The Commonwealth Court of Pennsylvania held that an exemption to the application of PA Realty Transfer Tax Section (RTT) for no or nominal consideration from a trust under Section 1102-C.3(9.1)1 applies not only to transfers...more
7/16/2024
/ Beneficiaries ,
Department of Revenue ,
Limited Liability Company (LLC) ,
Living Trust ,
Marital Trusts ,
Partnership Interests ,
Realty Transfer Taxes ,
Revocable Trusts ,
Settlors ,
Transfer of Title ,
Trustees
Starting January 1, 2025, the individual who is the grantor of a trust that qualifies as a grantor trust under Sections 671 through 679 of the Internal Revenue Code will himself or herself be subject to Pennsylvania Personal...more
New Jersey will automatically treat federal S corporations as New Jersey S corporations, effective for periods beginning on or after December 22, 2022. Historically, the New Jersey Division of Revenue and Enterprise...more
Pennsylvania’s 2022-2023 budget, Act of Jul. 8, 2022, P.L. __. No. 53 (Act 2022-53) (HB 1342) implements sweeping tax reform and revises some of Pennsylvania’s most business-unfriendly tax provisions. The bill will:.....more
On August 19, 2021, the New Jersey Cannabis Regulatory Commission approved the first set of rules governing the state’s adult-use cannabis program. The rules will allow the Cannabis Regulatory Commission to begin licensing...more
The Biden administration’s approach to policy setting in the offshore wind context can already be seen in recent legislation and executive orders related to tax law, maritime law, and environmental law. We address the...more
3/26/2021
/ CERCLA ,
Energy Policy ,
Infrastructure ,
Investment Tax Credits ,
Jones Act ,
NEPA ,
Offshore Wind ,
Outer Continental Shelf ,
Outer Continental Shelf Lands Act ,
Power Infrastructure ,
Production Tax Credit ,
Regulatory Agenda ,
Renewable Energy ,
Vessels
On January 20, 2021, President Joseph R. Biden, Jr. was inaugurated as the 46th president of the United States. In his short time in office so far, the new Biden administration has been very busy setting an aggressive policy...more
On Monday February 23, 2021, Governor Phil Murphy signed three bills into law that establish a recreational cannabis program in New Jersey for adults who are at least 21 years old. ...more
While the votes are still being counted for the presidential election, the results are in for cannabis ballot initiatives. Voters around the country voted in favor of legalizing recreational and medicinal cannabis in each...more
Five states could legalize recreational or medicinal cannabis — or both ― in November. The initiatives could help raise millions of dollars of needed tax revenue for these states, particularly those facing COVID-related...more
Governor Wolf announced on August 25, 2020, a call to action for the state legislature to legalize recreational marijuana, which he cited as a strong potential source of revenue for the commonwealth. ...more
The new year could bring big changes in Pennsylvania for cannabis businesses and individuals who use cannabis products. Here are some of the state bills introduced in 2019 to keep an eye on in 2020....more
Less than one year after hemp production was legalized by the 2018 Farm Bill, the U.S. Department of Agriculture (USDA) released its proposed industrial hemp regulations. These eagerly anticipated regulations establish a...more
Royalty fees for the use of intellectual property that were paid under a royalty fee agreement were not subject to Pennsylvania Sales Tax (SUT). Downs Racing, LP v. Commonwealth, 70 MAP 2017, 71 MAP 2017 (Pa. 2018). Payments...more
The following three cases published this past summer provide guidance to cannabis businesses and their owners in preparing their federal income tax returns. These cases turn on the application of IRC Section 280E, which...more
The U.S. Small Business Administration (SBA), a U.S. government agency created to support small businesses and entrepreneurs, updated its lending policy to prohibit lending to marijuana and hemp-related businesses — and to...more
On June 7, Senators Elizabeth Warren, D-Mass., and Cory Gardner, R-Colo., introduced a bill that would permit states to pass their own marijuana laws without interference from the federal government. ...more
Effective December 29, 2017, Pennsylvania imposes new Personal Income Tax (PIT) withholding obligations on certain lessees of non-residential real property and non-employer payors of Pennsylvania source compensation and...more
On January 4, Attorney General Jeff Sessions rescinded the Obama-era protection that has allowed the cannabis industry to flourish despite marijuana being illegal under federal law. In 2013, then-Deputy Attorney General James...more
A panel of the Commonwealth Court unanimously held that a local Business Privilege Tax (BPT) imposed on fees paid by Pennsylvania 7-Eleven franchisees to 7-Eleven’s regional office in the township was unconstitutional because...more
The growing, processing, dispensing, and use of medical marijuana became legal in Pennsylvania on May 18, 2016, under the Medical Marijuana Act, Act 2016-16 (S.B. 3), 35 P.S. § 10231.101, et seq. (the Act). Medical marijuana...more