News & Analysis as of

Tax Increases

Cozen O'Connor

Cozen Cities - September 25, 2024

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CHICAGO — City’s ShotSpotter Contract Ends- After months of contentious debate among city leaders, the City of Chicago ceased use of the gun detection technology ShotSpotter. NEW YORK — Top Taxi, Rideshare Insurer Facing...more

BakerHostetler

[Podcast] The Cloakroom with Peter Roskam: Featuring Congressman Brendan Boyle, D-PA

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Former Congressman Peter Roskam, who leads BakerHostetler’s Federal Policy team, provides listeners with a front-row seat to the most important policy debates in Congress. In this episode of “The Cloakroom with Peter Roskam,”...more

Sherman & Howard L.L.C.

The Election is Coming: How will the 2024 Presidential Election Effect the M&A Market

The 2024 presidential election is right around the corner. M&A advisors prognosticate about how each election cycle will affect M&A, and 2024 is no different. Since 1996, deal volume and deal values are 8%-10% lower in...more

Cozen O'Connor

Virginia Viewpoint - May 17, 2024

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As the saying goes, “April showers bring May flowers.” In Virginia, they also brought a new budget. Nearly a month after Governor Youngkin and the General Assembly agreed to extend budget talks in hopes of reaching a...more

Rivkin Radler LLP

Tax Authorities of the World Unite? Not Quite, But the IRS Joins the Movement to Tax the Rich

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Earlier this year, the OECD observed there has been a significant increase in global wealth inequality over the last two decades. It also acknowledged that “taxation is a key instrument . . . that governments have at their...more

Cozen O'Connor

Cozen Cities - April 10, 2024

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CHICAGO — Gov. JB Pritzker Announces Plan to Make Chicago Quantum Technology Capital- Illinois Governor JB Pritzker announced a plan to make Chicago a quantum technology capital at M-Hub, a business incubator on Chicago’s...more

Cozen O'Connor

New York Note – One-House Budgets, NYS Human Rights

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Last Tuesday, the New York State Assembly and Senate released their one-house budgets, outlining their priorities for the Fiscal Year 2025 (FY25) budget. Both houses proposed raising taxes for high individual earners and the...more

Rivkin Radler LLP

Estate, Gift, GST & Related Income Tax Proposals – What is the White House Doing?

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Earlier this week the White House released its Fiscal Year 2025 Budget. Of course, the federal government has not yet adopted a budget for the Fiscal Year 2024 even as we approach that year’s halfway mark. But I digress. The...more

Seyfarth Shaw LLP

Recordation and Transfer Tax Changes in Maryland and the District of Columbia

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Seyfarth Synopsis: Montgomery and Anne Arundel Counties in Maryland are increasing their recordation and transfer taxes, while 2019 increases to recordation and transfer taxes in the District of Columbia are set to expire....more

Ballard Spahr LLP

Multifamily Updates – Rent Control, Tax Increases, Condominium Warranties, FHFA Tenant Protections RFI

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As a follow-up to our prior alert, we wanted to provide an update to legislative activities in the region: New Prince George’s County Updated Rent Control FAQs. We continue to receive many questions regarding the...more

Miles & Stockbridge P.C.

Montgomery County Impact Taxes to Increase Significantly July 1

The Montgomery County Department of Finance published the required biennial update of its development impact taxes for transportation and public school improvements on May 1. These taxes must be paid prior to the issuance of...more

Cozen O'Connor

Cozen Currents: The Politics of Moderation

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The Cozen Lens- President Biden is taking actions to move towards the center of the electorate as he prepares a re-election bid. Underlying this move is a desire to be a palatable alternative to MAGA Republicans as well as...more

Rivkin Radler LLP

The President’s 2024 Federal Budget: “Reforming” the Taxation of High-Income Taxpayers

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The Budget and Accounting Act of 1921 established the requirement that the President submit a budget to Congress for the upcoming fiscal year. Among other things, the proposed federal budget affords the President an...more

Rivkin Radler LLP

The Closely Held Business and The Tax Gap

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Have you ever wondered whether you were barking up the wrong tree? That the solution to a problem may be found, not in the approach to which you were already committed and invested, but in an altogether different direction?...more

Rivkin Radler LLP

Will New York Increase Taxes On Investment Income?

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Last Thursday, New York State Senator Gustavo Rivera, who represents the 33rd District (basically, the northwestern quadrant of The Bronx), proposed legislation that seeks to collect more taxes from the State’s high-income...more

Pillsbury Winthrop Shaw Pittman LLP

Recent Measures Establish Unprecedented Tax Increases on Real Property in California Cities

In the City of Los Angeles, Measure ULA will impose an additional city real estate transfer tax of 4% on transactions between $5 million and $10 million and an additional 5.5% on transactions over $10 million. In the City...more

Levenfeld Pearlstein, LLC

The Gift, Estate, and GST Tax Exclusion Increased by an Unprecedented $860,000 in 2023: How You Can Make the Most of It

$860,000 – that is the amount of the increase in the gift, estate, and generation-skipping transfer (“GST”) tax exclusion that came into effect on January 1st when the exclusion increased from $12.06 million for 2022 to...more

Cozen O'Connor

Cozen Cities: January 11, 2023

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Gig Economy & Technology- CHICAGO — University of Chicago Commits Millions to Startups The University of Chicago is stepping up its efforts to create more startups, committing more than $20 million to launch three new...more

Husch Blackwell LLP

The IRS is Expected to Adjust Certain 2023 Exclusions and Exemptions for Inflation

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The gift tax annual exclusion allows a taxpayer to gift a certain amount to a recipient each year without using any of the taxpayer’s lifetime exemption amount. In 2022, the annual exclusion amount was $16,000, or $32,000 for...more

Rivkin Radler LLP

The Schumer-Manchin Proposal To “Eliminate” the Profits Interest

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Summer Break? After the last couple of weeks, I’m looking forward to Congress’s summer vacation. I’m pretty sure our elected representatives feel the same way, though it is unclear at this point when they will be heading...more

Rivkin Radler LLP

Leaving New York? Can You Prove It?

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“Summertime and the Living” Isn’t Easy- Summer in the New York Metro Area can be challenging. Some would say it sucks. It gets really hot. When it rains, it pours – no spritz here. The humidity is oppressive. Ironically, a...more

Cozen O'Connor

Cozen Currents: Democrats Continue to Face Uphill Battle Despite GOP's Unforced Errors

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The Cozen Lens- The 2022 midterm elections are so far unfolding as one would expect for a referendum on the party in control of power. But intra-party dynamics and the prevalence of Trumpism could leave Republicans making...more

Cozen O'Connor

Broad Street Brief: Mayor Kenney Gives Budget Address

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Mayor Kenney Gives Budget Address- Today, Mayor Kenney will outline his vision for the upcoming fiscal year’s budget, which will officially kick off budget season. His proposal does not include tax increases, but it...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Certain Trust Expenses Still Deductible Until 2026

The Tax Cuts and Jobs Act (TCJA), while lowering taxes for most, raised them for a few. One group of those few taxpayers for whom taxes went up under TCJA were certain trusts and estates (generally those with large investment...more

Rivkin Radler LLP

2022 Estate and Gift Taxes: What’s Changed?

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We were all set for big changes in the federal estate and gift tax laws last year and, by the end of the year, almost nothing changed. Who knows what changes will ultimately come down the pike when Congress finally becomes...more

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