTORS
INTERNATIONAL TAX COMPLIANCE FOR GOVERNMENT CONTRACTORS Mark T. Gossart Alison N. Dougherty September 26, 2012 2012 All Rights Reserved 805 King Farm Boulevard Suite 300 Rockville, Maryland 20850 301.231.6200
More informationEmployer Obligation to Maintain and Report Records
New Jersey Department of Labor and Workforce Development Chapter 194, Laws of New Jersey, 2009, Relating to Employer Obligation to Maintain and Report Records Regarding Wages, Benefits, Taxes and Other
More informationOVERVIEW OF FEDERAL INCOME TAX PROVISIONS RELATING TO EMPLOYEE STOCK OPTIONS
OVERVIEW OF FEDERAL INCOME TAX PROVISIONS RELATING TO EMPLOYEE STOCK OPTIONS Scheduled for a Hearing Before the SUBCOMMITTEE ON OVERSIGHT of the HOUSE COMMITTEE ON WAYS AND MEANS on October 12, 2000 Prepared
More informationS Corporation Mergers and Acquisitions: Tax Planning Strategies for Favorable Outcomes
60TH ANNUAL MNCPA TAX CONFERENCE November 17-18, 2014 Minneapolis Convention Center ONLINE RESOURCES Session Handouts Most session handouts are available on the MNCPA website. To access: Go to www.mncpa.org/materials
More informationLEX HELIUS: THE LAW OF SOLAR ENERGY Tax Issues
LEX HELIUS: THE LAW OF SOLAR ENERGY Tax Issues Charles S. Lewis, III 600 University Street, Suite 3600 Seattle, WA 98101-4109 206-386-7688 cslewis@stoel.com Kevin T. Pearson 900 SW Fifth Avenue, Suite
More informationArticles. SEC Adopts Rules to Allow Crowdfunding Beginning May 16, 2016. Alan Bickerstaff, Jeff C. Dodd and Ted Gilman December 2, 2015
SEC Adopts Rules to Allow Crowdfunding Beginning May 16, 2016 Alan Bickerstaff, Jeff C. Dodd and Ted Gilman December 2, 2015 Over two years after proposing rules, the Securities and Exchange Commission
More informationBranch Office Versus Subsidiary Company In Switzerland
Branch Office Versus Subsidiary Company In Switzerland Once you have decided to establish a presence in Switzerland, the next step is to choose the right structure. There are two basic ways in which a
More informationCorporate Taxation & Structuring in Canada and Canadian Scientific Research & Experimental Development Program Overview (SR&ED)
Corporate Taxation & Structuring in Canada and Canadian Scientific Research & Experimental Development Program Overview (SR&ED) Claude E. Jodoin, M.Fisc. Maximize your R&D $...Look North of the border!
More informationForeign Person Investing in U.S. Real Estate
Foreign Person Investing in U.S. Real Estate Ian Shane Golenbock Eiseman Assor Bell & Peskoe LLP TTN New York Conference 2013 Foreign Purchases of U.S. Homes Foreign Home Buyers want to: Minimize tax on
More informationSession 19 -Taxable acquisitions
-Taxable acquisitions Acquire stock or assets? Assume that Buyer Corporation wants to acquire the business of Target Corporation Target's assets have appreciated and are worth more than their tax basis
More informationWhat You Do Today Shapes Your Profits Tomorrow Top 10 Reasons to Start Tax Planning Now
What You Do Today Shapes Your Profits Tomorrow Top 10 Reasons to Start Tax Planning Now Few business sectors embody today s entrepreneurial spirit, drive for innovation and unwavering perseverance more
More informationEnrolled Copy H.B. 29
