Michigan Historic Preservation Tax Credit

What Is the Historic Preservation Tax Credit? NOTE: Historic rehabilitation plans will no longer be certified after December 31, 2011. This credit provides tax incentives for homeowners, commercial property owners and businesses to rehabilitate historic resources located in the State of Michigan. If the credit exceeds the taxpayer’s tax liability, the balance may be carried forward up [...]

Michigan Modifications to Federal Return

NOTE: Only use this form to adjust your Michigan taxable income if you have capital gains or losses attributable to one of the following: -Gains or losses from the sale of certain types of properties located in other states and/or subject to the allocation and apportionment provisions; or -Periods before October 1, 1967 (Section 271 adjustment). If you file US Form 1040 Schedule D or Form [...]

Rhode Island Allocation of Wage and Salary Number of Days Worked

Non-Resident Schedule II - Part 2 - ALLOCATION OF WAGE AND SALARY INCOME TO RHODE ISLAND Line 1 – Wages, Salaries, Tips, Etc.: Enter total amount of wages, salaries, tips, commissions, etc. reported on your federal return. Line 2 – Total Number of Days: Enter the total number of days in the year. (For a calendar year, enter 365 days. For a leap year, enter 366 days.) Line 3 [...]

Rhode Island Section 179 Depreciation

SECTION 179 DEPRECIATION Rhode Island passed a bill disallowing the increase in the Section 179 depreciation under the Jobs & Growth Tax Relief Reconciliation Act of 2003. Section 179 depreciation will remain limited to $25,000 for Rhode Island income tax purposes. When filing your Rhode Island tax return, a deduction is allowed for depreciation taken on your federal return in prior years [...]

Rhode Island Bonus Depreciation

BONUS DEPRECIATION A bill passed disallowing the federal bonus depreciation for Rhode Island tax purposes. When filing a Rhode Island tax return any bonus depreciation taken for federal purposes must be added back to income as a modification on RI Schedule M - page 2, line 2d for Rhode Island purposes. In subsequent years, when federal depreciation is less than what previously would have been [...]