News & Analysis as of November 15, 2024

Proposed Legislation

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Give Unto Caesar – Crypto?

Cadwalader, Wickersham & Taft LLP on 8/30/2024

On June 25, 2024, Congressman Matt Gaetz (R-FL) introduced H.R. 8822 (the “Bill”), which would add Section 6316A to the Code, allowing individuals to pay their federal income tax using Bitcoin. According to Gaetz, “enabling...more

Taxation & Representation, Dec. 6, 2022

Brownstein Hyatt Farber Schreck on 12/8/2022

Legislative Lowdown - Last-Minute Attempt to Revive Permitting Legislation. According to sources familiar with the matter, several moderate lawmakers from both parties are pushing to include energy-permitting reform...more

Taxation & Representation, September 20, 2022

Brownstein Hyatt Farber Schreck on 9/21/2022

Democrats’ Latest Push for an Expanded CTC. With the year-long effort to legislate a comprehensive energy, healthcare and tax bill finally completed, many Democratic lawmakers and members of the administration have fully...more

Mini-Me Crypto Tax Legislation

Cadwalader, Wickersham & Taft LLP on 8/19/2022

Bipartisan crypto legislation was introduced by Senators Pat Toomey (R-PA) and Kyrsten Sinema (D-AZ) on July 26, 2022. If enacted, the Virtual Currency Tax Fairness Act would exclude from gross income gain on certain de...more

Congress and the IRS Make Moves to Improve Taxpayer Compliance for Cryptocurrency Transactions

Proskauer - Blockchain and the Law on 3/4/2022

IRS Commissioner Charles Rettig, testifying before Congress in April 2021, estimated the gap between taxes owed and taxes collected in the United States to be close to $1 trillion....more

From Worse to Bad: New draft of “Build Back Better” Legislation Reduces But Doesn’t Eliminate New Financial Burdens on Hardrock...

Snell & Wilmer on 11/2/2021

Everyone has heard a bad joke where the setup for the punchline is “well, it coulda been worse”. Hardrock mining companies operating on federal public lands presumably didn’t feel like laughing when the House Natural...more

Wyden’s Billionaires Tax

Cadwalader, Wickersham & Taft LLP on 10/28/2021

On October 27, 2021, Senate Finance Committee Chair Ron Wyden (D-Ore.) released draft legislation that would, if enacted, tax the roughly 700 wealthiest Americans on a modified mark-to-market basis by requiring them to pay...more

[Webinar] Tax in the City® - November 2nd, 11:30 am - 1:00 pm PDT

McDermott Will & Emery on 10/21/2021

Recent tax proposals may bring significant changes to the US federal, international and state and local tax landscape. Join us for our first nationwide Tax in the City® program for a discussion on the key proposed changes...more

2021 House Ways And Means Tax Proposals

Kelley Drye & Warren LLP on 10/7/2021

On September 13, 2021, the House Ways and Means Committee released draft legislation advancing a series of tax proposals (the “Ways and Means Tax Proposals”). This episode of Kelley Drye's Legal Download discusses some of...more

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on 9/29/2021

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

Impact of House Ways and Means Tax Proposal on Domestic Businesses

Bowditch & Dewey on 9/22/2021

On September 13, 2021, the Congressional House Ways and Means Committee introduced 880 plus pages of legislative tax proposals to help fund the House’s proposed $3.5 trillion stimulus package. Below are tax proposals relevant...more

Mexico's Congress Approves Proposed Outsourcing & Insourcing Amendments

McDermott Will & Emery on 4/23/2021

Earlier this week, the Mexican Congress approved the proposed amendments on outsourcing and insourcing activities. A brief summary of the relevant provisions of these new laws can be found below: 1. As expected, the...more

BREAKING NEWS: Maryland Proposes (French) Tax on Advertising – Digital Platforms and Advertisers Beware!

McDermott Will & Emery on 1/13/2020

On January 8, SB 2 was introduced to establish a new digital advertising gross revenue tax of up to 10% on “annual gross revenues of a person derived from digital advertising services in the state.” This uncharted new tax...more

Gross Receipts Taxes Face Policy and Legal Challenges

McDermott Will & Emery on 9/25/2019

As the economy shifts to a digital one, we are finding that states are turning toward unconventional revenue options. One trend we’re seeing is the surprising comeback of the gross receipts tax (GRT): • Oregon’s new...more

Draft North Carolina Tax Legislation Released

Smith Anderson on 4/18/2018

On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important...more

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