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Safe-harbor shifts and foreign entity rules complicate solar and wind tax credits
Recent federal changes have tightened eligibility for the Sec. 48E clean electricity investment credit for wind and solar projects. The 2025 law accelerates the credit’s termination, requiring projects that begin construction after July 4th 2026, to be placed in service by December 31st 2027, to qualify. New IRS guidance also limits most larger projects starting…
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L.A. County sales tax hike proposed
L.A. County voters will decide in June whether to increase the sales tax by half a cent, aimed at generating $1bn annually for healthcare services impacted by federal funding cuts. Supervisor Holly Mitchell emphasized the urgency, saying: “Millions of people look to us to step up even when the federal government has walked away.” The…
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Diamond retailer faces bankruptcy bid
Vashi Dominguez, founder of the collapsed luxury diamond retailer Vashi, is facing possible bankruptcy. The company, which went under in 2023, is alleged to have been involved in a £170m scam. Liquidators have served a statutory demand for over £17,500, which could lead to a bankruptcy petition. Dominguez’s whereabouts remain unclear, and his company’s diamond…
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Oregon Democrats push for budget boost
Oregon Democrats have advanced a plan to generate over $300m for the state budget by eliminating several tax breaks from President Donald Trump’s tax bill. The proposal includes new tax credits aimed at low- and moderate-income households, increasing the Earned Income Tax Credit by up to 55% for about 230,000 families. Senate Revenue Chair Anthony…
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Retail lobbyists push for online sales tax
A coalition of retail lobbyists is urging Sir Keir Starmer to support a new online sales tax to reform the UK’s business rates system. The proposal, from the Association of International Retail, the Association of Town and City Management, and the Heart of London Business Alliance, suggests a 2% levy on online sales. This could…
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New federal school-choice tax credit sparks battle over state control
A new federal tax credit will direct more than $3bn a year to scholarships, mainly for private and parochial schools, prompting a fight over who controls the program. Public-school advocates want states to set rules and safeguards, while school-choice supporters argue state oversight should be minimal. As the Treasury Department writes regulations, the program marks…
