federal tax credits

A California tech executive, Jamshid Ghomi, has been arrested for allegedly aiding Iran in acquiring restricted U.S. computer equipment for over a decade. Prosecutors state Ghomi used the codeword "Motherland" to disguise shipments of networking, security, and encryption technology to Iranian entities, including those linked to its nuclear and military programs, in violation of U.S. sanctions.

Jamshid Ghomi, a dual US-Iranian national, has been arrested for allegedly violating US sanctions by shipping sophisticated US-origin technology to Iran. He is accused of supplying networking, security, and encryption equipment to Iran's nuclear and military establishments, earning millions and laundering proceeds into his US accounts.

Staff Wages Form Up To 85% Of RWA Budgets; Some Plan Downsizing To Cut Costs

Staff Wages Form Up To 85% Of RWA Budgets; Some Plan Downsizing To Cut Costs

But even the lower reported number is staggering. If one uses the $1.5 million figure and compares it with the median net worth of an American family, about $192,900 in the most recent Federal Reserve survey, Choupette’s supposed care arrangement works out to roughly 7.8 times that figure. Round it off, and the headline becomes irresistible: this cat may be worth eight times the typical American family. If one uses the higher $4 million rumour, the number rises to about 20.7 times the median American family net worth.

Global oil prices are beyond India’s control but a tangle of govt interventions that have left Indian aviation structurally fragile. These demand correction.

Analysts are bullish on Bajaj Finance, IIFL Finance, and Navin Fluorine, citing strong quarterly results and positive future outlooks. Federal Bank is seen as fairly valued, while Waaree Engineering's revenue beat expectations despite margin concerns. Investors are watching these key companies closely.

Global oil markets face turmoil due to the Iran-US conflict and Strait of Hormuz disruptions. India, heavily reliant on oil imports, feels the pinch through rising inflation and borrowing costs. The Reserve Bank of India monitors the situation, opting for stability over aggressive action. Households may experience a gradual tightening of budgets as costs rise and monetary easing is delayed.

OpenAI's new policy paper warns current economic systems are unprepared for advanced AI, proposing tax reforms and a Public Wealth Fund for citizen benefit. This aligns with Vinod Khosla's call to eliminate income taxes for those earning under $100,000 and tax all income equally, suggesting a shift towards capital-based revenue to fund social programs and ensure shared AI-driven growth.

A new federal tax credit program is expanding school choice across America. Twenty-three states have joined this initiative, allowing individuals to donate to scholarship organizations and receive tax credits. These funds will support private school tuition and provide extra help for public school students. The program aims to offer more educational options for families nationwide.

The IRS has partnered with Palantir for a new tool, SNAP, to enhance audit selection and investigations. This $1.8 million contract aims to overcome the agency's outdated technology. SNAP analyzes existing data to identify potential tax discrepancies in areas like disaster relief and energy credits, marking a significant upgrade from older methods.

General Motors said Friday it wants the U.S. Treasury to reconsider classification of GM's electric Cadillac Lyriq to allow it to qualify for federal tax credits. The Treasury and Internal Revenue Service did not classify the Lyriq as an SUV, meaning its retail price cannot be above $55,000 to qualify for up to $7,500 in federal tax credits.

The UAE Ministry of Finance has introduced a significant tax incentive. Businesses can now claim up to 50% tax credit on research and development spending. This move aims to reduce the tax burden for innovative companies. It will strengthen the UAE's position as a global hub for technology and advanced industries.

If the federal tax credit is removed, Newsom plans to propose a new version of California’s Clean Vehicle Rebate Program, which ended in 2023 after spending USD 1.49 billion to subsidize over 594,000 vehicles. Newsom’s office stated that any new rebates, including possible market caps, would encourage competition and innovation

The US government has launched an Education Freedom Tax Credit, allowing up to $1,700 in tax credits for donations to scholarship organizations. This initiative, part of President Trump's Working Families Tax Cuts Act, aims to empower parents with more K-12 school choice options, covering tuition, tutoring, and special needs support. Twenty-three states have joined, with more encouraged to participate.

The Treasury highlighted that automakers are adapting their supply chains to maintain eligibility for the new clean vehicle credit. Ford Motor confirmed that its E-Transit, Mach-E, and Lincoln Aviator Grand Touring plug-in hybrid would lose tax credits, but the F-150 EV Lighting and Lincoln Corsair Grand Touring would retain them.

Electric car-maker Tesla has announced that every new Model 3 vehicle now qualifies for $7,500 EV tax credit in the US.

Nebraska Gov. Jim Pillen has signed an executive order opting into Donald Trump’s new federal school choice tax credit programme, allowing families to use federal dollars for private tuition. The move revives a policy rejected by Nebraska voters in 2023, sparking debate over taxpayer-funded private education and whether state leaders are overriding voter opposition to school vouchers.

A new federal proposal to create a $20 billion school voucher program seeks to provide scholarships for private school tuition across all 50 US states. The plan would offer generous tax credits for donations to Scholarship Granting Organizations, allowing families to access private education. Supporters argue it expands educational choice, while critics warn it undermines public schools and could harm students with disabilities. The proposal is part of a broader reconciliation bill and still requires Senate approval.

Millions of immigrants benefiting from President Barack Obama's executive actions could get a windfall from the IRS, a reversal of fortune after years of paying taxes to help fund government programs they were banned from receiving.

The US Senate passed the $15 billion bill, which is aimed at boosting up the job market and reduce the high unemployment rate which is at staggering 9.7 per cent.

The "One, Big, Beautiful Bill" signed by US President Donald Trump establishes the first federally funded, nationwide private school choice programme. It provides tax credits for donations to scholarship organisations, enabling families to access funds for private education, tutoring, and homeschooling. With no spending cap and eligibility tied to local income levels, the law is set to take effect in 2027. State participation and federal regulations are yet to be finalised, according to K12Dive.

California Governor Gavin Newsom criticized Elon Musk for potentially ceding the EV market to China by shifting Tesla's focus to AI and robotics. Newsom argued this move jeopardizes American supply chains and national security. However, he reserved his sharpest criticism for Donald Trump, accusing his administration of dismantling America's clean energy future through policy rollbacks.

NEW DELHI: Government has assured to consider a regulatory authority for cooperative credit societies following demands from cooperatives.

Welcoming the move by the council, the apex industry body said it had sought bringing down GST rate on restaurants to 12 per cent with input tax credit or at 5 per cent without input tax credit.