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Legislature Imposes New TIF Restrictions While Offering Reprieve for TIF Reporting Violations

The Missouri legislature passed new legislation amending the Tax Increment Financing (TIF) laws that, subject to Gov. Jay Nixon's decision to sign into law, is expected to go into effect on or about August 28, 2016....more

New Economic Development Opportunities Possible Thanks to Improved Marketability of Philadelphia Tax Increment Finance...

The tools available to the City of Philadelphia to finance community and economic development projects have been enhanced under a new law that authorizes the imposition of special assessments to support tax increment finance...more

Minnesota 2016 Legislative Wrap-up

This was the shortest Minnesota Legislative session in recent history, lasting a mere 77 days from March 8, 2016, to May 23, 2016. It produced a hectic pace which ended with mixed results. As lawmakers headed into the...more

Minnesota Weekly Legislative Update

When the 2016 Minnesota Legislative Session was adjourned sine die at midnight on Sunday, May 22, legislators had sent a $259 million Omnibus Tax Bill and a $182 million Supplemental Appropriations Bill to Governor Mark...more

First of Two Constitutional Conventions on Millionaire Surtax Was a Doozy

It was one of the more fascinating events to occur at the State House in a long time, this joint session on Wednesday afternoon, May 18, of the House of Representatives and Senate, or constitutional convention as it’s called...more

Tax Law Blog: Sports and Fitness Bill Would Provide Tax Advantages for Gym Memberships and Sports Equipment

As the summer months approach, and many of us begin crawling back out into the sun, the Personal Health Investment Today Act (“PHIT”) remains in Congressional hibernation. Introduced in the House on March 3, 2015, the PHIT...more

Panama Papers Fallout: A Push for Transparency and Regulatory Reform - Sanctions Also Levied Against Several Panama-Based...

In the wake of the "Panama Papers" – the unprecedented leak of 11.5 million files from a Panamanian law firm that revealed thousands of names and addresses linked to offshore companies – the White House has announced several...more

FDIC reports five “major” data incidents to Congress

The Federal Deposit Insurance Corporation (FDIC) reported on Monday, May 16, 2016, that it had experienced five “major incidents” involving the disclosure of taxpayers’ personal information since the last incident we reported...more

UK Financial Regulatory Developments - May 2016 #9

Chancellor responds on tax deductibility of regulatory fines - The Chancellor has responded to a letter from Andrew Tyrie MP, Chairman of the Treasury Committee, to confirm that payments made by banks to regulators are...more

U.S. States Expand Efforts to Collect Taxes from Out-of-State Businesses

Twenty-four years ago, the U.S. Supreme Court announced in Quill v. North Dakota, 504 U.S. 298 (1992), that in order for a U.S. state to require an out-of-state business to collect and remit sales and use taxes on its sales...more

Potential tax consequences of Brexit from a German perspective

On 23 June, the UK is holding a referendum to decide whether it should leave or remain in the European Union. A vote to leave the EU (the so-called Brexit) would not only have repercussions from a tax perspective for the UK....more

The Legacy of Michigan Senator Levin and Offshore Taxation Issues

When Senator Levin, the Democrat from Michigan, announced his retirement from the Senate in 2014, you could hear a collective sigh of relief from the corporate business community. Senator Levin had dedicated himself to...more

Here’s the Deal: Georgia Governor Signs Several Significant Tax Bills

Following the conclusion of Georgia’s 2016 legislative session, Governor Nathan Deal signed into law several tax bills touching on a wide range of tax matters, including sales and use taxes, property taxes, corporate income...more

In Wake of Panama Papers Scandal Obama Calls for Stricter Bank Regulations, Tax Rules

In a recent news conference President Obama addressed rules and proposed regulations announced Thursday intended to help the U.S. fight tax evasion and other crimes connected to anonymous offshore companies and accounts. The...more

Potential tax consequences of Brexit from a UK perspective

This alert considers the possible impact of Brexit on some key UK tax aspects. However, this is only one side of the perspective: we will shortly be publishing a second article considering the potential impact of Brexit on...more

2015-16 New York State Budget

On April 13, 2016, Governor Andrew M. Cuomo signed the 2016-17 New York State Budget into law. We summarize the highlights of the revenue provisions below....more

The Panama Effect: UK Government accelerates proposals to criminalise failure to prevent tax evasion

10 considerations for professionals and corporates worldwide in advance of the new law. Overview - In a move widely seen as a response to the so-called “Panama Papers” revelations, the UK Government has enhanced...more

Sales Tax Revenue Bonds Provide Critically Needed Transportation Funding Source

Funding transportation infrastructure in California is becoming increasingly difficult, as diminished gasoline taxes and other state and federal funding sources continue to be insufficient to provide fully for burgeoning...more

Changes to IRS Partnership and LLC Audit Rules

Recent history has seen a proliferation of health care organizations—including tax-exempt organizations, for-profit companies, and physician practice groups—that have joined together to take advantage of different synergies...more

Early Stage Investment Tax Incentives Bill Introduced

As an update to our Legal Insight of December 2015 'New Tax Incentives for Early Stage Investment', on 16 March 2016 the Turnbull Government introduced legislation providing significant tax incentives to promote local and...more

New Partnership Tax Audit Rules

The Bipartisan Budget Act of 2015 establishes new rules (the “New Partnership Audit Rules”) for the conduct of federal income tax audits of partnerships and the assessment and collection of income taxes resulting from such...more

'Millionaire's Tax' Could Shake Off Ghosts of Failed Drives for Graduated Income Tax

Proposals to implement a graduated state income tax have twice been rejected by Massachusetts voters in my memory, first in 1972 and then in 1994. The margins of defeat in each case were overwhelming: 67% to 33%, and...more

Support the Tax-Exemption for Municipal Bonds

Please ask your Congressmen to join the bipartisan House Municipal Finance Caucus. Why? What is this caucus? This caucus provides support for the federal tax-exemption for municipal bonds by directly opposing the President’s...more

New York State Bill Would Alter Taxation of Carried Interest

A bill recently introduced in the New York State Assembly would impose additional tax on carried interest. The taxation of carried interest has been widely discussed over the last decade, with a number of bills introduced...more

News from Second and State

Weekly Wrap: - After all the budget buzz last week, it was a very quiet week in the capitol city (and that’s no April Fool’s joke!) So without further ado, let’s turn our attention to what’s on the horizon for next...more

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