State Budgets Corporate Taxes

News & Analysis as of

Pennsylvania Tax Developments - A Reed Smith Quarterly Update: July 2015

This is a brief update on recent Pennsylvania tax developments. Amended Return “Trap”—Court Holds That Amended Return Was Not a Petition for Refund; Possible Legislative Fix? - On June 9, the Commonwealth Court issued a...more

Question on 'Another Agenda' Made Senate Debate on Tax Credit Crackle

“What else is going on here?” That’s what Bruce Tarr of Gloucester kept asking his Massachusetts Senate colleagues on the afternoon of Tuesday, May 19....more

House Dems Tun Argument Lost by Senate Republicans into Win at the End

Here’s one way to think of the controversy over how the state should fund an increase in the Earned Income Tax Credit (“tax credit”), a benefit for low-income working families: the Minority Republican Leader of the...more

NC Legislative Update for June 2015 #4

This Week - This week at the General Assembly was relatively dull compared to the last few weeks. The House Finance Committee used two meetings, Tuesday and Thursday, to review and discuss the tax package portion of the...more

Connecticut Tax Developments 2015 - Tax Increases...Again

Four years after enacting the largest tax increase in Connecticut history, the Connecticut General Assembly has adopted a new $40.3 billion biennial state budget that contains $1.5 billion in tax and fee increases. Few...more

$400 Million Surplus Could Trigger Corporate Tax Rate Reduction

North Carolina state officials have announced a projected $400 million revenue surplus for the current fiscal year. The anticipated surplus is mainly due to higher income tax payments and lower refunds compared to last year....more

New York City Legislation Enacts General Corporation Tax Reform

On April 13, 2015, Governor Andrew Cuomo signed New York’s 2015-2016 budget legislation, which, among other changes, conforms the New York City general corporation tax (GCT) to the most significant changes from last year’s...more

Week in Review – Taxes, Transportation, and Goat Trails - April 24, 2015 #4

Taxes - The House Republican Omnibus Tax bill (HF848) was released on Monday. The $2 billion tax cut package includes $538 million to pay for a one-time income tax exemption and $450 million to begin phasing-out the...more

Inside the New York Budget Bill: 2015 – 2016 Budget Legislation

In This Issue: - Technical Correction .. Economic Nexus .. Tax Base and Income Classifications .. Tax Rates and Qualified New York Manufacturers .. Apportionment .. Combined Reporting .. Net...more

Inside the New York Budget Bill: Sales Tax Provisions

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the Budget Bill) containing several significant “technical corrections” to the...more

Inside the New York Budget Bill: New York City Tax Reform

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the Budget Bill) containing several significant “technical corrections” to the...more

Inside the New York Budget Bill: Economic Nexus

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the “Budget Bill”) containing several significant “technical corrections” to...more

Inside the New York Budget Bill: Apportionment

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the “Budget Bill”) containing several significant “technical corrections” to...more

Inside the New York Budget Bill: Combined Reporting

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the Budget Bill) containing several significant “technical corrections” to the...more

Inside the New York Budget Bill: Tax Base and Income Classifications

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the Budget Bill) containing several significant “technical corrections” to the...more

Inside the New York Budget Bill: Tax Rates and Qualified New York Manufacturers

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the “Budget Bill”) containing several significant “technical corrections” to...more

New York Budget Incorporates More Significant Tax Changes

New York Governor Andrew Cuomo introduced his 2015-2016 budget and accompanying legislation on January 19, 2015 (the proposed legislation). After much negotiation, the Legislature just enacted the Budget Bill (the "2015...more

Government of Québec 2015-16 Budget: A Balanced Budget and Ambitious Economic Plan

On March 26, 2015, the Quebec government (Government) unveiled the 2015-16 budget (Budget). After six years of deficits and further to a significant reduction of Government expenses, Quebec is anticipating returning to a...more

MoFo New York Tax Insights - Volume 6, Issue 3 - March 2015

In This Issue: - Key Proposals in Governor Cuomo’s 2015-16 Executive Budget - ALJ Holds That Online Reservation Receipts Are Not Sourced to New York - ALJ Rules Taxpayer Is Not Required to Use NOLs in...more

Devil's in Details of PA Governor's Tax Proposals

On March 3rd, when Governor Wolf submitted his budget and tax proposals for FY 2015-16, it was widely understood that the Sales & Use Tax Manufacturing Exclusion would be retained. What was not said was that he would...more

Inside the New York Budget Bill: Guidance Released Regarding Transitional Compliance and Qualified New York Manufacturers

On March 31, 2014, Governor Andrew Cuomo signed into law a budget bill containing major corporate tax reform. That new law resulted in significant changes for many corporate taxpayers, including a complete repeal of Article...more

MoFo New York Tax Insights - Volume 6, Issue 2

In This Issue: - Governor Cuomo Releases 2015-16 Executive Budget, Including New York City Corporate Tax Reform - New Commissioner of Taxation and Finance - ALJ Holds That Husband Changed His Domicile to...more

Budget Negotiations and Business Tax Issues Likely to Impact Pennsylvania Employers Amid Fiscal Crisis

Pennsylvania’s employers need to pay close attention to the developing fiscal crisis confronting Pennsylvania policy makers in the months ahead. None of Pennsylvania’s major industries should conclude that they are protected...more

Spotlight on Tennessee: Letter Ruling Addresses Treatment of a Section 338(h)(10) Election

Tennessee does not expressly conform to most provisions in Subchapter C of the Internal Revenue Code. Instead, Tennessee's federal corporate income tax conformity is determined based on the "starting point" that Tennessee...more

Inside the New York Budget Bill Part One: Combined Reporting

This is the first installment of a series that takes an inside look at the corporate tax reform proposals in Governor Andrew Cuomo’s 2014–15 New York Budget Bill. This proposed reform is sweeping and, if enacted, is likely...more

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