Tag: tax_policy
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Ohio Gets 260 New Federal Opportunity Zones as Treasury Designates 6,576 Nationwide
All 260 tracts nominated by the DeWine Administration won Treasury approval, with Cuyahoga County receiving the most new designations at 39; the zones take effect Jan. 1, 2027 and run through 2036.
Politics and GovernmentBusinessUSAState GovernmentsEconomyReal EstateFederal GovernmentTax Policy Opportunity ZonesMike DeWineOhio Department of DevelopmentLydia Mihalikcensus tractsfederal tax incentiveseconomic developmentOhio Governors OfficeU.S. Department of the TreasuryInternal Revenue ServiceWorking Families Tax CutsScott Bessentrural communitiesTax Cuts and Jobs ActUS Treasury
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Treasury and IRS Designate 6,576 Opportunity Zones Effective January 2027
The designations cover all 50 states, territories and the District of Columbia, including 2,594 rural tracts, and will remain in place for ten years.
Politics and GovernmentBusinessFederal GovernmentEconomyTax PolicySocial IssuesReal Estate Opportunity ZonesInternal Revenue ServiceU.S. Department of the TreasuryWorking Families Tax CutsScott BessentFrank J. Bisignanorural communitiesQualified Opportunity Zones
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Newsom Proposes Expanding California Film and TV Tax Credit to $1 Billion
Governor Gavin Newsom wants to grow California's film and TV tax credit from $750 million to at least $1 billion, adding above-the-line credits, $100 million for indie films and a 2040 sunset.
Politics and GovernmentBusinessEntertainmentState GovernmentsEconomyEmployment and LaborFilm and TVTax Policy Gavin NewsomCalifornia Film and Television Tax Credit Programfilm tax creditCalifornia Film CommissionMPTERAindependent filmHollywoodCalifornia Governors Office
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Iowa Opens Applications for Scholarship Granting Organizations Under New Federal Education Tax Credit
Iowa nonprofits have until Dec. 11, 2026, to apply as scholarship granting organizations under the new federal Education Freedom Tax Credit, which begins in 2027 and offers donors up to $1,700 in credits.
Politics and GovernmentEducationState GovernmentsFederal GovernmentTax Policy Kim ReynoldsIowaEducation Freedom Tax CreditScholarship Granting Organizationsschool choiceIowa Department of RevenueOne Big Beautiful Bill ActIowa Governors Office
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Treasury and IRS Propose Rules to Restrict Refundable Tax Credits to Eligible Taxpayers
The Treasury and IRS have proposed new rules to limit refundable tax credits, including the EITC and Child Tax Credit, to U.S. citizens, nationals, and qualified aliens, fulfilling President Trump's pledge to prevent abuse.
Politics and GovernmentBusinessLaw EnforcementUSA US Department of the TreasuryInternal Revenue Service (IRS)Refundable Tax CreditsIllegal AliensPersonal Responsibility and Work Opportunity Reconciliation Act of 1996Donald J TrumpTax PolicyUS Treasury
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California Film and TV Production Surges Following Historic Tax Credit Expansion
Governor Gavin Newsom’s expansion of the California Film and Television Tax Credit Program to $750 million has driven a massive increase in local production, generating $5.5 billion in economic activity and creating over 21,000 jobs statewide.
Politics and GovernmentBusinessEntertainmentState GovernmentsEconomyEmployment and LaborFilm and TVGeneral Politics TelevisionMoviesEntertainment IndustryCaliforniaGavin NewsomTax PolicyEmploymentCalifornia Governors Office
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US and Croatia Sign Protocol to Income Tax Treaty
US and Croatia amend income tax treaty with a new protocol, aiming for greater certainty in investments and alignment with current U.S. tax laws. The agreement moves to the U.S. Senate for ratification.
Politics and GovernmentBusinessWorld Tax TreatyCroatiaProtocolDubrovnikThree Seas InitiativeTax PolicyUS Treasury