Work Opportunity Tax Credit and other federal credits & incentives extended

Multistate tax alert | December 19, 2014

​On December 19, 2014, President Obama signed into law the Tax Increase Prevention Act of 2014 (“TIPA”).¹ The new law contains termination date extensions through December 31, 2014, applicable to the Work Opportunity Tax Credit, Empowerment Zone Incentives, the Indian Employment Tax Credit, and a number of other provisions. In this Tax Alert we summarize these and other related provisions extended by the TIPA.

Highlight of extended provisions

Among the dozens of expired provisions that are renewed through 2014 under the TIPA are the following federal tax credits:

  • Research and Experimentation Credit
  • New Markets Tax Credit
  • Work Opportunity Tax Credit
  • Empowerment Zone tax incentives (the District of Columbia zone remains expired)
  • Indian Employment Tax Credit
  • Credit for certain expenditures for maintaining railroad tracks
  • Mine Rescue Team Training Credit
  • Employer Wage Credit for Activated Military Reservists
  • Production tax credit for wind and other alternative forms of energy
  • Credit for alternative fuel vehicle refueling property
  • Credit for construction of energy-efficient new homes

¹H.R. 5771, 113th Cong. (Dec. 19, 2014) (enacted).

Multistate Tax alert archive

The Multistate Tax Alert Archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last three years. These external alerts highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons.

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