Categoría: Geovanny Vicente

LA JOLLA, Calif., Feb. 16, 2021 /PRNewswire/ — Tax season is upon us and the newest revisions to the California tax codes affect not only residents of the state but those who do business with CA (the 5^th largest economy in the world).

For the millions of Californians who went to the polls in November these ballot measures and Bills may be familiar. Here are three that passed into law and two that did not.  The team at Milikowsky Tax Law reviews what they are and what they mean for your business and personal taxes in 2021.

In June 2020, Gov. Gavin Newson (D) signed into law Assembly Bill 85 which included retroactive tax increases.

1. AB85 suspends a business’ ability to claim a CA net operating loss (NOL) deduction in 2020, 2021, or 2022. («Net Operating Losses» result when a company’s expenses exceed its revenue in a year).
2. Businesses with net income below $1 million may still claim the NOL deduction. Therefore, if your company lost money in 2020 and then had net income of $1M or more in 2021 and beyond, your NOLs would be suspended.

This law applies to all businesses – individuals (Sch C filers), flow through entities, and C corporations.

The law also retroactively caps at $5 million the amount of credits a business may claim in 2020, 2021, and 2022.

A slight tax reduction was enacted for certain businesses that are newly register to do business in the state in 2021, 2022, or 2023, with a three-year suspension of the $800 minimum corporate tax.

SB 1447 passed into law: The Small Business Hiring Tax Credit

The Small Business Hiring tax credit is available on a first-come, first-served basis, and is equal to $1,000 per each net new employee, up to $100,000 per business.

The requirements to claim the credit are that the business:

• Has fewer than 100 employees and
• Experienced a 50% or greater decline in gross income during the second quarter of 2020.

The credit can reduce a business’ personal income tax, corporation tax, or sales tax bill. The credit expires December 31, 2021.

Prop 19 – The Property tax law

Described as a protection for the elderly or those transferring property from one generation to the next, Prop 19, in practice, limits the conditions in which property owners can transfer California real property between parent and child without triggering a reassessment of the property value for property tax purposes.

The new rules go into effect on February 16, 2021.

Under Prop 19, properties are taxed based on their assessed value (also known as the base year value or taxable value) rather than their fair market value.

Assessed value equals the purchase price plus a 2% increase per year until there is a change in ownership.

The existing law excludes from reassessment transfers between parents and children of the transferor’s (a) primary residence, regardless of value, and (b) $1 million of assessed value of «other real property» (such as second homes and investment properties).  This is commonly referred to as the parent-child exclusion.

Prop 19 has the following effects:

• The ability to transfer $1M of assessed value of «other property» is eliminated.
• The ability to transfer a primary residence between parent and child without reassessment will not apply unless two conditions are met:
• The primary residence must also become the recipient (or child)’s primary residence; and
• The fair market value (FMV) of the primary residence at the time of transfer cannot exceed the transferor’s assessed value by more than $1 million.

If the difference between FMV and the Assessed value is greater than $1M, then the NEW assessed value will be the FMV less $1M.

If the transferor’s primary residence does not become the recipient’s primary residence, then the property will be reassessed at its fair market value.

What the new law from Prop19 means for you:

If you are transferring a home to a child and you bought that home in the 1960s or 70s in an area which was off the beaten path and – in the intervening years – the world has grown up around you significantly elevating your property value;  And, if you are now downsizing and giving the property to your child to be used as their primary residence; you may well be «gifting» them a large tax burden.

The following bills did NOT get passed into law:

AB 1253 would have increased California’s highest income tax rate of 13.3% income to 16.8% on some high-income individuals, which would have been retroactive to January 1, 2020 (before COVID-19).

AB 2088, «The Wealth Tax», would have imposed a 0.4% wealth tax on all net worth above $30 million (global assets owned) taking into account all assets and liabilities held by an individual globally.

• It would have applied to residents, part-year residents, and to any person who spends more than 60 days in California in a given year.
• If the wealth tax had passed, there would have been a «tail» requiring you to keep paying for ten years. Likely this was aimed at the people who are migrating out of CA for tax purposes to places like AZ and TX as this law would have also taxed people who left CA.