1 PROFESSIONAL EMPLOYER ORGANIZATION 2 RELATED AMENDMENTS 3 2007 GENERAL SESSION 4 STATE OF UTAH 5 Chief Sponsor: James A. Dunnigan 6 Senate Sponsor: Curtis S. Bramble 7 8 LONG TITLE 9 General Description:
More informationDistribution of AbbVie Inc. Common Stock. Abbott Laboratories Shareholder Tax Basis Information
Distribution of AbbVie Inc. Common Stock Abbott Laboratories Shareholder Tax Basis Information If you did not receive the Distribution (as defined below) of AbbVie Inc. ("AbbVie") common stock on January
More informationTHE MICHIGAN BUSINESS TAX (MBT)
Note: As of January 1, 2012, the MBT has been replaced by the Michigan Corporate Income Tax (CIT). Businesses with certificated credits may still elect to file under the MBT structure. See the Michigan
More information1 of 4 DOCUMENTS. NEW JERSEY REGISTER Copyright 2011 by the New Jersey Office of Administrative Law. 43 N.J.R. 1571(a)
Page 1 1 of 4 DOCUMENTS NEW JERSEY REGISTER Copyright 2011 by the New Jersey Office of Administrative Law VOLUME 43, ISSUE 14 ISSUE DATE: JULY 18, 2011 RULE PROPOSALS LABOR AND WORKFORCE DEVELOPMENT THE
More information1. Property with useful life of less than 4 years $ 33 1/3% $ 2. Property with useful life of 4 years or more but less than 6 $ 66 2/3% $
SCHEDULE WV/SRDTC-1 STRATEGIC RESEARCH AND DEVELOPMENT TAX CREDIT THIS SCHEDULE IS FOR QUALIFIED INVESTMENT ITEMS PLACED INTO SERVICE BETWEEN JANUARY 1, 2003 AND DECEMBER 31, 2013 WV/SRDTC-1 Rev. 11/14
More informationDOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.
DOING BUSINESS IN AUSTRALIA Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.au DISCLAIMER The material contained in this publication is in the nature
More informationS Corporation Questions & Answers
S Corporation Questions & Answers Provisions in Chapter 173, P.L. 1993 provide that a corporation may elect to be treated as a New Jersey S corporation. The following is designed to address the most commonly
More informationSTATEMENT OF POLICY REGARDING CORPORATE SECURITIES DEFINITIONS
STATEMENT OF POLICY REGARDING CORPORATE SECURITIES DEFINITIONS Adopted April 27, 1997; Amended September 28, 1999 & March 31, 2008 I. INTRODUCTION This Statement of Policy Regarding Definitions applies
More informationExcise Tax Advisory. Professional Employer Organizations. Excise Tax Advisories are interpretive statements authorized by RCW 34.05.230.
Excise Tax Advisory Excise Tax Advisories are interpretive statements authorized by RCW 34.05.230. ETA 3192.2014 Issue Date: October 9, 2014 Professional Employer Organizations Purpose This Excise Tax
More informationWillamette Management Associates
Valuation Analyst Considerations in the C Corporation Conversion to Pass-Through Entity Tax Status Robert F. Reilly, CPA For a variety of economic and taxation reasons, this year may be a particularly
More informationJuly 4, 2005 Reference Number: IFA 2005-0006
July 4, 2005 Reference Number: IFA 2005-0006 XXX Dear XXX: Re: XXX Thank you for your letter dated XXX and subsequent email dated XXX, requesting advance rulings, on behalf of XXX, with respect to the
More informationNebraska Department of Economic Development. Angel Investment Tax Credit. Qualified Small Business Certification Application Form.
