Mr. Macdonald singled out five
federal tax measures as being the most inequitable to lower income people based on 2011 data — the dividend
tax credit,
partial inclusion of capital gains, the foreign
tax credit, employee stock options and pension income splitting.
Gov. Andrew Cuomo's budget director, Robert Mujica, outlines plans to offer a payroll
tax credit and charitable fund to mitigate the effects of the
partial loss of the SALT deduction in the
federal tax overhaul.
For instance, my colleague David Macdonald has identified the five most regressive
federal tax expenditures: pension income splitting, the dividend gross - up, the stock option deduction,
credit for
partial inclusion of capital gains, and the foreign
tax credit.
For the avoidance of doubt, Gross Revenues shall (A) exclude monies received from any source other than the sale of electric energy and capacity, including, without limitation, any of the following: (i) any
federal, state, county or local
tax benefits, grants or
credits or allowances related to, derived from, or granted to the Wind Energy Project or Grantee, including, but not limited to, investment or production
tax credits, or property or sales
tax exemptions, (ii) proceeds from financing activities, sales, assignments,
partial assignments, contracts (other than the power purchase agreement) or other dispositions of or related to the Wind Energy Project (such as damages for breach of contract or liquidated damages for delays in project completion or failures in equipment performance), (iii) amounts received as reimbursements or compensation for wheeling costs or other electricity transmission or delivery costs, and (iv) any proceeds received by Grantee as a result of damage or casualty to the Wind Energy Project, or any portion thereof and (B) include any revenues derived from Grantee's sale of carbon dioxide trading
credits, renewable energy
credits or certificates, emissions reduction
credits, emissions allowances, green tags, tradable renewable
credits, or Green - e ® products, any of which are allocated to Grantee, if applicable, through its participation in any voluntary registry, association or market - based exchange.