John Milikowsky
jmilikowsky@milikowskytaxlaw.com  
858-450-1040

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SOURCE Milikowsky Tax Law

ONTARIO, Calif., Feb. 16, 2021 /PRNewswire/ — Ontario International Airport (ONT) began 2021 just as it closed out 2020, with a double-digit increase in commercial freight volume while the COVID-19 pandemic continued to depress passenger numbers.

January freight volume totaled more than 70,500 tons, a 15.6% increase compared to the same month last year and extending a trend of robust cargo shipments as Southern Californians continued to rely heavily on e-commerce to keep their households and businesses supplied. At the same time, shipments of mail more than doubled year-over-year to 3,225 tons.

«Cargo continued to be a source of strength in January like it was for all of 2020,» said Mark Thorpe, chief executive officer of the Ontario International Airport Authority. «Freight shippers continued to show great confidence in our ability to provide the infrastructure and facilities they needed to meet increasing demands on the e-commerce supply chain.»

January’s cargo volume continued a trend of double-digit growth at ONT, a leading North American carbo hub which saw freight tonnage increase by 10% or more in 10 different months last year.

In November, FedEx Express, a subsidiary of FedEx Corp. completed a $100 million investment in its ONT facilities, the centerpiece of which is a 251,000 square-foot complex with a sorting facility capable of handling 12,000 packages per hour, nine wide-body aircraft gates, 14 feeder aircraft gates and 18 truck docks. 

Meanwhile, passenger volume continued to be impacted by the pandemic as nearly 152,000 air travelers moved through ONT in January, 66% less than January 2020. More than 145,000 were domestic passengers and 6,475 were international fliers, decreases of 65% and 79%, respectively.

Thorpe expressed a note of optimism for higher passenger traffic this year, pointing out that airlines operating at ONT have announced plans to restart or initiate new flights to nine U.S. destinations by May while Colombia-based Avianca Airlines will begin service to El Salvador this summer. The Avianca route will be the first to Central America from the Inland Empire.

About Ontario International Airport
Ontario International Airport (ONT) is the fastest growing airport in the United States, according to Global Traveler, a leading publication for frequent fliers. Located in the Inland Empire, ONT is approximately 35 miles east of downtown Los Angeles in the center of Southern California. It is a full-service airport which, before the coronavirus pandemic, offered nonstop commercial jet service to 26 major airports in the U.S., Mexico and Taiwan. More information is available at www.flyOntario.com. Follow @flyONT on Facebook, Twitter, and Instagram   

About the Ontario International Airport Authority (OIAA)
The OIAA was formed in August 2012 by a Joint Powers Agreement between the City of Ontario and the County of San Bernardino to provide overall direction for the management, operations, development and marketing of ONT for the benefit of the Southern California economy and the residents of the airport’s four-county catchment area. OIAA Commissioners are Ontario Mayor Pro Tem Alan D. Wapner (President), Retired Riverside Mayor Ronald O. Loveridge (Vice President), Ontario City Council Member Jim W. Bowman (Secretary), San Bernardino County Supervisor Curt Hagman (Commissioner) and retired business executive Julia Gouw (Commissioner).

OIAA Media Contact:
Steve Lambert, (909) 841-7527 slambert@flyontario.com

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SOURCE Ontario International Airport

MALVERN, Pa., Feb. 16, 2021 /PRNewswire/ — Momentum Dynamics Corporation, a leading provider of wireless charging for electric vehicles, and Eurovia UK, the entity responsible for maintaining and improving over 50,000 kms of the UK’s highway network, have announced a Memorandum of Understanding where the two companies will collaborate to develop wireless EV charging solutions for UK cities and fleets.  

The MOU heralds the beginning of a long-term partnership that will deliver a cable-free solution to the UK’s electric vehicle charging network. 

Wireless Charging Enables Fleets while Keeping Cities Clean
Wireless charging for electric vehicles allows practically invisible charging during regular operation. The system is automatic and dispenses with the need for visually-detracting cabling. While in-service, such as during the loading of passengers, an equipped vehicle parks over charging pads that are sunk into or on the roadway. The vehicle then receives incremental charging of a few minutes or longer before resuming duties.  The charging is automatic and requires no operation by the driver.  Charging ends as the vehicle departs from the pad.  The Momentum Dynamics wireless system can provide energy to vehicles from 25-450 kW.  The system can be used on all types of electric vehicles, from cars and buses to drayage and depot haulers and class 8 trucks/HGVs. The system is modular in design and is therefore easily scalable, works in all weathers and is unaffected by rain, ice or snow.

