edited by: Tracy Coenen,
Accounting Editor
From California Chronicle.com:
Mayor Gavin Newsom introduced legislation to grant local small businesses a payroll tax credit against the costs of participating in Healthy San Francisco. The legislation will provide businesses with 20-49 employees an annual $2,000 payroll tax credit to help offset the cost of providing [...]
It looks like the legislature will respond to the negligent management of Iowa's corporate welfare tax credits by changing them as little as possible. Mike Glover reports:
Senate Majority Leader Michael Gronstal, D-Council Bluffs, said it's not clear that lawmakers will scale back on the amount they spend on [...]
Defenders of tax credits always point to the jobs on credit-financed projects as proof the credits work. Their defense, like that given by the Dubuque mayor in the tax credit hearing held in Cedar Rapids yesterday, always skips over an important point: that money could have been spent [...]
Funny thing, that Research and Development Tax Credit. It's been around since 1981, but it has never been made permanent. Every time it dies, Congress comes along and resurrects the darned thing. It has more lives than a cat -- 13 and counting, to be exact.
Its' [...]
Iowa will spend $450 million on tax credits this fiscal year, and darned if anyone can tell that they do any good. That's the short version of the much-awaited analysis of Iowa's tax credits that came out yesterday.
After the Iowa Film Credit program blew up in scandal [...]
The Iowa Department of Cultural Affairs has a touching faith in the effectiveness of the Historic Rehabilitation Tax Credit, according to the report issued today on Iowa's tax credit system:
While the DCA fully believes the return on investment is much greater than the aggregate cost of the tax [...]When the Iowa film tax credit scandal exploded in September, it raised an obvious question: were the other 30-odd Iowa economic development tax credits managed any better than the film credit?
The answer: maybe not. The Des Moines Register reports:
A Des Moines Register review of some of the state's' [...]So much for transparency and tax credits. The Des Moines Register reports:
Gov. Chet Culver's office does not intend to release reports expected this week on tax credit programs that affect thousands of Iowa workers and businesses before holding public hearings next week that will help decide the incentives'' [...]
The tax code has achieved uprecedented levels of ugly in the last 15 years, and targeted tax credits are the reverse cosmetic surgery behind much of it. The conceit is that by careful rewarding certain behaviors with tax credits, Congress can make the world a better place. The reality [...]
Iowa State State Sen. David Hartsuch, R-Bettendorf, faces a primary challenge this year. It seems so wrong. Sen. Hartsuch was the only legislative Republican to vote against the Film Tax Credit program that blew up in corruption, scandal and outrageous expense this year. He was joined by only [...]
Governor Culver needs more time to ponder what tax credits are all about. The Des Moines Register reports:
A review of Iowa’s tax credits has been extended by a week to give departments more time to conduct a comprehensive analysis, Gov. Chet Culver announced today.
Culver, last month, ordered a [...]
The Tax Foundation has sent an open letter to Governor Culver and the members of his panel reviewing Iowa's tax credits. Their comments should be a roadmap for the panel:
A $10 million income tax credit for a special interest often receives less scrutiny than an otherwise identical [...]The supergeniuses in the Iowa legslature and Terrace Hill have dug a billion-dollar hole in the state budget. Good thing we still have film tax credits, maybe to the tune of $363 million.
[...]From the WallStreetJournal.com:
A few weeks ago, President Barack Obama signed legislation extending an $8,000 tax credit for first-time home buyers. The refundable tax credit, available even if a family has no taxable income, will enable many more buyers to close on a home. But it also [...]
After losing his first court battle against a claimant of the Iowa film credits, Attorney General Tom Miller threw in the towel, at least with respect to the 22 or so films already approved for tax credits.
The attorney general is giving up ground he can't hold. It' [...]
The Bleeding Heartland Blog has some predictions on the results of the Governor's review of Iowa's corporate welfare tax credit system:
The film tax credit is a goner in my opinion.
The research and development tax credit may well be revised to force more disclosure by companies that benefit.
I [...]
Governor Culver has formed a panel to review Iowa's 30-odd business incentive tax credits. He sent a letter to some of his agency heads:
To assist the panel with their work, I am asking you to submit information on your respective departments’ tax credits to the Iowa Department of [...]
