Repeal

News & Analysis as of

Did You Pay a Michigan Assessment After an MTC Audit? What the State’s Retroactive Compact Repeal May Mean

On September 11, 2014, Michigan Governor Rick Snyder signed legislation (SB 156) retroactively repealing the Multistate Tax Compact (Compact, formerly codified at MCL § 205.581 et seq.) from the state statutes, effective...more

How Will Michigan Courts Analyze a Legal Challenge to the Michigan Legislature’s Retroactive Repeal of the Multistate Tax Compact?

In recent days, the state tax world has focused on the State of Michigan’s retroactive repeal of the Multistate Tax Compact (Compact). Last week, the Michigan Legislature passed and Governor Snyder signed into law a bill...more

Recent State Supreme Court Decision Prompts Repeal of Michigan Multistate Tax Compact (MTC)

Public Act 282 of 2014, signed into law by Governor Snyder on September 11, 2014, repeals the Multistate Tax Compact's three-factor apportionment election for multistate businesses, effective as of January 1, 2008. The Act is...more

FRB Issues Proposed Rules to Repeal Regulation AA, as Required by Dodd-Frank

On Wednesday, August 27, the Board of Governors of the Federal Reserve System (the “Board”) published in the Federal Register proposed rules and a request for public comment to repeal its Regulation AA (Unfair or Deceptive...more

CFPB and federal banking agencies issue guidance on unfair or deceptive credit practices in light of Reg AA repeal

Concurrently with a proposal from the Fed to repeal Regulation AA (12 CFR part 227), the CFPB and the federal banking agencies (Fed, OCC, FDIC and NCUA) have issued interagency guidance regarding unfair or deceptive credit...more

Fed Proposes to Repeal Rule Regarding Unfair or Deceptive Acts or Practices

The Federal Reserve Board has requested comment on a proposal to repeal its Regulation AA regarding unfair or deceptive acts or practices. The Dodd-Frank Wall Street Reform and Consumer Protection Act repealed the...more

Federal Reserve Board Proposes to Repeal Its Regulation AA (Unfair Credit Practices)

The Board of Governors of the Federal Reserve System is requesting comment on its proposal to repeal its Regulation AA, which for nearly 30 years has prohibited banks from engaging in specified unfair and deceptive credit...more

New York Legislature Repeals Annual Wage Theft Prevention Act Requirement

During the flurry of activity in Albany prior to lawmakers’ summer hiatus, the New York State legislature approved a bill that will eliminate the onerous requirement of providing annual wage notices to all employees. As New...more

Court Ruling Puts Massachusetts Casinos At Risk

Yesterday, the Massachusetts Supreme Judicial Court (SJC) released its decision in Abdow v. Attorney General, handing a victory to proponents of a Massachusetts electoral initiative that seeks the repeal of the Massachusetts...more

Federal Reserve Board Repeals Duplicative Regulations, Finalizes Red Flag Rule Amendments

On May 22, the Federal Reserve Board repealed its Regulation DD, which implements TISA, and Regulation P, which implements Section 504 of the GLBA because the Dodd-Frank Act transferred rulemaking authority for those laws to...more

Significant Changes to New York Estate and Income Tax Enacted

We previously alerted you to proposed legislation affecting New York estate tax law, the tax treatment of gifts by New York residents, and New York income taxation of certain trusts. This month Governor Cuomo signed final...more

Minnesota Passes Gift Tax Repeal And Estate Tax Revisions

On March 21, Minnesota made multiple gift tax and estate tax revisions. Those include: - Retroactively repealing the Minnesota gift tax that had been imposed since July 1, 2013...more

Legislature Shuts The Barn Door After The Horse Has Bolted And Then Burns Down The Barn

Not many people use horses as a means of transportation in the U.S. anymore, but numerous horse related expressions and aphorisms persist in everyday speech, including...more

Gambling reforms scrapped by Coalition

In recent weeks, the Australian Coalition Government has continued to take steps to implement its “policy to help problem gamblers.” The Coalition’s proposed Social Services and Other Legislation Amendment Bill 2013...more

Massachusetts Repeals Controversial Software Services And Computer System Design Tax

Massachusetts Tax Alert - This summer we alerted you that Massachusetts had broadened its sales tax to apply to certain computer and software services. The so-called “tech tax” generated substantial criticism,...more

Massachusetts "Tech Tax" Payment and Reporting Due Dates Deferred

In light of last week’s news that Massachusetts lawmakers intend to retroactively repeal the controversial “tech tax”, the Massachusetts Department of Revenue (“MDOR”) yesterday announced that it is deferring the September 20...more

Massachusetts Lawmakers Plan to Repeal the New “Tech Tax” on Computer System Design and Software Modification Services

On September 12, 2013, Massachusetts legislators announced their intention to repeal (with retroactive effect) the recent expansion of the 6.25 percent Massachusetts sales and use tax to certain types of previously untaxed...more

Repeal of Massachusetts “Tech Tax” May Be Imminent

The repeal of the so-called “tech tax” on certain computer system design and software services may be imminent. Key indicators include wavering support of the “tech tax” among rank-and-file state senators and representatives...more

Obamacare: A Congress Divided Between Implementation and Repeal

The October 1 enrollment date for the health insurance exchanges created under the Affordable Care Act (ACA) is fast approaching and, yet, Congress remains torn along party lines about whether to work towards implementing the...more

Legislature Repeals Subversive Organization Registration Law And Loosens Advance Notice Requirement For Reorganizations

Just over a year ago, I posted this piece on California’s World War II era Subversive Organization Registration Law. A few months later, the Assembly Committee on Judiciary suddenly introduced a bill, AB 1405, to repeal the...more

Florida Legislature Repeals Longstanding Law On Terms Of Courts And Creates New Law Affecting Appellate Court’s Ability To Recall...

In the 2013 legislative session, the Florida Legislature repealed the set of statutes that originated at the turn of the twentieth century setting terms of courts for all of Florida’s circuit courts, district courts of...more

Kansas Repeals Recently Updated Mortgage Interest Rate Cap

Recently, Kansas enacted SB 129, which repealed a provision in the mortgage interest rate law that set a floating cap on the interest rate charged for first real estate mortgage loans and contracts for deeds....more

Florida Repeals International Driving Permit Requirement and Remains a Top U.S. Destination for International Tourists

Foreign visitors are again free to drive Florida’s roads so long as they posses a valid noncommercial driver’s license issued in their home state or country (commercial licenses were never compromised). The Florida...more

Legislation Eliminates Federal Requirement to Post Fee Notice at Automated Teller Machines

President Obama has signed legislation eliminating the federal requirement that ATM operators post a sign on or at an ATM disclosing that a fee is imposed on transactions at that ATM. However, a New York State law that...more

Key Provision of Regulation E Poised for Repeal: Manatt Instrumental in Legislative Efforts

On December 11, 2012, after weeks of procedural holds, the U.S. Senate passed by unanimous consent a U.S. House bill (H.R. 4367) repealing the regulatory provision in Regulation E requiring banks, credit unions, casinos and...more

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