News & Analysis as of

Tax Deductions State and Local Government Tax Credits

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report - Special Alert

State Agency Seeks Feedback on Targeted Georgia Tax Incentives - As the Georgia General Assembly works to assess the cost and effectiveness of the state's tax credits and exemptions, Georgia taxpayers have an opportunity...more

Holland & Knight LLP

Inflation Reduction Act Offers a Variety of Green Building Tax Incentives

Holland & Knight LLP on

The IRS is currently in the process of implementing the Inflation Reduction Act of 2022 (IRA), which addresses energy, tax and health policy. According to the U.S. Environmental Protection Agency (EPA), "The Inflation...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

Flaster Greenberg PC

NJ Passes New Workaround Rule for SALT Deductions

Flaster Greenberg PC on

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

McDermott Will & Emery

Weekly IRS Roundup December 9 – 13, 2019

McDermott Will & Emery on

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

McAfee & Taft

Every action has a reaction, even in the tax world - Gavel to Gavel

McAfee & Taft on

The Tax Cuts and Jobs Act of 2017 limited the state and local taxes paid deduction available to individual taxpayers to $10,000. The deduction is most notably taken by Oklahomans on their federal tax return to deduct state...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Bradley Arant Boult Cummings LLP

Treasury Department Issues Final Regulations Limiting Charitable Deductions – Potential Impact on Alabama Donors? - SALT Alert:...

Now that the dust has settled following the issuance of the final “SALT cap workaround” regulations by the Treasury Department, here’s a summary of those regulations, the IRS guidance issued in connection with the final...more

Pierce Atwood LLP

Maine Legislature Passes Tax Conformity Legislation - Now Awaits Governor’s Signature

Pierce Atwood LLP on

In a special session, the Maine legislature passed tax conformity legislation on August 30, 2018, after having failed to pass this legislation prior to its spring adjournment. The legislation is now on the Governor’s desk...more

Skadden, Arps, Slate, Meagher & Flom LLP

IRS Issues Notice on Payments Made in Exchange for State and Local Tax Credits

On May 23, 2018, the Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2018-54, stating that proposed regulations will be issued addressing the deductibility of certain payments made by taxpayers...more

Bradley Arant Boult Cummings LLP

Recent Alabama Tax Legislative Developments

Many predicted that the 2018 regular session of the Alabama Legislature would be less eventful than in years past since members of the House of Representatives and Senate are up for re-election this year, and most lawmakers...more

Schwabe, Williamson & Wyatt PC

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Real Estate and Construction Industry?

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Holland & Knight LLP

Tax Reform Changes to Healthcare

Holland & Knight LLP on

Following a final vote in the U.S. House of Representatives on Wednesday morning, Dec. 20, 2017, Congress sent the Tax Cuts and Jobs Act (H.R. 1) to President Donald Trump's desk. In addition to extensive revisions to the tax...more

Butler Snow LLP

Tax Cuts & Jobs Act – Impact on Tax Credits

Butler Snow LLP on

The U.S. House and Senate have now each passed the Tax Cuts and Jobs Act (H.R.1) and have sent the bill to President Trump’s desk for final passage. The final bill is expected to cost nearly $1.5 trillion over the next ten...more

Bradley Arant Boult Cummings LLP

Impact of “Tax Cuts and Jobs Act” on Important Federal Tax Credits

The “Tax Cuts and Jobs Act” (the Act) has passed both chambers of Congress and is expected to be signed by President Trump on or before January 3, 2018. The final agreement among House and Senate Republicans includes rate...more

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