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Baker Donelson

SALT Select Developments - May 2024

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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

Blank Rome LLP

New York State Enacts Fiscal Year 2024–2025 Budget, New York City to Follow

Blank Rome LLP on

On April 20, 2024, 19 days after the April 1 deadline, New York Governor Kathy Hochul signed into law several bills, including A8809 / S8309 and A8806 / S8306 (collectively, the “Budget”), which enact into law New York...more

Baker Donelson

SALT Select Developments - April 2024

Baker Donelson on

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

Rivkin Radler LLP

New York Can Be Stingy Giving Credit – Resident Tax Credit, That Is

Rivkin Radler LLP on

The Office of the New York State Comptroller just released a new report that examines taxpayer migration trends during the pandemic. The report, which builds on an earlier analysis of pre-pandemic taxpayer migration trends,...more

Bowditch & Dewey

Massachusetts Tax Reform Enacted – Estate Tax Exemption Increase and Other Help for Residents

Bowditch & Dewey on

The long-awaited Massachusetts tax reform package was signed by Governor Maura Healey on Wednesday, October 4, 2023. Among the provisions: Estate Tax Reform: Establishes a non-refundable credit of $99,600 for each estate,...more

Ballard Spahr LLP

Pennsylvania Cuts Corporate Income Tax Rates, Makes Other Significant Tax Changes

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Pennsylvania’s budget season just ended and Act 53 of 2022 (Act 53), made many significant changes to the Commonwealth’s business and individual taxes....more

Eversheds Sutherland (US) LLP

Georgia’s 2021 Sine Die - Thoughtful policy mixed with last minute surprises and everything in-between

During the 2021 legislative session, the Georgia General Assembly passed key legislation, including conformity to the federal tax law, the elimination of deference to subregulatory interpretations of the Department of...more

Bradley Arant Boult Cummings LLP

Snapshot: Corporate Income and Franchise Taxes in the USA

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

Bradley Arant Boult Cummings LLP

Tennessee Expands Brownfield Franchise and Excise Tax Credit

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

Burr & Forman

South Carolina Property Tax for New and Expanding Manufacturers: The Fee-In-Lieu of Tax Versus the Special Source Revenue Credit

Burr & Forman on

South Carolina has some of the highest business property taxes in the Southeast. The state generally taxes land, buildings, machinery and equipment, and furniture and fixtures, but does not tax inventory, pollution control...more

Akerman LLP

Tax Reform: The Impact On Real Estate

Akerman LLP on

The new tax law commonly referred to as the “Tax Cuts and Jobs Act” (the “Act”) – signed into law on December 22, 2017 – makes far reaching income tax law changes that will impact both commercial and residential real estate....more

BakerHostetler

2017 Federal Tax Reform Legislation as Finally Enacted Preserves New Markets Tax Credits and Also Historic Tax Credits, With Some...

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On Dec. 22, 2017, President Donald Trump signed into law the Tax Cuts and Jobs Act (the “Act”), enacting broad reforms to the Internal Revenue Code. In previous BakerHostetler Alerts published Nov. 8 and Nov. 10, we outlined...more

Faegre Drinker Biddle & Reath LLP

The Tax Cuts and Jobs Act: An Overview and Four 2018 Planning Suggestions

For the first time in more than 30 years, the countdown to the New Year was also the countdown to major revisions to the tax code. The Tax Cuts and Jobs Act (Act) became law in late December 2017 and contains sweeping changes...more

A&O Shearman

House Passes Tax Cuts and Jobs Act: How the Senate Proposal Compares

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On November 2, 2017, the House Ways and Means Committee (the “House Committee”) released its plan for comprehensive tax reform: the “Tax Cuts and Jobs Act of 2017” (H.R. 1) (the “House Bill”). Following a week of hearings,...more

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