In its Graphic Packaging Corporation v. Hegar decision rendered December 22, 2017, the Texas Supreme Court fell in line with the rejection of the Multistate Tax Commission (MTC) optional three-factor apportionment provisions, citing the California Supreme Court Gillette decision,2 the Minnesota Supreme Court Kimberly Clark decision,3 and the Oregon Tax Court decision in Health Net. Read More

TaxConnections Picture - NC Flag with US FlagGovernor Pat McCrory, North Carolina, signed House Bill 998 (aka Tax Simplification and Reduction Act) into law Tuesday, July 23, 2013. Among other outcomes, the state’s Research and Development Credit, formerly known as the Technology Development Credit, has been extended through 2015. Under the Research and Development Credit, North Carolina businesses with qualified research expenses are allowed a credit of up to 35% of the amount of those expenses. The exact rate depends on the circumstances of the taxpayer, the location of the research activity, and the amount of the expenses. This credit is the only remaining research credit offered by the state, as two of the original three credits previously offered by the state were repealed in 2006, when the state’s tax incentives were revamped. The credit cannot exceed 50% of the amount of tax against which it is claimed, reduced by the sum of all other tax credits allowed against that tax. Any unused portion may be carried forward for the succeeding fifteen taxable years.

TECHNICAL INFORMATION CONTACTS:

Allea Newbold, Principal – Ryan
Stephanie Shell-Condon, Director – Ryan