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Tax Policy Update

NUMBER OF THE WEEK: $160,000. The value of one gift bag at the Oscars on Sunday night. According to the Internal Revenue Service, contents of the gift bags cannot be treated as gifts for federal income tax purposes because...more

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. February Vacation Results in Relatively Quiet Week in Augusta, Except the Tax Package...more

ABLE Act Allows Millions of Individuals with Disabilities to Save

ABLE Act establishes tax-free accounts that enable individuals with disabilities to invest with financial institutions without losing their government benefits. U.S. President Barack Obama signed the Achieving a Better...more

The President’s Groundhog’s Day Budget Casts a Shadow on Some but Offers Sunshine for Others

On February 2nd, President Obama released his Fiscal Year (FY) 2016 budget request to Congress. Along with the budget, the Department of the Treasury (Treasury) released a volume called “General Explanations of the...more

State/Local Bond Proposals in Administration's 2016 Budget

Several proposals affecting tax-exempt bonds were included in the Obama Administration's Budget for FY 2016. As usual, the overall budget proposal has immediately been declared DOA by political pundits. Nonetheless, taking...more

Delaware Enacts Unclaimed Property Legislation That Addresses Some (But Not All) Holder Concerns

The Delaware Legislature appears to have heard some of the complaints of the unclaimed property community. Delaware Governor Jack Markell signed Senate Bill 11, which is based on the recommendations of the Delaware Task Force...more

Trust and Estate: Passage of The ABLE Act Could Provide Additional Planning Options For Disabled Individuals (2/15)

In late December 2014, President Obama signed into law the "Achieving a Better Life Experience Act of 2014" (known as the ABLE Act). The Act extends the 529 college savings account rules to allow for similar, tax-free "ABLE...more

Obama Administration’s FY 2016 budget would modify LIHTCs, permanently extend NMTC and energy tax credits

As in prior years, the Obama administration’s FY 2016 budget includes a number of impactful, and generally positive, tax credit proposals. With respect to the Low-Income Housing Tax Credit (LIHTC), the budget retains many of...more

President’s FY 2016 Budget Proposal - Detailed Analysis of The Tax And Revenue Implications

In This Issue: - Introduction - Executive Summary - The Current Tax Landscape - Tax Proposal Highlights from the Administration's FY 2016 Budget - Excerpt from Introduction: As was...more

Baker Administration Announces Budget Fix Plan

Governor Charlie Baker and Lieutenant Governor Karyn Polito announced on Tuesday a series of proposals aimed at closing the Commonwealth’s substantial budget gap for Fiscal Year 2015. According to the current administration,...more

President Releases 2016 Budget Proposal

Earlier today, President Barack Obama released his approximately $4 trillion budget proposal for Fiscal Year 2016, which begins on October 1 of this year. While the President’s proposed budget covers everything from defense...more

NC Politics In The News

WINSTON-SALEM JOURNAL: New economic development strategy is in the works Gov. Pat McCrory said Thursday that he is working on a new economic development strategy for North Carolina, but it is too early to release details....more

State of the Union Surprise: President Targets Inherited Assets in Middle-Class Tax Reform

After the American Taxpayer Relief Act of 2012, many in the estate planning community thought that tax law dealing with estates and trusts was settled for some time. President Obama’s earlier budget proposals calling for a...more

The State Of The Union In 2015 - What To Expect From The 114th Congress

Last night, President Barack Obama delivered his sixth State of the Union Address before a joint session of the 114th Congress. Given six years to the day of his first Inaugural Address, this was his first address to a...more

Year in Review: Legislation and Guidance for Financial Institutions in 2014

2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review....more

Governor Inslee Proposes $1.5 Billion of New Revenue, Including a 7 Percent Personal Tax on Capital Gains

Washington Governor Jay Inslee recently released his proposed budget for 2015-17, which includes approximately $1.5 billion of new and increased taxes the Governor is marketing as “improving Washington’s unfair and outdated...more

Illinois Industrial Insured Self-Procurement Tax Guidance Announced

As we have previously covered in detail, at the end of its 2014 regular legislative session, the Illinois General Assembly enacted a multimillion dollar tax on Illinois companies using captive insurance arrangements. The law...more

New Laws of 2015: New Tax Infrastructure Financing Tools

The final article in the New Laws of 2015 series focuses on new legislation that makes it easier for municipalities and special districts to harness tax increment — the future incremental growth in property tax revenues — for...more

Environmental and Energy: Governor Vetoes Extension of Brownfield Cleanup Program Tax Credits (12/14)

On December 29, 2014, Governor Andrew Cuomo vetoed a bill that would have extended the availability of tax credits under New York State’s Brownfield Cleanup Program (BCP) until March 31, 2017....more

Minnesota Legislative Update: 2015 Legislative Session Preview

As a result of November's elections, there is no longer one party control of Minnesota government. When the 89th session of the Minnesota Legislature convenes on January 6, 2015, the new House Republican majority, along with...more

Congress Passes Tax Increase Prevention Act of 2014 and Retroactively Extends Tax Relief Provisions

Welcome Tax Relief Provided to Individuals and Businesses Extended through Calendar Year 2014 - The Tax Increase Prevention Act of 2014 retroactively extends, through Dec. 31, various individual and business tax relief...more

President Approves One-Year Extension of Charitable IRA Rollover

On December 19th, President Obama signed H.R. 5771, known as the “Tax Increase Prevention Act of 2014.” Among other things, this legislation extends the favorable charitable IRA rollover rule to gifts made in 2014. ...more

Summary of the Tax Extenders in the Tax Increase Prevention Act

On Friday, December 19th, President Obama signed the Tax Increase Prevention Act (“TIPA”), H.R. 5771, into law. TIPA is commonly referred to as the “tax extenders” bill as it extends certain expiring provisions of the...more

Were These The Extenders That We Were Waiting For?

The Senate on December 16 passed a tax bill that retroactively extends a package of fifty-five tax provisions through the end of 2014. In other words, by the time President Obama signs the new law, it will remain in effect...more

Congress passes tax extenders – through the end of 2014: potential impact on tax reform

In the final act of the 113th Congress, the Senate passed and sent to President Barack Obama for his signature the Tax Increase Prevention Act of 2014, extending through the end of 2014 numerous familiar deduction and credit...more

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