"In exchange, these companies would get tax credits equal to however much they donate that they could then use to WIPE OUT their corporate income or insurance premium tax payments."
A company's controller would be insane to allow the company to donate enough to "wipe out" its income (so as to avoid paying any corporate tax.'
It's interesting how you tend to use hyperbolic verbs when it suits your narrative.
Thanks for your reporting. I agree that big-time developers make billions with state aid. The massive incentive to create affordable housing that this "aid" money is supposed to accomplish is a pittance when compared to the ultimate benefits that accrue to the developers.
You pretty much hit the nail on the head with the rent control and labor issues.
1. Wipe out their income *tax*. These are tax credits, which are used to offset tax liability. And yes, companies routinely use credits to wipe out their tax liability. A few years ago, for instance, Darden Restaurants lobbied to get the law around a particular tax credit program changed because they had more tax credits than tax liability and wanted to find a way to use the full amount of credit.
2. Companies also routinely wipe out their *taxable* income (using deductions, accelerated/bonus depreciation, NOL carryforwards, etc.) That's the main way so many profitable corporations get to zero (actually, negative) tax liability.
"In exchange, these companies would get tax credits equal to however much they donate that they could then use to WIPE OUT their corporate income or insurance premium tax payments."
A company's controller would be insane to allow the company to donate enough to "wipe out" its income (so as to avoid paying any corporate tax.'
It's interesting how you tend to use hyperbolic verbs when it suits your narrative.
Thanks for your reporting. I agree that big-time developers make billions with state aid. The massive incentive to create affordable housing that this "aid" money is supposed to accomplish is a pittance when compared to the ultimate benefits that accrue to the developers.
You pretty much hit the nail on the head with the rent control and labor issues.
1. Wipe out their income *tax*. These are tax credits, which are used to offset tax liability. And yes, companies routinely use credits to wipe out their tax liability. A few years ago, for instance, Darden Restaurants lobbied to get the law around a particular tax credit program changed because they had more tax credits than tax liability and wanted to find a way to use the full amount of credit.
2. Companies also routinely wipe out their *taxable* income (using deductions, accelerated/bonus depreciation, NOL carryforwards, etc.) That's the main way so many profitable corporations get to zero (actually, negative) tax liability.
Outrageous government attitude and behaviour.
Dale: What's with the British spelling of "behavior"? Frank
An absolute disgusting careless man.