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SALT Select Developments - August 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

SALT Select Developments - May 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

Final Regulations on Tax Credits for Electric Vehicles: No Time to Relax

The Treasury finalized regulations for the Clean Vehicle Credit under I.R.C. Section 30D. These regulations are effective July 5, 2024. The Section 30D credit, up to $7,500, applies to new electric or fuel cell vehicles...more

Tax Refund Process and Related Points Resulting from Constitutional Issue with Franchise Tax

A compromise version of House Bill 1893/Senate Bill 2103 was passed by both Legislative Chambers on April 25, 2024 (the Bill). Subject to Governor Lee signing the Bill into law (which is expected to occur), the following is...more

SALT Select Developments - April 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

SALT Select Developments - March 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

Potential Tax Refunds Resulting from Constitutional Issue with Franchise Tax

Commissioner of the Tennessee Department of Revenue (Department), David Gerregano, recently testified before the Revenue Subcommittee of the Senate Finance, Ways and Means Committee, regarding the Department's proposed...more

SALT Select Developments - February 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

SALT Select Developments - January 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

SALT Select Developments - September 2023

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

Low-Income Community and Energy Community Bonus Tax Credits for Clean Energy Projects

The following is an overview of guidance regarding the Inflation Reduction Act's (IRA) Low-Income Communities Bonus Credit Allocation Program (LIC Bonus) and the Energy Community Tax Credit Bonus....more

Treasury Provides Key Guidance for Monetizing Clean Energy Tax Credits

The Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued guidance on June 14, 2023, regarding the Inflation Reduction Act's (IRA) two new clean energy tax credit delivery mechanisms – one on...more

Creative Approaches to the Employee Retention Credit

Much has been written about the Employee Retention Credit (ERC), enacted as part of the CARES Act, and amended and expanded by the Consolidated Appropriations Act (CCA) and most recently, the American Rescue Plan Act of 2021...more

PPP Recipients May Qualify For Expanded Employee Retention Credit

Multiple federal laws enacted during the pandemic have provided assistance to struggling employers, including assistance through the Paycheck Protection Program (PPP) and the employee retention tax credits (ERC). PPP and ERC,...more

Navigating PPP, Employer Tax Deferral, and Tax Credits Under the FFCRA and CARES Act

The President, Congress, the Treasury Department, the SBA and the IRS have been busy enacting and interpreting legislation intended to provide assistance to employers during the coronavirus pandemic, including the...more

Spotlight on Tennessee: 2016 Tax and Related Legislation

During the 2016 Session, 109th General Assembly, the Legislature considered several tax and related initiatives before adjourning. Although the number of such initiatives this Session was not as large as in the 2015 Session...more

Spotlight on Manufacturers: Tennessee's 2015 Tax and Related Legislation

Manufacturing is a primary driver of our economic growth. As such, those businesses involved with fabricating, processing, converting and producing goods in today's marketplace must be ever-vigilant regarding new laws that...more

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