Form NDEDQSB Nebraska Department of Economic Development Angel Investment Tax Credit Qualified Small Business Certification Application Form Section I. Business name and identifying information Legal Name
More informationVenture Capital Tax Credits By State
Venture Capital Tax Credits By State Alabama States Credit Amount Eligibility Notes Alaska Arizona Angel Investment Bill (Direct Tax Credit available for investments made after June 30, 2006, for tax years
More informationEstablishing Business Operations in Puerto Rico
Puerto Rico 2012 Landa Umpierre PSC Ͳ ͲͰ ǡ ǡ Ͳ T:ͳʹ ͳǥͳͳͱǥͱͳͱͱe: lupsc@landaumpierre.com Puerto Rico 1 CONTENTS Executive Summary 2 New Legal Entity in Puerto Rico 3 Key Points 3 Registration at the PR
More informationLUNDIN MINING CORPORATION INCENTIVE STOCK OPTION PLAN ARTICLE I INTRODUCTION
LUNDIN MINING CORPORATION INCENTIVE STOCK OPTION PLAN ARTICLE I INTRODUCTION 1.1 Purpose of Plan The purpose of the Plan is to secure for the Company and its shareholders the benefits of incentive inherent
More informationSAN FRANCISCO S NEW GROSS RECEIPTS TAX AND BUSINESS REGISTRATION FEES
SAN FRANCISCO S NEW GROSS RECEIPTS TAX AND BUSINESS REGISTRATION FEES This summary provides basic information regarding San Francisco Business and Tax Regulations Code ( Code ), Article 12-A-1, Gross Receipts
More informationObama Tax Compromise APPROVED by Congress
December 17, 2010 Obama Tax Compromise APPROVED by Congress on Thursday, December 16, 2010 The $858 billion tax deal negotiated by President Obama and Republican leadership was overwhelmingly approved
More informationTAX ISSUES RAISED BY LNG PROJECTS
TAX ISSUES RAISED BY LNG PROJECTS Jon Lobb Baker Botts L.L.P. ABSTRACT This paper discusses tax issues that may be encountered by a company investing in an LNG project. 1. Income Taxes A seller's income
More informationDepartment of Taxation
Department of Taxation Commerce Tax Presentation Deonne E. Contine, Executive Director Sumiko Maser, Chief Deputy Executive Director Paulina Oliver, Deputy Executive Director What do I need to do to determine
More informationWhat s new for 2014? for completing Schedule 1299-D. What must I attach? Illinois Department of Revenue 2014 Schedule 1299-D Instructions
Illinois Department of Revenue 2014 Schedule 1299-D Instructions What s new for 2014? Short-year filers only - The sunset date for claiming a Veterans Jobs Credit for qualified veterans is January 1, 2015.
More informationTaxable Year. Date Facility Established or Expanded This is a new facility. This is an expanded facility.
Form 304 Major Business Facility Job Tax Credit A separate Form 304 must be completed for each major business facility or qualified job expansion. Fiscal Year Filers: Begin Date Name of Company, and End
More informationGuidance Note: - Due Diligence: Share Purchase/Sale
Guidance Note: - Due Diligence: Share Purchase/Sale This a guidance note for a seller who wishes to start the due diligence process. This note sets out what you need to consider and the kind of documents
More informationKEYSTONE INNOVATION ZONE PROGRAM IMPACT MEASURES SEMI-ANNUAL PROGRESS REPORT. Grantee Name: NWPA Regional Planning & Development Corp
KEYSTONE INNOVATION ZONE PROGRAM IMPACT MEASURES SEMI-ANNUAL PROGRESS REPORT Grantee Name: NWPA Regional Planning & Development Corp Contract Number: C000029978 Project Name: Northwest Pennsylvania KIZ
More informationPENNSYLVANIA PERSONAL INCOME TAX GUIDE
CHAPTER 17: CREDITS TABLE OF CONTENTS I. RESIDENT CREDIT... 3 A. Resident Credit for Tax Paid to Another State or Country... 3 B. Amount of Credit... 3 C. PA-40 Schedules G-R, G-S and G-L... 3 D. Grantor
More informationLAW OF BIOFUELS Tax Issues
LAW OF BIOFUELS Tax Issues Charles S. Lewis III Stoel Rives LLP 600 University Street, Suite 3600 Seattle, WA 98101 206-386-7688 cslewis@stoel.com Robert T. Manicke Stoel Rives LLP 900 SW Fifth Avenue,
More informationFEDERAL TAXATION OF INTERNATIONAL TRANSACTIONS
Chapter 10 FEDERAL TAXATION OF INTERNATIONAL TRANSACTIONS Daniel Cassidy 1 10.1 INTRODUCTION Foreign companies with U.S. business transactions face various layers of taxation. These include income, sales,
More informationPLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to May 30, 2012. It is intended for information and reference purposes only. This
More informationAPPLICATION for NATIONAL CERTIFICATION as a WOSB/EDWOSB
APPLICATION for NATIONAL CERTIFICATION as a WOSB/EDWOSB (Woman Owned Small Business or Economically Disadvantaged Woman Owned Small Business) Instructions for downloading this WBE application: 1. If you
More informationAmazon Restricted Stock Units
AMZN Amazon Restricted Stock Units Becoming an Owner For employees in the United States You Are an Amazon Leader; You Are an Owner Ownership is one of the leadership principles that guides every Amazonian.
