We have the most recent headlines and updates on tax developments for businesses, individuals, and the renewable fuel sector. This is a valuable resource to stay informed and ahead of the curve.
- Taxpayers have one year left to gift up to $13.61M without paying taxes. Come 2026 that amount drops to $5M per individual.
- 12/29/23: MN released their child tax credits and phaseout ($35,000 MFJ, $29,500 Others):
- 1 Child: $925
- 2 Children: $2,100
- 3 or more: $2,500
- 12/26/23: MN released their Nonresident filing Requirements:
- Gross Income over $13,825
- File a federal joint return with spouse residing in MN
- MI & ND residents can exclude MN wages when determining gross income in MN
- Quarterly estimates required if liability will be greater than $500
- Treasury’s registry is now open for Beneficial Ownership Reporting (BOI)
- Nebraska’s Biodiesel Income Tax Credit Act Application is now available (Form BDTC-A)
- IRS proposed regulations on Energy Efficient Home Improvements will require a PIN requirement when taxpayers file to claim the credit. Purchases made prior to issuance of final regulations are not required to have this PIN.
- Notice 2024-9 provides guidance on exceptions for the domestic content requirements established by the IRA for the various Investment Tax Credits (ITC).
- 12/22/23: Proposed Rules on Clean Hydrogen Production released
- Existing nuclear power plants cannot qualify
- Must use renewable power “brought online within the last 3 years”
- Renewable power must be generated at the same time and on same grid as Hydrogen
Tax laws and regulations are subject to change. Information presented here reflects our current understanding at time of post. For additional information and inquiries, please contact us. We are available to provide assistance!
