Significant Tax Changes Included In The Administration's Fiscal Year 2011 Budget Proposal
Mondaq Business Briefing › United States Law Articles in English (2010)
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Significant Tax Changes Included In The Administration's Fiscal Year 2011 Budget Proposal
On February 1, 2010, the Obama administration (the "Administration") introduced its budget proposals for the 2011 fiscal year (the "Budget"), and the Treasury Department released its "General Explanations of the Administration's Fiscal Year 2011 Revenue Proposals" (the "Green Book"). The Budget includes numerous tax proposals that, if enacted, would impact both individual and corporate taxpayers. This Tax Alert highlights certain of the tax proposals included in the Budget, as described in the Green Book.
Tax Incentives for Business Additional Tax Credits for Qualifying Advanced Energy Manufacturing Projects – Section 48C of the Internal Revenue Code of 1986, as amended (the "Code"), provides a 30 percent tax credit for taxpayers that manufacture property to be used in producing specified types of renewable energy. Credits are to be allocated pursuant to a competitive application process based on criteria set forth in the statute. The law provides for $2.3 billion of credit availability. All available credits were allocated in January 2010. The Budget includes a proposal that would increase available credits by $5 billion. The application process would be generally similar to the process under current law. This proposal would be effective on the date of enactment. ...See the full content of this document
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