News & Analysis as of

Illinois Enacts Legislation Imposing a Self-Procurement Tax While Also Narrowing the Industrial Insured Exception for Transacting...

Illinois will soon begin taxing self-procured insurance premiums for the first time, as required by Senate Bill 3324, now Public Act 98-0978 (the Act). The Act, which was signed into law by Governor Quinn on August 15, was...more

MoFo New York Tax Insights - Volume 5, Issue 9 - September 2014

In This Issue: - ALJ Upholds Denial of Sales Tax Refund Because Vendor Failed to First Make Refunds to Customers - HMO Held Exempt from New York City General Corporation Tax - State Tax Department Issues...more

Tax Policy Issues Prepare for a Rumble on the Gridiron

The clock is running out on the 113th Congress. While the calendar says we are not quite at the two-minute warning, with a truncated September congressional schedule and the campaign season taking up much of the fall, the...more

There’s One For You, Nineteen For Me – Ideas For The Better Investment Of State & Local Taxes In Indiana

The business personal property tax, which raises about a billion dollars annually for local government, should be eliminated to spur job creating investments in our communities and it should be replaced by the existing...more

California Tax Developments - A Reed Smith Quarterly Update (2nd Quarter 2014)

Case Updates - California’s taxing agency gets reprimanded again; ordered to pay $2.6 million in attorneys’ fees. We previously reported on the Los Angeles Superior Court case Lucent Technologies, Inc., et al. v. Board...more

U.S. Tax Developments Affecting Financial Institutions and Products

Recent months have seen significant IRS and judicial developments affecting financial institutions and market participants, including new FATCA changes and proposed regulations on dividend equivalent payments under section...more

New York Corporate Tax Reform: Benefits (and Burdens?) for Qualified New York Manufacturers

Earlier this year, New York enacted sweeping corporate tax reform that included a number of special benefits for qualified New York manufacturers. (For a discussion of this corporate tax reform, see our Special Report.) ...more

CRS Report Takes Negative View on Bonus Depreciation

The Congressional Research Service (CRS) has issued a report analyzing the economic effects of bonus depreciation. CRS has very little to say that is positive about bonus depreciation. CRS views it as neither an effective...more

New York State Corporate Tax Law Reform: The Impact on Companies Providing Digital Products

On March 31, 2014, Governor Cuomo signed into law legislation that provides for an extensive reform of the state's corporate tax regime (the "Act"), most notably for out-of-state corporations providing digital products to New...more

New York Releases Corporate Tax Reform FAQs

Earlier this year, New York enacted sweeping corporate tax reform, generally effective for tax years beginning on or after January 1, 2015, including a new economic nexus standard, changes to New York’s combined reporting...more

The U.S. Tax Code: Love It, Leave It, Or Reform It!

On July 22, 2014, the Senate Finance Committee held a hearing titled, “The U.S. Tax Code: Love It, Leave It, or Reform It!” The general topic of the hearing was international taxation, with a sharp focus on recent and...more

Mexico’s online tax surveillance becomes operational

As part of the Tax Reform that became effective on January 1, 2014, the Mexican Congress passed a series of amendments to the Federal Tax Code for the purpose of modernizing and facilitating the compliance and enforcement of...more

Wyden’s Previous Proposals Could Signal Tax Reform Priorities

Senator Ron Wyden (D-OR) has been a strong advocate for comprehensive tax reform since he joined the Senate Finance Committee in 2005. During his tenure on the Committee, he has introduced a series of comprehensive tax reform...more

Time For a New Home?

The high number of companies, mostly U.S., eyeing acquisitions or ventures that will allow them to redomicile their business in the UK and Ireland is a major theme of this report. Mostly, it is about tax. But there is quite a...more

Tax Reform Act of 2014: Potential Impact on Tax-Exempt Organizations

Many of the provisions in the proposed Tax Reform Act of 2014 (“TRA 2014”) released earlier this year would adversely impact tax-exempt organizations. For example, TRA 2014 would remove the long-time exclusion from unrelated...more

Congress Turns Tax World Upside Down with New Focus on Corporate Inversions

Interest in corporate inversions has revived on Capitol Hill. Recent publicity surrounding pending deals has triggered comments and legislative proposals from tax writers and other members and stirred up the debate about...more

Corporate Inversions Showing No Signs of Slowing Down

In a corporate inversion, a U.S. corporation (typically the parent of an affiliated group) becomes a wholly owned subsidiary of a foreign corporation (through a merger into the foreign corporation’s U.S. subsidiary) or...more

As Congress Seeks Additional Funding, Inversion Proposal Emerges

Throughout the past several weeks, Pfizer’s attempt to acquire AstraZeneca has garnered significant congressional and media attention. Pfizer, a U.S. multinational corporation, made a bid for AstraZeneca in an effort to move...more

New Corporation Tax Notices and Statements

In 2013, the Pennsylvania Department of Revenue implemented a “modernized” computer system for processing corporate tax returns and maintaining corporate tax accounts for Capital Stock Tax, Foreign Franchise Tax, Corporate...more

New York State Tax Reform Update

Qualified manufacturers subject to the New York State Business Corporation Tax may now pay no tax on business income earned in New York....more

Southeast State & Local Tax: Important Developments - April Update

The Williams Mullen Southeast State and Local Tax (SESALT) team is pleased to provide you with a comprehensive recap of recent legislation around the U.S. ...more

Taking Off the Gloves: Tax and Revenue Law Change Proposals We Expect to See in the Short Session

Between legislative sessions the Joint Legislation Commission on Revenue Laws meets to determine how to handle tax and finance issues including repeals, clarifications and new proposals. We expect the following bills to be...more

Proposals May Signal Direction of Future Tax Reform

After several years of hearings and forums intended to develop broad-based support for comprehensive tax reform, on February 26, 2014, House Ways and Means Committee Chairman David Camp (R-Mich.) released a draft tax reform...more

The First Dish is Served: Chairman Camp Unveils Comprehensive Tax Reform Discussion Draft

On February 26, 2014, House Ways and Means Committee Chairman Dave Camp (R-MI) unveiled his comprehensive tax reform proposal. Chairman Camp released his proposal in discussion draft form, and the bill was not officially...more

Taxation of Carried Interest Under Chairman Camp’s Tax Reform Proposal

On February 25, 2014, House Ways and Means Committee Chairman Dave Camp (R-MI) issued a sweeping tax reform discussion draft, numbering almost 1,000 pages (the Discussion Draft). This alert summarizes proposals included in...more

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