More informationThe Advantages and Disadvantages of Forming a Florida Limited Liability Company (LLC) Versus a Florida Corporation. by Karen J.
The Advantages and Disadvantages of Forming a Florida Limited Liability Company (LLC) Versus a Florida Corporation by Karen J. Orlin This Note outlines advantages and disadvantages of forming a new business
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event
More informationJobs and the Economy A GUIDE TO THE SMALL BUSINESS VENTURE CAPITAL TAX CREDIT PROGRAM. Under
Jobs and the Economy A GUIDE TO THE SMALL BUSINESS VENTURE CAPITAL TAX CREDIT PROGRAM Under s. 11.13-11.17 of The Income Tax Act (Manitoba) (the "Act") and Regulation #181/2007 (the "Regulation") TABLE
More informationBusiness Tax Incentives for 2014
State of Wisconsin Department of Revenue Business Tax Incentives for 2014 Publication 123 (03/15) Printed on Recycled Paper Table of Contents Page Page 2 I. INTRODUCTION... 5 II. DEFINITIONS... 5 III.
More informationFinancing and Incentives BIRCH CREEK DISTRIBUTION CENTER
Financing and Incentives DISTRIBUTION CENTER SM DISTRIBUTION CENTER FINANCING AND INCENTIVES New Jersey Economic Development Authority (EDA) Gloucester is a bustling county located just south east of Philadelphia
More informationTAX ASPECTS OF BUYING OR SELLING A BUSINESS. Jim Browne SP Transactional Academy (January 2014)
TAX ASPECTS OF BUYING OR SELLING A BUSINESS Jim Browne SP Transactional Academy (January 2014) Topics Transaction considerations Taxable asset acquisition Taxable stock acquisition Tax-free reorganizations
More informationSection 382: Traps for the Unwary Tax Executives Institute s 2008 Annual Conference Boston, MA
Section 382: Traps for the Unwary Tax Executives Institute s 2008 Annual Conference Boston, MA Annette M. Ahlers, Esq. ahlersa@pepperlaw.com 202.220.1218 Todd Reinstein, Esq. CPA reinsteint@pepperlaw.com
More informationDESCRIPTION OF THE PLAN
DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing
More information31 October (paper filing) 31 January (Electronic Filing)
Worldwide personal tax guide 2013 2014 United Kingdom Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible HM Revenue and Customs (HMRC) www.hmrc.gov.uk 6 April
More informationStatement of Cash Flows
HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial
More informationU.S. Corporation Income Tax Return For calendar year 2015 or tax year beginning, 2015, ending, 20
Form 1120 Department of the Treasury Internal Revenue Service A Check if: 1a Consolidated return (attach Form 851). b Life/nonlife consolidated return... 2 Personal holding co. (attach Sch. PH).. 3 Personal
More informationBusiness Rules for Electronically Filing Forms 355, 355U, 355S, 355SC and 355-7004.
Commonwealth of Massachusetts Department of Revenue Tax Year 2014 Corporate Business Rules Business Rules for Electronically Filing Forms 355,,, and 355-7004. 12/17/14 Version 2014.02 F355x-002 F355x-003
More informationPART C: GENERAL BUSINESS CREDIT
PART C: GENERAL BUSINESS CREDIT 15. CREDIT FOR INVESTING IN PROPERTY IN SOUTH CAROLINA South Carolina Code 12-14-60 allows a taxpayer a credit against income taxes for qualified manufacturing and productive
More informationDue Diligence Request List: IP and IT
PLC Intellectual Property & Technology An intellectual property (IP) and information technology (IT) due diligence request list for use in connection with an M&A transaction. This request list is designed
More informationEMPLOYEE STOCK PURCHASE PROGRAM Offered by Computershare Trust Company, N.A.
