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Income Taxes › New Legislation

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Ogletree, Deakins, Nash, Smoak & Stewart,...

Alabama Amends State Income Tax Exemption for Overtime Payments

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In November 2023, Alabama enacted a law exempting, from Alabama state income tax, amounts received by full-time hourly wage-paid employees as compensation for overtime worked. On May 17, 2024, Alabama amended the Overtime...more

Stikeman Elliott LLP

Understanding Canada’s New Digital Services Tax

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Canada’s Digital Services Tax Act was enacted on June 20, 2024 and came into effect by Order in Council on June 28, 2024. The new legislation imposes a digital services tax of 3% on digital services revenue exceeding...more

Pillsbury - SeeSalt Blog

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

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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

Dentons

Iowa General Assembly – Legislative Session Week 14

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The legislature picked up the pace in week 14 as a real push toward the end of session began. The House and Senate spent extensive time on the floor, working to clear their calendars—which included several controversial...more

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report - Legislative Day 40 - March 2024

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Legislative Day 40 is a roller coaster, full of ups, downs, and zero gravity turns (also known as conference committee reports). One goes from celebrating a bill achieving final passage to lamenting a measure being gutted...more

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report - Legislative Day 37 - March 2024

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Senate committee meetings continue under the Gold Dome as this report is published on Wednesday. With the Senate’s requirement that bills pass out of committee before the chamber convenes for Legislative Day 38, legislators...more

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report - Legislative Day 29 - March 2024

Nelson Mullins Riley & Scarborough LLP on

While legislators and lobbyists continued to nurse the hangover of Crossover Day, the most unlikely of events unfolded in the Georgia State Senate on Monday. Senate Majority Leader Steve Gooch (R-Dahlonega) awarded the...more

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report - Legislative Day 28 - March 2024

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Thursday carried several distinctions under the Gold Dome. It was Leap Day, the quadrennial opportunity to celebrate those born on Feb. 29. It was Crossover Day, the day we all have to explain to our significant others each...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

McDermott Will & Emery

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

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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

McAfee & Taft

Oklahoma’s Parental Choice Tax Credit

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Earlier this year, the Oklahoma Legislature created the Oklahoma Parental Choice Tax Credit Program. It provides a refundable income tax credit beginning with tax year 2024 for Oklahoma taxpayers who incur expenses for a...more

Brownstein Hyatt Farber Schreck

Tax Measures Once Again Loom Large— What to Expect on the November 2023 Ballot

Brownstein Hyatt Farber Schreck on

The November 2023 election is quickly approaching and brings with it another round of tax—particularly property tax measures—that will soon be put to Colorado voters. And, if what has already been filed is any indication,...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Do Good Fences Make Good Neighbors? New Jersey Enacts Nonresident Income Tax ‘Convenience of the Employer’ Law

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New Jersey enacted Assembly Bill No. 4694 on July 21, 2023, adding a “convenience of the employer” rule in an effort to gain tax revenues from nonresidents assigned to a primary work location in New Jersey who work outside...more

Husch Blackwell LLP

Indiana Legislation Impacts Mobile Workforces and Asset Acquisitions

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On May 4, 2023, Indiana Governor Eric Holcomb signed legislation (Laws 2023, SB419) that, among other tax changes, included provisions to exempt from income tax nonresidents receiving compensation for employment duties...more

Williams Mullen

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

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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

Bennett Jones LLP

Budget 2023 Proposes Significant Amendments to Canada's General Anti-Avoidance Rule

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The 2023 Canadian Federal Budget, released March 28, 2023 (Budget 2023), proposes significant amendments to expand the application of Canada's general anti-avoidance rule (GAAR). These proposals come after the federal...more

Kohrman Jackson & Krantz LLP

Ohio May Launch a Tax Amnesty Program

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For the first time in 5 years, Ohio may initiate a Tax Amnesty program for taxpayers to resolve delinquent tax obligations. Under a bill, signed by Governor DeWine in January 2023, the Director of Budget and Management can...more

Williams Mullen

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

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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

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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

Lewis Roca

Review of 2022 Arizona Tax Highlights

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ARIZONA TO IMPLEMENT 2.5% FLAT TAX AHEAD OF SCHEDULE - Governor Doug Ducey announced that Arizona will implement its new 2.5% flat income tax rate on January 1, 2023, a full year ahead of schedule. According to Gov. Ducey,...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, Jan. 3, 2023

Brownstein Hyatt Farber Schreck on

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

Brownstein Hyatt Farber Schreck on

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

Nutter McClennen & Fish LLP

Key Considerations When Planning for the Massachusetts ‘Millionaires Tax’

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On November 8, 2022, Massachusetts voters approved an amendment to the Massachusetts Constitution imposing, effective January 1, 2023, a surtax of 4% on an individual’s annual taxable income to the extent it exceeds $1...more

Lewis Roca

Arizona to Implement 2.5% Flat Tax Ahead of Schedule

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Governor Doug Ducey announced that Arizona will implement its new 2.5% flat income tax rate on January 1, 2023, a full year ahead of schedule. According to Gov. Ducey, the accelerated implementation is the result of the...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, Sept. 27, 2022

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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

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