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Alabama 2015 Regular Session Legislative Summary: June 2015

The Alabama Senate adjourned sine die on Thursday, June 4, and the Alabama House of Representatives met for their last day on Thursday, June 11. Although the legislature passed a record-setting, $6 billion Education Trust...more

House Bill 15-1348-Urban Renewal – Frequently Asked Questions

H.B. 15-1348 was signed by the Governor on May 29. The bill enacts several changes related to urban renewal authorities and tax increment financing for such authorities including governance changes and changes related to how...more

Nevada Legislature Changes Procedure For Certain Bonds (AB 170)

AB 170, a bill amending NRS 350.020 passed by the Nevada Legislature, was signed by the Governor on June 11, 2015. It amends subsection 3 of NRS 350.020 which specifies the procedures to be followed to issue general...more

Tax Law Blog: Did you miss the last holiday in May? Friday was 529 Day

Did you miss the last holiday in May? Friday, May 29th (5/29) was “529 Day,” referencing 529 college savings plans. If you are asking what a 529 Plan is, you are not alone. A recent Forbes article discussing the so-called...more

NC Politics in the News

Members of the North Carolina General Assembly had a full schedule last week, considering bills on everything from repealing the state’s cumbersome Map Act to voiding a law which required teachers to write Personal Education...more

Minnesota Weekly Legislative Update: 04/17/2015

This week, as the Minnesota Legislature worked on finance bills, Governor Mark Dayton took the opportunity to comment on the House and Senate budget proposals. He criticized both plans for being too low in most regards....more

Recent Guidance on Charter School Participation in State Pension Plans

In Illinois, charter school teachers and certain administrators are eligible to participate in the Illinois Teachers’ Retirement System (TRS) and the Chicago Teachers’ Pension Fund (CTPF). Both of these pension systems are...more

Landmark Tax Credit Scholarship Program Upheld by Alabama Supreme Court

On March 2 in an 8-1 decision, the Alabama Supreme Court upheld the constitutionality of the Alabama Accountability Act of 2013 (the “Act”) in Magee et al. v. Boyd et al. The massive 222-page opinion affirmed in part, but...more

New IRS guidance for certain entities benefitting from tax-exempt bond financings

The IRS has released guidance in three areas of interest to entities that benefit from tax-exempt bond financings, particularly hospitals and educational institutions....more

Recent Favorable IRS Guidance for Tax-Exempt Bond Financed Facilities

The IRS has released guidance in three areas of interest to entities that benefit from tax-exempt bond financings, particularly hospitals and educational institutions. This guidance creates new rules related to management...more

The Economic Development Toolbox: "The Utility Player" - Tax Increment Financing

Tax increment financing (“TIF”) is a tool that is commonly used throughout the country to finance public infrastructure and other improvements. But while its use may appear to be fairly limited, TIF is actually extremely...more

Saving for college is also good for your estate plan

A 529 plan is one of the most powerful and flexible tools available for college savings, but it also provides some unique estate planning benefits. This article explains how 529 plans work for savings purposes, but also notes...more

Year-End Tax Planning and Scholarship Tax Credits

The Alabama Accountability Act of 2013 provides state income tax credits to certain donors who make contributions to a qualified scholarship granting organization operating within Alabama, including our client, the Alabama...more

Community Colleges Must Report Debt Revenue Loss By Friday Under Michigan Personal Property Tax Reform

Recent reforms to the Michigan personal property tax require community colleges to report their debt revenue loss to the Michigan Department of Treasury by September 5, 2014....more

Alabama Legislative Update - Week 6: Halfway Through the Session, Tax Bills Take Center Stage

Last week marked the halfway point in this legislative session, with Tuesday being the 15th of 30 legislative days. Legislative leaders still expect the 2014 session to end on April 7....more

START-UP NY: Creating Tax-Free Zones for High-Tech Startups in New York State

In an effort to attract startup companies and leverage the research capacity and workforces available in New York’s colleges and universities, New York State recently established tax-free zones for certain startup companies....more

Banking & Financial Services E-Note - October 30, 2013

In This Issue: - Fed Proposes Rule Requiring Banks to Stay Liquid During Crisis - Simulation Tests Banks' Survival Against Cyber Attacks - Largest Banks Close to Meeting Mortgage Settlement Obligations -...more

Junior Goes to College! Innovative Strategies to Save for Your Children's College Education with Pre-Tax Dollars

Overview - The cost of college tuition has gone through the roof. The average cost of a private university can range from $40,000-60,000 per year. The cost of a public university is a lot less in most cases except that...more

529 Plans–Not Always The Best Alternative

Section 529 plans offer many advantages in regard to funding education....more

July Economic Update Reports $463 million more in Revenue

Minnesota Management and Budget’s (MMB) July Economic Update reported that general fund revenues for FY 2013 have increased $463 million since the February Forecast. This revenue increase must be reconciled by MMB with any...more

Spotlight on Mississippi: New and Increased Tax Incentives

Governor Phil Bryant recently signed into law two pieces of legislation aimed at increasing investment within the State of Mississippi....more

Alabama Legislative Update – Week 13: Budgets Approved, Medicaid and Tax Bills Sent to Governor Bentley

With the constitutional deadline of midnight on the 30th day closing in, Alabama lawmakers worked at a feverish pace to complete work on some of the most substantial and controversial legislation in the 2013 session....more

Recent 403(b) Developments

Background - 403(b) retirement plans are similar to 401(k) plans, but the employers who may establish 403(b) plans are limited to public schools, certain tax exempt employers (including religious and charitable...more

School Districts Cannot Spend Bond Money on Projects Not Disclosed to Voters - School Bonds with 55 Percent Vote Threshold Must...

The Fourth District Court of Appeal recently upheld a challenge to a school district’s spending voter-approved bond proceeds for field lighting at a high school stadium because the ballot proposition did not specifically list...more

Compensation and Unrelated Business Income are Focus of IRS Colleges and Universities Report

Just a few weeks before many tax-exempt organizations file their annual Form 990, the IRS yesterday released its final report on the Colleges and Universities Compliance Project, which it had initiated in 2008 by sending...more

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