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Impact of the PATH Act and other Business Legislation

03/01/2016  |  By: Brian McCuller, JD, CPA, Shareholder, Practice Leader Tax, Andrew E. Hill, JD, Senior, Credits and Incentives

The dust has settled on 2015’s state and federal tax legislation. There is much welcome news for Tennessee businesses on both the state and federal tax fronts, with new relief in some areas and, in other areas, permanent or long-term assurances for tax breaks that previously received short-term extensions.

The federal changes resulted from the Protecting Americans from Tax Hikes (PATH) Act of 2015, which was signed into law in the closing days of December, while the state changes were enacted by the Tennessee Legislature as a part of the sweeping reforms in the Revenue Modernization Act and the untitled tax incentives bill supported by the Tennessee Department of Economic and Community Development, enshrined as 2015 Public Chapter 504.

The relief comes on a variety of issues important to businesses, from credits for job creation and R&D to depreciation and the expensing of certain capital expenses, among others.

Download and read the full article for a rundown of significant tax changes to be aware of as you prepare 2015 taxes and plan for 2016 and beyond.