Income Taxes, Tax Planning, New Legislation

Understanding Canada’s New Digital Services Tax

Stikeman Elliott LLP on 7/11/2024

Canada’s Digital Services Tax Act was enacted on June 20, 2024 and came into effect by Order in Council on June 28, 2024. The new legislation imposes a digital services tax of 3% on digital services revenue exceeding...more

Oklahoma’s Parental Choice Tax Credit

McAfee & Taft on 11/2/2023

Earlier this year, the Oklahoma Legislature created the Oklahoma Parental Choice Tax Credit Program. It provides a refundable income tax credit beginning with tax year 2024 for Oklahoma taxpayers who incur expenses for a...more

Taxation & Representation, Jan. 3, 2023

Brownstein Hyatt Farber Schreck on 1/6/2023

Legislative Lowdown - Lawmakers Look to 2023 for Tax Priorities Following Omnibus Passage. On Dec. 29, President Joe Biden signed the nearly $1.7 trillion Consolidated Appropriations Act of 2022 into law, funding the...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

Key Considerations When Planning for the Massachusetts ‘Millionaires Tax’

Nutter McClennen & Fish LLP on 11/28/2022

On November 8, 2022, Massachusetts voters approved an amendment to the Massachusetts Constitution imposing, effective January 1, 2023, a surtax of 4% on an individual’s annual taxable income to the extent it exceeds $1...more

Taxation & Representation, Sept. 27, 2022

Brownstein Hyatt Farber Schreck on 9/29/2022

LEGISLATIVE LOWDOWN - Congress Advances Towards CR as Deadline Approaches. Yesterday, Senate Democrats proposed legislation to fund the federal government through Dec. 16 with the use of a continuing resolution (CR). The...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

The New One-Percent Excise Tax on Stock Repurchases and Its Potential Implications for Convertible Bond Hedge Transactions and...

Wilson Sonsini Goodrich & Rosati on 8/18/2022

On August 12, 2022, the U.S. House of Representatives approved H.R. 5376, the "Inflation Reduction Act" (the Act), which was signed into law by President Biden on August 16, 2022. The approval and subsequent enactment follow...more

Taxation & Representation, August 2, 2022

Brownstein Hyatt Farber Schreck on 8/4/2022

In an unexpected statement last Wednesday, Sen. Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY) jointly announced that they had reached a preliminary agreement on a roughly $750 billion budget...more

Inflation Reduction Act of 2022: New Corporate Book Minimum Tax and Changes for Carried Interests

A&O Shearman on 8/3/2022

On July 27, 2022, Senators Manchin and Schumer announced that they agreed to a proposed reconciliation package, the Inflation Reduction Act of 2022, H.R. 5376 (the “Bill”). If enacted, the Bill would finance climate programs,...more

Taxation and Representation, July 12, 2022

Brownstein Hyatt Farber Schreck on 7/13/2022

Reconciliation Revival? Ever since Sen. Joe Manchin (D-WV) publicly renounced his support of the House-passed Build Back Better Act (BBBA) in December of last year, the prospects of a reconciliation bill have appeared grim...more

Taxation & Representation, June 14, 2022

Brownstein Hyatt Farber Schreck on 6/15/2022

Kustoff Joins Ways and Means. Rep. David Kustoff (R-TN) has been selected to replace former Rep. Tom Reed (R-NY), who resigned from Congress earlier this year, on the House Ways and Means Committee. He will sit on the Worker...more

Taxation & Representation, May 24, 2022

Brownstein Hyatt Farber Schreck on 5/26/2022

Tax Staffers Discuss State of Tax Policy. At a tax conference last week, top officials from the Biden administration and key congressional staffers discussed the latest in tax policy. One panel, which was focused on the...more

Tax & Financial Services Week Ahead - April 4, 2022

Brownstein Hyatt Farber Schreck on 4/5/2022

The House and Senate will meet Monday at 2 p.m. and 3 p.m., respectively....more

Michigan Enacts Elective Flow-Through Entity Tax as “SALT Cap Workaround”

Bodman on 12/22/2021

On Monday, December 20, 2021, Michigan Governor Gretchen Whitmer signed House Bill (H.B.) 5376 into law. H.B. 5376, also referred to as Michigan’s “SALT Cap Workaround,” amends the Michigan Income Tax Act to allow...more

Make Your Year-End Charitable Gifts to Take Advantage of Expanded Tax Benefits

Mitchell, Williams, Selig, Gates & Woodyard,... on 11/18/2021

Because of the hardships from the COVID-19 pandemic and several weather related events, the demand on charitable organizations has increased significantly this year, increasing the need for charitable giving. Tax benefits to...more

[Event] North Carolina Legislative Update CLE - February 27th, Cary, NC

Kilpatrick on 2/13/2020

Join Kilpatrick Townsend Government Relations Advisors Ches McDowell and Nelson Freeman for a North Carolina Legislative Update. Ches and Nelson will discuss some of the public bills passed by the General Assembly in the 2019...more

NJ Passes New Workaround Rule for SALT Deductions

Flaster Greenberg PC on 1/30/2020

On January 13, 2020, New Jersey Governor Phil Murphy signed into law the “Pass-Through Business Alternative Income Tax Act” (the Workaround Act). The Workaround Act establishes an elective entity level tax on an individual’s...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

New Illinois Law Eliminates Franchise Tax, Offers Tax Amnesty

Seyfarth Shaw LLP on 7/31/2019

Illinois recently enacted legislation that offers significant benefits to delinquent taxpayers and corporations doing business in Illinois. The new legislation phases out the Illinois franchise tax over a four year period...more

Referendum to Repeal Oregon Corporate Activity Tax Has Wind Taken Out of Its Sails – The New Tax May Be Here to Stay

Foster Garvey PC on 7/26/2019

As we reported in our June 4 blog post, Oregon lawmakers had recently enacted a “corporate activity tax” (“CAT”) that applies to certain Oregon businesses. The new law, absent challenge, becomes effective January 1, 2020. We...more

California Enacts its Version of Limitation on Business Losses for Non-Corporate Taxpayers

Coblentz Patch Duffy & Bass on 7/25/2019

As many in California already know, the State does not conform automatically to new Federal tax legislation, including the Tax Cuts and Jobs Act enacted on December 22, 2017 (“TCJA”). Instead, any conforming changes must be...more

Pennsylvania 2019 Tax Bill Adds Opportunity Zone Conformity for Personal Income Tax, Adopts New Sales Tax Provisions, and Amends...

Ballard Spahr LLP on 7/17/2019

Act 13 of 2019 (Act 13), signed by Governor Wolf on June 28, 2019, made several changes to Pennsylvania tax laws, including the following significant changes. ...more

Oregon’s New Corporate Activity Tax

Foster Garvey PC on 6/5/2019

We are taking a break from our multi-post coverage of Opportunity Zones to address a recent, significant piece of Oregon tax legislation. On May 16, 2019, Governor Kate Brown signed into law legislation imposing a new...more

Alabama Legislature Passes Landmark Financial Institution Excise Tax Reform Bill and Forms Corporate Tax Reform Study Group - SALT...

Bradley Arant Boult Cummings LLP on 5/31/2019

On Tuesday night, May 28, Gov. Kay Ivey signed into law House Bill 419, the Alabama Financial Institution Excise Tax Reform Act of 2019 (FIETRA), which resulted from a collaborative effort between the banking community,...more

Income Taxes › Tax Planning › New Legislation

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