EMPLOYEE STOCK PURCHASE PROGRAM Offered by Computershare Trust Company, N.A. Effective date: 6/1/99 Updated: 5/12/09 Employee questions: Submit a question or request to HR Connections To enroll: estream>quick
More informationContents of Online Data Room
Form: Contents of Online Data Room Description: In many M&A transactions, an online data room is prepared to house key documents that a buyer will want to review as part of its due diligence process. This
More informationAsset Management Outcomes Logic Model Outcomes Asset Management Outcomes Indicators Activities Timing Frequency Who is Accountable Financial Management Process Roles Other Relevant Persons Mission/Housing
More informationSALE BY TRUSTEE IN BANKRUPTCY 1003.10
SALE BY TRUSTEE IN BANKRUPTCY 1003.10 Sales by a trustee in bankruptcy are subject to the tax if made during the operation of the business of the debtor to the same extent as sales by other retailers.
More informationHow To Get A Small Business Tax Credit
2010 FOCUS ON BUSINESS December 1, 2010 FEDERAL TAX UPDATE 2010 SMALL BUSINESS JOBS ACT & MISCELLANEOUS TAX PROVISIONS PRESENTED BY: DAVID P. VENISKEY, CPA TAX PARTNER EFP ROTENBERG, LLP TAX RATES Income
More informationWhat s News in Tax Analysis That Matters from Washington National Tax
What s News in Tax Analysis That Matters from Washington National Tax Foreign Corporations: Use of Accounting Methods in E&P Planning and Compliance This article addresses the importance of using proper
More informationCPA DUE DILIGENCE CHECKLIST FOR THE SALE AND ACQUISITION OF A BUSINESS
Law Offices of Robert A. Briskin, a Professional Corporation 1901 Avenue of the Stars, Suite 1700, Los Angeles, California 90067 Certified Specialist - Taxation Law Telephone (310) 201-0507 The State Bar
More informationCommunity Development Financial Institutions Fund. New Markets Tax Credit CDE Certification Glossary of Terms
Community Development Financial Institutions Fund New Markets Tax Credit CDE Certification Glossary of Terms GLOSSARY OF TERMS Affiliate Allocation Agreement Applicant CDE Authorized Representative CDE
More information1. The organization mission or most significant activities that you wish to highlight this year:
Form 990 Questionnaire For All Organizations Core Form Heading & Pt I Summary 1. The organization mission or most significant activities that you wish to highlight this year: 2. Total number of volunteers
More informationGuidance for companies, trusts and partnerships on completing a self-certification form
Guidance for companies, trusts and partnerships on completing a self-certification form In order to combat tax evasion by both individuals and businesses, the UK and many other countries have entered into
More informationBusiness Plan Guide. 4. What are the advantages and disadvantages of the legal form you have chosen?
Business Plan Guide Name: Company Name: Department: Address: Phone: E-Mail: Description of business 1. What exactly is your product or service? Be specific. 2. Why do you want to start or expand your own
More informationDepartment of Treasury Film Credit FAQs. General Incentive FAQs for Projects Approved Prior to 12/31/11
2008-2011 Incentive FAQs Department of Treasury Film Credit FAQs General Incentive FAQs for Projects Approved Prior to 12/31/11 What is the Michigan film incentive? The film incentive, officially called
More informationZERO TAX FOR THE FIRST 3 YEARS FOR NEW START-UP COMPANIES REGISTERED IN SINGAPORE
ZERO TAX FOR THE FIRST 3 YEARS FOR NEW START-UP COMPANIES REGISTERED IN SINGAPORE TAX RATE FIRST 3 YEARS START-UP TAX EXEMPTION SCHEME NEW START-UP COMPANIES ARE ELIGIBLE FOR THE SUTE, THE START-UP TAX
More informationNew York State Tax Incentives for High-Tech Companies
New York State Tax Incentives for High-Tech Companies Issued July 2006 1 Table of Contents I. Relevant Terms... 2 II. Investment Tax Credit / Employment Incentive Credit... 2 III. Qualified Emerging Technology
More informationLetter of Findings: 06-0349 Individual Income Tax For the Year 2004
DEPARTMENT OF STATE REVENUE Letter of Findings: 06-0349 Individual Income Tax For the Year 2004 01-20060349.LOF NOTICE: Under IC 4-22-7-7, this document is required to be published in the Indiana Register
More informationDifferent Types of Corporations: Advantages/ Disadvantages of Corporations
Different Types of Corporations: Advantages/ Disadvantages of Corporations Article published at: http://www.morebusiness.com/getting_started/incorporating/d934832501.brc Anyone who operates a business,
More informationLuxembourg..Tax Regime. for Intellectual Property Income
Luxembourg.Tax Regime for Intellectual Property Income December 2009 Table of contents 1. Introduction... 2 2. Qualifying IP rights... 3 3. Tax benefits under the IP regime... 3 4. Conditions to benefit
More informationHOUSE BILL No. 2087. By Committee on Insurance 1-26. AN ACT enacting the Kansas professional employer organization licensing
Session of 00 HOUSE BILL No. 0 By Committee on Insurance - 0 0 AN ACT enacting the Kansas professional employer organization licensing act. Be it enacted by the Legislature of the State of Kansas: Section.