UK Cities Need to Adopt Diverse Approaches to EV charging
In 2019, the UK Government became the first major economy to enshrine net zero in law. Our challenge: achieving net zero greenhouse gas emissions by 2050, is significant – the transport sector is currently responsible for 28% of the UK’s domestic carbon emissions. As the government’s advisory body, the Committee for Climate Change (CCC), has put it: the 2020s must be the decisive decade of progress and action on climate change. The move to ban ICE vehicles by 2030, and the huge leap in consumer demand for EVs show we are starting to make changes in the right direction.  However, different use cases need different charging solutions and the aim should be to deliver the most appropriate and efficient solution for each case.

As the Department for Transport prepare to publish their Decarbonisation Plan for Transport this Spring, anything we can do to minimise carbon impacts will make a difference.

«From our work with many Highway Authorities up and down the UK, we understand the need to develop and deliver real solutions to the climate challenge. The Momentum Dynamic solution is one we think will make an immediate difference – providing wireless charging in a cost-efficient, time-efficient and visually appealing way.» said Yogesh Patel, Eurovia UK’s Process and Improvement Director. «As we plan for the long-term adoption of electric vehicles, we need to ensure we develop infrastructure that adds value to our communities without additional clutter on our streets.  We were inspired with Momentum’s work on wireless taxis with Jaguar Land Rover in Oslo and we see wireless charging as one of the solutions we need to explore to achieve net zero in the UK.»

Momentum Dynamics CEO, Andrew Daga said, «The cities of the future will charge their vehicles wirelessly – whether those vehicles are driven by people or especially when driven autonomously. This means we need to plan today for that very near tomorrow. Our work with Eurovia UK will accelerate the adoption of electric vehicles without adding unsightly cables to our lives and move us all toward a cleaner future.»

About Momentum Dynamics
Momentum Dynamics is a market-leading original technology developer of efficient, automatic, wireless charging systems for the automotive and transportation industries with real-world technology in operation that proves the capability and need for fast, automated opportunity charging of electric vehicles.  In transit bus applications, Momentum’s system has been proven through years of service at effective power levels of over 300 kW and the system is capable of delivering 450 kW. The company has announced a project with Jaguar Land Rover to supply 50kW wireless-charged I-Pace taxis to Oslo, Norway in Q1 2021. Momentum Dynamics practices world-class technology innovation and is recognized for the unique expertise of its engineers and scientists.

About Eurovia UK

Eurovia UK Limited is the parent company of the following businesses: Ringway Infrastructure Services Limited – a leader in operating, managing and maintaining long-term local authority highway contracts; Jean Lefebvre (UK) Limited – a technical consultancy delivering the highest standard of technical services and product development; and Eurovia Infrastructure Limited – the road contracting, specialist surfacing contracting and asphalt production businesses.

Eurovia UK Limited is a wholly owned subsidiary of Eurovia SAS which is a leading global transport and infrastructure services provider. Eurovia UK businesses support services across over 50,000kms of the UK highways network.

Safe Harbor Statement
This press release contains forward-looking statements regarding the Momentum Dynamics’ future growth.  These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from our expectations, including access to future capital at terms favorable to Momentum Dynamics, competition, general economic, business, and market conditions, and other risks and uncertainties that may adversely impact our business.  Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Momentum Dynamics’ business including but not limited to, increased competition; the ability of Momentum Dynamics to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence; general economic conditions; and other risks. 

References:

1.    Under the UK Climate Change Act, the UK must reach Net Zero Greenhouse Gas emissions by 2050. The Act also requires the Government to set a new Carbon Budget every five years, following the advice of the Climate Change Committee. The Sixth Carbon Budget must be legislated by June 2021. Sixth Carbon Budget – Committee for Climate Change Building back better – Raising the UK’s climate ambitions for 2035 will put Net Zero within reach and change the UK for the better – Climate Change Committee (theccc.org.uk)

2.    Sales of pure electric and plug-in hybrid cars soared last year, with more than 175,000 vehicles registered representing a growth of 140%. – Fleet News 14th Jan 2020 – Plug-in car sales grew by 140% in 2020 | Electric fleet news

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SOURCE Momentum Dynamics Corporation