Concise, practitioner-focused roundup of notable state tax changes recently enacted or taking effect, plus how to monitor and plan for continuing variation across states.

Regular credit: 20% of current-year QREs over the base amount. Optimizes when your fixed‑base percentage is low and current QREs are high relative to gross receipts.

The credit equals your base 45Y amount times the “phase‑out percentage” if construction begins in a phase‑out year. IRS final rules confirm the computation and that 45Y’s “applicable year” determination also governs 48E phase‑out. 1

Depreciation is allowed for property used in farming or held for the production of income under IRC §167; most post-1986 tangible farm property uses MACRS under §168 with prescribed methods, recovery periods, and conventions.

To be treated as a real estate professional for passive activity loss rules, you must satisfy both annual tests below with respect to real property trades or businesses in which you materially participate:

Most organizations exempt under IRC §501(a) must file an annual information return under §6033 on a Form 990-series return, reporting income, receipts, disbursements, and other required information.