Italy enacts decree on tax credits for energy saving investments
Italy’s Ministry of Business and Made in Italy published the Decree of 24 July 2024 in the Official Gazette, on 6 August 2024, introducing a new tax credit aimed at promoting investments in innovative energy-saving technologies for qualifying
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US: New Jersey introduces tax credits for AI businesses
New Jersey’s Governor Phil Murphy has signed Bill S3432/A4558, which introduces the Next New Jersey Program on 25 July 2024. The Next New Jersey Program is aimed at attracting fresh investments into the state's artificial intelligence (AI)
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Ireland updates R&D tax credit guidance
The Irish Revenue issued eBrief No. 190/24, on 12 July 2024, announcing updates to Tax and Duty Manual Part 29-02-03 – Research and Development (R&D) Corporation Tax Credit to incorporate the amendments to the R&D credit introduced by
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Italy enacts law for tax credits for investments in simplified logistics zones
Italy published Law No. 95 of 4 July 2024 in the Official Gazette on 4 July 2024, converting the Decree-Law No. 60 of 7 May 2024 into law, which addresses urgent provisions for the European Union's cohesion policy. One key provision of this law
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US: Washington exempts carbon credits and allowances taxes
Washington has announced that it will exempt certain carbon credits and allowances under the cap and invest programme for greenhouse gas emissions from the state's business and occupation (B&O) tax and public utility tax (PUT). This update was
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US: IRS releases FAQs on clean fuel production credit registration
The US Internal Revenue Service (IRS), on 10 July 2024, issued frequently asked questions (FAQs) in Fact Sheet 2024-25 related to which entities must apply for registration for the Clean Fuel Production Credit. The Inflation Reduction Act of 2022
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Portugal approves tax measures to boost economy, includes reduced CIT rate and VAT groups
The Portuguese government approved a comprehensive set of tax proposals during the Council of Ministers meeting, on 4 July 2024, to promote the scale of Portuguese companies, consolidation and capitalisation; develop new financing and streamline
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US: IRS cautions taxpayers about clean energy tax credit scams
The Internal Revenue Service (IRS) issued a release, IR-2024-182, on 3 July 2024, cautioning taxpayers about a scam in which unscrupulous tax return preparers misrepresent the rules for claiming clean energy credits under the Inflation Reduction Act
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US proposes clean electricity credits under sections 45Y and 48E
The US Internal Revenue Service (IRS) and the Department of Treasury announced proposed regulations (REG-119283-23), on Wednesday, 29 May, 2024, concerning the clean electricity production credit under section 45Y and the clean electricity
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US proposes tax credits beyond solar and wind energy
The Biden administration announced proposals to expand tax credits beyond solar and wind energy to include other renewable and clean energy sources, such as nuclear fission and fusion on Wednesday, 29 May 2024. This comes after the US Treasury
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US: IRS updates guidance on domestic content bonus credit for clean energy projects
The US Internal Revenue Service (IRS) and the Department of Treasury released a corrected version of Notice 2024-41, on Friday, 24 May, 2024, which provides additional guidance regarding the domestic content bonus credit for clean energy facilities
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Italy introduces tax credit for recycled plastic purchases
Italy's Ministry of Environment and Energy Security published Decree of April 2, 2024 in the official gazette on 21 May, 2024, outlining the implementation of a 36% tax credit for expenses related to purchasing recycled plastic products and
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US issues new guidance on domestic content bonus credit for clean energy projects
The US Department of the Treasury and Internal Revenue Service (IRS), on 16 May, 2024, released additional guidance on the Inflation Reduction Act's (IRA) domestic content bonus. This initiative is part of President Biden's economic strategy to
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Italy offers tax credit for investments in simplified logistics zones
Italy published Decree-Law No. 60 of 7 May 2024 in the Official Gazette on 7 May, 2024, addressing urgent provisions for the European Union's cohesion policy. This decree introduces tax credits for investments in simplified logistics zones (ZLS);
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Taiwan sets deadline for R&D investment tax credit recognition applications
On 26 March 2024, the Ministry of Finance of Taiwan released a notice on the application deadline for the recognition of R&D activities for the R&D investment tax credit. According to the National Taxation Bureau of Taipei, the Ministry
See MoreUS: Taxpayers Given Greater Access to Energy Tax Credits
Under the provisions of the Inflation Reduction Act of 2022 (IRA) taxpayers have been given greater access to the benefit of the energy tax credits even if they have no federal tax liability. The Act aims to support the expansion of the renewable
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Canada mulls tax credits for clean hydrogen and tech manufacturing
On 20 December 2023, Canada's Department of Finance launched consultations on introducing tax credits for clean hydrogen investment and Clean Technology Manufacturing investment. As detailed in the 2023 Fall Economic Statement, the government is
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Hong Kong passes bill for amending the foreign-sourced income exemption regime
On 29 November 2023, the Legislative Council of Hong Kong announced the passage of the Inland Revenue (Amendment) (Taxation on Foreign-sourced Disposal Gains) Bill 2023. The Bill refines Hong Kong's foreign-sourced income exemption (FSIE) regime
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