PA Tax Law News -- May 2012 by McNees Wallace & Nurick LLC on 5/22/2012 IN THIS ISSUE: Long Awaited Tech One Associates Decision; Philadelphia Common Level Ratio Drama Continues; Court Upholds IFTA Liability; PA Budget Watch; Goodwill Included in Subsidiary Valuation for Holding Company...more
How ESOPs Can Be Beneficial for Construction Companies by Sedgwick LLP on 5/10/2012 What Is an ESOP? First and foremost, an ESOP is an employee benefit plan that is qualified for tax-favored treatment under the Internal Revenue Code of 1986, as amended (IRC). However, an ESOP can also be a tool of...more
FCA affirms the importance of GAAP in computing liability for LCT rejecting the Crown’s economic substance argument by Fraser Milner Casgrain LLP on 5/9/2012 The Federal Court of Appeal has once again affirmed the importance of Generally Accepted Account Principles (GAAP) in computing liability for the large corporation tax (LCT) applicable prior to 2006 while rejecting the...more
Tax Increment Finance (TIF) Heats Up by Davis, Brown, Koehn, Shors & Roberts, P.C. on 4/9/2012 Tax Increment Finance continues to be a hot topic at the capitol. The House has its bill, HF2460, on the calendar for debate in the House. Many groups interested in economic development are following this legislation and are...more
UK Land Remediation Relief - Spared the Axe by K&L Gates LLP on 2/7/2012 Following consultation, the UK Government has decided not to abolish land remediation relief (LRR) after all. This comes after a strong reaction from developers, who argued that it would render many brownfield...more
California Supreme Court Kills Redevelopment Agencies. Now What? by Snell & Wilmer L.L.P. on 1/17/2012 California’s redevelopment agencies (RDAs) receive 12 percent of the state’s property tax revenue. In this economic climate, that put a bull's-eye on their heads. Upon taking office, Governor Brown pushed through legislation...more
CALIFORNIA REAL ESTATE LAW: 2012: The Year Ahead... by Kathleen Carpenter, Esq. on 1/11/2012 As we begin 2012, Luce Forward's Real Estate Group would like to highlight a number of new developments in California law affecting residential and commercial developers, real estate professionals and others in the real...more
State Cancellation of Redevelopment Agencies May Affect You! by Sheppard Mullin Richter & Hampton LLP on 1/6/2012 On December 29, 2011, legislation to dissolve all redevelopment agencies became effective when the California Supreme Court released its opinion in California Redevelopment Association v. Matosantos, challenging the...more
Redevelopment Agencies: Dead, But Not Buried by Morrison & Foerster LLP on 1/6/2012 In California Redevelopment Assn. v. Matosantos, the California Supreme Court sealed the demise of the state’s nearly 400 redevelopment agencies. That decision, however, leaves myriad questions unresolved for communities and...more
Taxation & Wealth Planning Department Alert - Acquisition and Installation of MRI and CT Scan Systems are Subject to PA Sales Tax by Fox Rothschild on 12/28/2011 The Pennsylvania Supreme Court, in a decision issued on December 21, 2011, reversed two July 2009 decisions of the Commonwealth Court of Pennsylvania that held the acquisition and installation of an MRI system and a CT Scan...more
Benefits to first home buyers purchasing a newly constructed home by International Lawyers Network on 9/29/2011 With a focus on boosting new housing construction, the NSW Government recently released its Budget for 2011-2012. From 1 January 2012, First Home Plus exemptions and concessions will be replaced by the First Home -...more
Confession Is Good For Soul And Equilibrium But Maybe Not Justice by Allen Matkins Leck Gamble Mallory & Natsis... on 9/22/2011 Recently, I read this article about how the Department of Labor, the Internal Revenue Service and states are targeting pay practices of home builders. This got me thinking about how industry enforcement sweeps can be a very...more
New York State Sales Tax Update by Brian Cunningham on 9/14/2011 New York's Department of Taxation and Finance has adopted a policy providing limited relief for certain individuals assessed as responsible persons on behalf of limited liability companies or limited partnerships....more
New Brownfield and Historic Legislation by Warner Norcross & Judd on 7/19/2011 New brownfield and historic legislation was introduced on July 13 to replace the existing brownfield and historic state credits. The three bills (Senate Bills 566-568) that make up the new legislation can be found here: SB...more
Good Company - Summer 2011 by Sheehan Phinney Bass + Green PA on 6/29/2011 In This Issue: - Cat's Paw Claims: Supreme Court Decision Creates New Challenges for Employers by Sean M. Gorman The theory of "cat's paw" liability in employment claims has existed in some form for many years. A...more