Income Taxes, Business Taxes, State and Local Government

New Jersey Tax Court Approves Use of Market-Based Sourcing for Years Prior to Legislature’s Adoption of Market-Based Sourcing

Pillsbury - SeeSalt Blog on 7/15/2024

The New Jersey Tax Court held that a taxpayer was entitled to a refund of corporation business tax (CBT) for tax years 2011 and 2012 after determining the taxpayer correctly used a market-based sourcing methodology to source...more

SALT Scoreboard - Quarter 1, 2024

Eversheds Sutherland (US) LLP on 5/20/2024

This is the first edition of the Eversheds Sutherland SALT Scoreboard for 2024. Since 2016, we have tallied the results of what we deem to be significant taxpayer wins and losses and analyzed those results. Our entire SALT...more

2023 Massachusetts Tax Update

Verrill on 10/24/2023

Massachusetts Estate Tax: For decedents dying on or after January 1, 2023, there is no Massachusetts estate tax for an estate under $2,000,000. The law does not adjust the filing threshold so state tax returns may still be...more

New Jersey Still Wrestles with Unity, but Don’t Forget the Rules

Blank Rome LLP on 9/22/2023

As the New Jersey Division of Taxation changes leadership and issues guidance regarding legislative changes, including for unity, it is time to recall some fundamentals of unity and put the unity statute change in context....more

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

McDermott Will & Emery on 7/15/2022

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

Ohio Income Tax – Ohio Jumps on Trend to Codify SALT Deduction Cap Workaround

Buckingham, Doolittle & Burroughs, LLC on 6/16/2022

Last year, a post explained that investors in Ohio pass-through entities (PTEs) may be able to avoid the $10,000 state and local tax (SALT) deduction cap using Ohio’s composite return election. Now a little over a year later,...more

The Oregon SALT Cap Workaround for Pass-Through Entities Is Finally Here – Governor Kate Brown Has Signed Senate Bill 727 Into Law

Foster Garvey PC on 11/3/2021

Last fall, the IRS announced, with respect to pass-through entities (LLCs or other entities taxed as partnerships or S corporations), that, if state law allows or requires the entity itself to pay state and local taxes (which...more

Enactment of SB 164 and Changes to Oregon's Corporate Activity Tax

Schwabe, Williamson & Wyatt PC on 10/5/2021

Although Oregon’s 2021 legislative session turned out to be relatively quiet from a tax perspective, we did experience some changes to Oregon’s Corporate Activity Tax (“CAT”). Those changes were primarily in the form of SB...more

South Carolina Enacts SALT Cap Workaround

Shumaker, Loop & Kendrick, LLP on 6/7/2021

South Carolina recently joined the growing number of states to enact legislation that provides a state workaround to the $10,000 State and Local Tax (SALT) federal income tax deduction cap imposed on individual taxpayers by...more

LEGISLATIVE UPDATE: Proposal to Reduce Taxes Introduced in Philadelphia City Council

Cozen O'Connor on 4/14/2021

Philadelphia City Councilmember Allan Domb introduced three bills that would lower certain business taxes in Philadelphia. The bills would make the following changes to the city’s tax structure: Councilmember Domb believes...more

PORTLAND OR: Metro Supportive Housing Services Tax & Preschool for All Tax

Schwabe, Williamson & Wyatt PC on 2/11/2021

Effective January 1, 2021, Portland-metro residents and businesses need to be aware of two new taxes. The first is the Metro Supportive Housing Services Tax (“Metro Tax”), which was formerly known as Measure 26-210. The...more

The Other Elections: State & Local Tax Ballot Results

BakerHostetler on 11/30/2020

Everyone has been fixated on the presidential and congressional elections. But this election was chock full of state and local tax ballot measures. Some passed, some didn't - Matt Hunsaker breaks down the results in Arizona,...more

South Carolina Business License Tax Standardization Act Will Simplify Compliance

Burr & Forman on 10/7/2020

Each municipality and county in South Carolina (a taxing jurisdiction) is authorized to impose a business license tax based on the gross income of a business that operates within its borders. Businesses operating in South...more

Tennessee Expands Brownfield Franchise and Excise Tax Credit

Bradley Arant Boult Cummings LLP on 4/1/2020

On March 20, Gov. Lee signed into law SB 2158/HB 2227, which amends the Tennessee statute governing franchise and excise (F&E) tax credits available for brownfield redevelopment. Effective July 1, 2020, the law creates...more

NJ Enacts Elective Pass-Through Business Tax to Limit Federal Cap Impact on SALT Deduction

Morgan Lewis on 2/10/2020

New Jersey recently enacted the “Pass-Through Business Alternative Income Tax Act,” which allows pass-through businesses with at least one member liable for the New Jersey gross income tax to make an election to pay income...more

MoFo New York Tax Insights Volume 11, Issue 2

Morrison & Foerster LLP on 2/4/2020

Welcome to the latest issue of New York Tax Insights. In this issue we cover: Decisions from both the Appellate Division and the NYS Tax Appeals Tribunal holding it was unconstitutional to apply the April 2009 QEZE...more

Weekly IRS Roundup December 9 – 13, 2019

McDermott Will & Emery on 12/18/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 9 – 13, 2019. December 10, 2019: The IRS issued a notice providing that the requirement...more

[Event] West Coast Tax Forum: California & Beyond: The Impact Of State, Federal And International Tax Developments On Golden State...

McDermott Will & Emery on 11/19/2019

Tax professionals are on the frontlines, responding to state, federal and international tax developments that significantly impact business objectives. California taxpayers face particularly unique challenges. Join members...more

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