More informationINSIDER TRADING POLICY AND GUIDELINES
INSIDER TRADING POLICY AND GUIDELINES As a public company, Northern Power Systems Corp. ( Northern Power or the Company ) and its officers, directors and employees are subject to the requirements and restrictions
More informationBasic Tax Issues in Choosing a Business Entity 2015
Basic Tax Issues in Choosing a Business Entity 2015 By Robert M. Finkel and Diana C. Española mbbp.com Corporate IP Licensing & Strategic Alliances Employment & Immigration Taxation Litigation 781-622-5930
More informationLegal Needs for Emerging Growth Companies Presented to UF Small Business Mentoring Program June 9, 2015 by Maxwell L. Minch Gray Robinson P.A.
Legal Needs for Emerging Growth Companies Presented to UF Small Business Mentoring Program June 9, 2015 by Maxwell L. Minch Gray Robinson P.A. About Me Former Navy submariner (nuclear electronics technician)
More informationComputershare Investment Plan
Computershare Investment Plan A Dividend Reinvestment Plan for Registered Shareholders of Abbott Laboratories Common Stock This plan is sponsored and administered by Computershare Trust Company, N.A. Not
More informationSmall Business Tax Saving Strategies for the 2012 Filing Season
Small Business Tax Saving Strategies for the 2012 Filing Season Few business sectors embody today s entrepreneurial spirit, drive for innovation and unwavering perseverance more than the small business
More information$&71R SENATE BILL NO. 1105 (SUBSTITUTE FOR SENATE BILL 812 BY SENATOR SCHEDLER)
Regular Session, 2001 $&71R SENATE BILL NO. 1105 (SUBSTITUTE FOR SENATE BILL 812 BY SENATOR SCHEDLER) BY SENATOR SCHEDLER AN ACT To enact Part XXV of Chapter 1 of Title 22 of the Louisiana Revised Statutes
More informationSeptember 29, 2005. ABX Air, Inc. Employees:
September 29, 2005 ABX Air, Inc. Employees: Given the chance to either rent or own your own home, most people would select ownership. There is a certain sense of pride that comes with ownership in addition
More informationsmartbook INCENTIVES, WORKFORCE PROGRAMS & FINANCING
smartbook INCENTIVES, WORKFORCE PROGRAMS & FINANCING INCENTIVES, WORKFORCE PROGRAMS & FINANCING THIS DOCUMENT REVIEWED WITH: NAME DATE / / COMPANY NAME LOCATION FINANCIAL REPRESENTATIVE Upon review, your
More informationDESCRIPTIVE STATISTICS FOR TAX INCENTIVE PROGRAMS. 2011 Report Covering Activity During Calendar Year 2010. A Report to the Legislature
DESCRIPTIVE STATISTICS FOR TAX INCENTIVE PROGRAMS 2011 Report Covering Activity During A Report to the Legislature Washington State Department of Revenue Suzan DelBene, Director December 2011 TABLE OF
More informationChoosing the Right Entity for Maximum Tax Benefits for Your Construction Company
Choosing the Right Entity for Maximum Tax Benefits for Your Construction Company Timely re-evaluation of choice of entity will enhance the shareholder value of your contractor client By Theran J. Welsh
More informationComputershare Investment Plan
Computershare Investment Plan A Direct Stock Purchase and Dividend Reinvestment Plan for Frontier Communications Corporation Common Stock For investors in This plan is sponsored and administered by Computershare
More information