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Corporate Taxes New Legislation

Conyers

Bermuda Corporate Income Tax and the Shipping Income Exclusion

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In a landmark move on 27 December 2023 the Bermuda Government took a significant step by adopting the Corporate Income Tax Act 2023 (the “CIT Act”), a pivotal piece of legislation that promises to reshape the island’s...more

Wilson Sonsini Goodrich & Rosati

California Senate and Assembly Budget Agreement Includes Temporary Suspension on Use of California NOLs and Limitations on Use of...

On May 10, 2024, California Governor Gavin Newsom released a revised budget for 2024-2025 that includes, among other changes, a temporary suspension on the use of net operating losses (NOLs) for businesses with California...more

McDermott Will & Emery

Colorado Changes Rules for Determining Members of Combined Filing Group

McDermott Will & Emery on

Colorado Governor Jared Polis has signed legislation that would replace Colorado’s unique “3 of 6” rule for determining the members of a unitary group for combined reporting purposes and instead adopt what Legislative Council...more

Pillsbury - SeeSalt Blog

South Carolina Legislature Forces New Standards for Forced Combination on Revenue Department

Under a new bill signed into law on March 11, 2024, the South Carolina Department of Revenue will have to satisfy additional standards before it may force affiliated corporate taxpayers to file a unitary combined return. ...more

Conyers

Bermuda Regulatory Outlook 2024

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As we enter 2024 the myriad of regulatory changes can appear overwhelming. We are here to help and have set out below some key changes and issues that can impact Bermuda entities. Bermuda has introduced a corporate income tax...more

Buckingham, Doolittle & Burroughs, LLC

Ohio CAT Tax Changes for 2024 and 2025.

Preparing for significant changes to Ohio commercial activity tax for 2024 – Majority of taxpayers will no longer be subject to CAT following increases in annual exclusions. Ohio’s Budget Bill (H.B. 33) significantly...more

McDermott Will & Emery

New From January 2024 | Participation Exemption for European Corporations on Disposal of Shareholdings

McDermott Will & Emery on

The Italian government recently approved a draft 2024 budget law which provides for the extension of the domestic participation exemption regime on disposal of shareholdings (PEX) to those non-resident corporations that: (i)...more

Goodwin

The South Korean K-Chips Act and Its Impact on International Companies and Investors

Goodwin on

For investors in enterprises in the Korean semiconductor industry and other national strategic industries, a new tax bill has been passed that (i) increases the base tax credits received by these enterprises to 25% (if...more

Williams Mullen

Virginia Dept of Tax Issues Clarifying Guidance for Recent Changes to Pass-Through Entity Tax

Williams Mullen on

The General Assembly enacted legislation (H.B. 1456 and S.B. 1476) during its 2023 Regular Session that removed some of the barriers for qualifying for Virginia’s Pass-Through Entity Tax (PTET) election and altered how PTET...more

Williams Mullen

Increased Flexibility for Pass-Through Entity Tax Election Passes Through General Assembly

Williams Mullen on

During its 2023 Session, the Virginia General Assembly passed legislation, H.B. 1456 and S.B. 1476, that removes some of the barriers for participating in Virginia’s elective Pass-Through Entity Tax (PTET)....more

Brownstein Hyatt Farber Schreck

Taxation & Representation, March 7, 2023

Biden to Release 2024 Budget Proposal Later this Week. On March 9, President Joe Biden will send his updated budget proposal to Congress, outlining the administration’s policy priorities for fiscal year 2024. Biden is...more

Burns & Levinson LLP

State Solutions to the “280E Problem”

Burns & Levinson LLP on

Does anyone else feel immense frustration when considering the inequitable treatment that cannabis businesses receive under Section 280E of the Internal Revenue Code (26 U.S.C. s. 280E)? It grinds my gears that our clients,...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, Jan. 3, 2023

Legislative Lowdown - Lawmakers Look to 2023 for Tax Priorities Following Omnibus Passage. On Dec. 29, President Joe Biden signed the nearly $1.7 trillion Consolidated Appropriations Act of 2022 into law, funding the...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, Dec. 6, 2022

Legislative Lowdown - Last-Minute Attempt to Revive Permitting Legislation. According to sources familiar with the matter, several moderate lawmakers from both parties are pushing to include energy-permitting reform...more

Bennett Jones LLP

New Legislative Changes for Saskatchewan Potash Sector

Bennett Jones LLP on

Potash is a critical mineral used as a replenishing agricultural fertilizer. As a result, millions of farmers around the world depend on potash. The Canadian province of Saskatchewan is the world's largest potash producer,...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, Sept. 27, 2022

LEGISLATIVE LOWDOWN - Congress Advances Towards CR as Deadline Approaches. Yesterday, Senate Democrats proposed legislation to fund the federal government through Dec. 16 with the use of a continuing resolution (CR). The...more

Cadwalader, Wickersham & Taft LLP

Key Features and Ambiguities of the New Corporate Book Minimum Tax

The Inflation Reduction Act of 2022 imposes a 15% corporate Book Minimum Tax (“BMT”) for taxable years beginning after December 31, 2022. The BMT is a 15% tax on certain domestic corporations’ Applicable Financial Statement...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, September 20, 2022

Democrats’ Latest Push for an Expanded CTC. With the year-long effort to legislate a comprehensive energy, healthcare and tax bill finally completed, many Democratic lawmakers and members of the administration have fully...more

Akerman LLP

President Biden Signs the Inflation Reduction Act into Law

Akerman LLP on

On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 (H.R. 5376) (the IRA) into law. The key provisions that may affect the private equity sector and corporations include...more

Mayer Brown Free Writings + Perspectives

US Inflation Reduction Act – Corporate Minimum Tax and Stock Repurchase Excise Tax

If you thought the recent price increase at your neighborhood store was inflation’s last flop, think again. The Inflation Reduction Act (“IRA”), which was signed into law by President Biden on August 16, 2022, is estimated to...more

Dechert LLP

Inflation Reduction Act of 2022: Corporate Alternative Minimum Tax, Excise Tax on Corporate Stock Repurchases, and Business Loss...

Dechert LLP on

On August 12, 2022, the U.S. Congress passed the Inflation Reduction Act of 2022 (the “Act”), which was signed into law by President Biden on August 16, 2022. Alongside sweeping changes to energy, environmental and...more

Ankura

What's in the Inflation Reduction Act?

Ankura on

On Tuesday, President Biden signed the Inflation Reduction Act of 2022 after it passed two party-line votes in the House (Final Vote: 220-207) and the Senate (Final Vote: 51-50) where Vice President Kamala Harris cast the...more

Cadwalader, Wickersham & Taft LLP

Tax Provisions in the Inflation Reduction Act of 2022

President Biden signed the Inflation Reduction Act of 2022 (the “IRA”) into law on August 16, 2022, after passage with majority Democratic support in the Senate and the House. The new legislation contains significantly fewer...more

Davies Ward Phillips & Vineberg LLP

U.S. Climate Change and Healthcare Bill Moves Democrats’ Tax Policy Forward

The Inflation Reduction Act of 2022 (Act), which was signed into law on August 16, is intended to fight inflation and address climate change. The Act provides for over $360 billion in energy- and climate-related investments,...more

Wilson Sonsini Goodrich & Rosati

Inflation Reduction Act Signed into Law: Important Tax Provisions and Energy Incentives You Need to Know

On August 12, 2022, the U.S. House of Representatives approved H.R. 5376, the "Inflation Reduction Act" (the Act), which was signed into law by President Biden on August 16, 2022. The approval and subsequent enactment follow...more

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