News & Analysis as of

Tax Liability State and Local Government Business Taxes

Troutman Pepper

The Continuing Negative Impact of Federal and State Taxation on the Cannabis Industry; Where Do We Go from Here?

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The cannabis industry has experienced significant growth over the past decade, with increasing numbers of states legalizing both medical and recreational use. Currently, cannabis is legal for adults in 24 states and the...more

Pierce Atwood LLP

Rhode Island Businesses Could Soon Receive Tax Relief

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Rhode Island Senate leadership is backing legislation that would exempt the first $100,000 of tangible property from property taxation by municipalities. The tangible tax is currently levied on businesses for property other...more

Foster Garvey PC

The Oregon SALT Cap Workaround for Pass-Through Entities Is Finally Here – Governor Kate Brown Has Signed Senate Bill 727 Into Law

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Last fall, the IRS announced, with respect to pass-through entities (LLCs or other entities taxed as partnerships or S corporations), that, if state law allows or requires the entity itself to pay state and local taxes (which...more

Shumaker, Loop & Kendrick, LLP

South Carolina Enacts SALT Cap Workaround

South Carolina recently joined the growing number of states to enact legislation that provides a state workaround to the $10,000 State and Local Tax (SALT) federal income tax deduction cap imposed on individual taxpayers by...more

Cozen O'Connor

LEGISLATIVE UPDATE: Proposal to Reduce Taxes Introduced in Philadelphia City Council

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Philadelphia City Councilmember Allan Domb introduced three bills that would lower certain business taxes in Philadelphia. The bills would make the following changes to the city’s tax structure: Councilmember Domb believes...more

Morgan Lewis

NJ Enacts Elective Pass-Through Business Tax to Limit Federal Cap Impact on SALT Deduction

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New Jersey recently enacted the “Pass-Through Business Alternative Income Tax Act,” which allows pass-through businesses with at least one member liable for the New Jersey gross income tax to make an election to pay income...more

McDermott Will & Emery

Weekly IRS Roundup December 9 – 13, 2019

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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

McDermott Will & Emery

Gross Receipts Taxes Face Policy and Legal Challenges

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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

Nossaman LLP

Don't You (Forget About Sales and Use Tax)

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Some recent California Office of Tax Appeals (“OTA”) decisions highlight the importance of being, simply, mindful of sales and use tax requirements. Businesses often plan to reduce income taxes or avoid a Proposition 13...more

Pierce Atwood LLP

Maine Denies Income Tax Credit for New Hampshire Business Taxes

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In its August 2, 2018 decision, Goggin v. State Tax Assessor, 2018 ME 111, the Maine Supreme Judicial Court held that the Business and Consumer Court correctly denied Maine residents an individual income tax credit for the...more

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