News & Analysis as of October 19, 2024

Franchise Taxes

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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 -

SALT Select Developments - May 2024

Baker Donelson on 5/24/2024

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

[Podcast] Phasing Out Corporate Income Taxes - North Carolina Edition

BakerHostetler on 12/2/2021

Matt Hunsaker discusses recent North Carolina tax legislation, including phase-out/phase-down of corporate and individual income tax rates, an elective passthrough entity SALT cap workaround, and simplification of the...more

[Podcast] One Simple Trick for Cutting Your State Taxes in Half

BakerHostetler on 10/14/2021

Texas taxes retailers and wholesalers at half the rate of other taxpayers. Matt Hunsaker breaks down the recent Xerox franchise tax case and what it may mean for leasing companies trying to qualify as retailers or...more

New York Budget Raises Tax Rates, Provides Relief to Address Pandemic

Pillsbury Winthrop Shaw Pittman LLP on 4/16/2021

New York’s Fiscal Year 2022 budget increases taxes on corporations and high earners and provides relief to pandemic-hit industries. Temporary increases to tax rates on corporations, individuals, and tax credits for...more

District of Columbia Eliminates Regulatory Exemption to Unincorporated Business Franchise Tax

Kelley Drye & Warren LLP on 11/2/2020

The District of Columbia (the District) imposes franchise taxes, in lieu of income tax, on “unincorporated businesses” such as partnerships or limited liability companies that are taxed as partnerships. The current franchise...more

Snapshot: Corporate Income and Franchise Taxes in the USA

Bradley Arant Boult Cummings LLP on 10/12/2020

How is taxable income determined in your state? To what extent is the state income tax base aligned with the federal income tax base? Alabama levies a corporate income tax on business entities classified as taxable or “C”...more

PA Tax Law News -- September 2013: PA Issues On Appeal – Corporate Taxes

McNees Wallace & Nurick LLC on 9/11/2013

Under Pennsylvania’s tax appeals system, many issues are not resolved at audit or before the Department’s Board of Appeals and the Board of Finance and Revenue, resulting in numerous appeals to the Commonwealth Court. In...more

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