Kathleen Quinn

McDermott Will & Emery

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Pennsylvania Cuts Corporate Tax Rate, Makes Other Changes to Corporate Tax Law

Pennsylvania Governor Tom Wolf has signed into law omnibus tax legislation to implement the Commonwealth’s fiscal year 2022 – 2023 budget. Among other things, the enacted legislation: (1) cuts the corporate net income tax...more

7/15/2022 / Business Taxes , Corporate Taxes , Department of Revenue , Governor Wolf , Income Taxes , Legislative Agendas , New Legislation , Pennsylvania , State and Local Government , Tax Rates

BREAKING NEWS: More States Opt Not to Tax GILTI

This has been an eventful and exciting week for those interested in the states’ taxation of global intangible low-taxed income (GILTI). On Monday, taxpayers received the good news that New York Governor Cuomo signed S. 6615—a...more

6/28/2019 / Corporate Taxes , GILTI tax , Governor Brown , Governor Cuomo , Governor DeSantis , Income Taxes , New Legislation , Pending Legislation , Tax Deductions

Tennessee Joins Other States in Excluding GILTI and 965 Income from the Tax Base

On May 8, Governor Bill Lee (R) signed SB 558, which provides for the exclusion of 95% of Global Intangible Low-Taxed Income (GILTI) and foreign earnings deemed repatriated under IRC section 965 (965 Income) from the tax base...more

5/15/2019 / Exclusions , Foreign Earned Income , GILTI tax , Income Taxes , Internal Revenue Code (IRC) , IRS , New Legislation , State Taxes , Tax Planning

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