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State Budgets Corporate Taxes

N.Y.’s 2018 Budget Proposal: Tax Proposals To Watch

by Farrell Fritz, P.C. on

Last month, Governor Cuomo presented his budget proposal for NY State’s 2017- 2018 fiscal year. Included in the proposal were a number of tax provisions that should be of interest to closely-held businesses and their owners....more

Kyiv Tax Newsletter (Ukrainian)

by Dentons on

Subsistence minimum and minimum wage - On 21 December 2016 the Parliament of Ukraine adopted the Law “On the State Budget of Ukraine for 2017” No.1801-VIII (hereinafter, "the Law on State Budget"). The Law on State...more

Connecticut Tax Developments

by Shipman & Goodwin LLP on

2016 Legislative Session: The New Economic Reality - In his February 2016 State of the State address, Governor Malloy announced that his administration would be adopting a new approach to state budgeting in light of...more

Legislative Update

by Brooks Pierce on

Senate Passes Budget Bill (HB1030) - The State Senate passed its version of the 2016-17 spending plan this week, setting the stage for a conference committee to work out the differences between the two chambers’...more

Recent Connecticut Tax Law Developments

by Shipman & Goodwin LLP on

Coming off what was a relatively quiet year in 2014, the year 2015 was a tumultuous year for Connecticut tax law changes. The changes enacted during 2015 will impact virtually all taxpayers in the state (both individuals and...more

MoFo New York Tax Insights - Volume 7, Issue 5

by Morrison & Foerster LLP on

Retroactive Application Of 2010 Statutory Amendment Permitted By Tribunal - Reversing the decision of an Administrative Law Judge, the New York State Tax Appeals Tribunal has upheld the constitutionality of retroactively...more

MoFo New York Tax Insights - Volume 7, Issue 2

by Morrison & Foerster LLP on

State Tax Department Releases New Draft Article 9-A Combined Reporting Regulations - The New York State Department of Taxation and Finance has released draft amendments to the Article 9-A corporate franchise tax...more

Governor Baker Files FY2017 Budget, Economic Development Bill; Speaker DeLeo Outlines Agenda

With Beacon Hill off and running in the new year, Governor Charlie Baker and House Speaker Robert DeLeo this week unveiled key parts of their policy agendas for 2016. As part of his second budget proposal since assuming...more

Connecticut Tax Developments 2015 - 2015 Legislative Session: Tax Increases and Mea Culpas

by Shipman & Goodwin LLP on

Tax Increases and Mea Culpas - 2015 has been a tumultuous year for Connecticut taxpayers. It started with projections of large state budget deficits for the 2016 and 2017 fiscal years and the adoption of of the second...more

Minnesota's Long Term Budget Outlook Remains Strong

by Stinson Leonard Street on

Minnesota's fiscal year 2016-17 revenues are now forecast to be $42.718 billion, a $90 million (0.2 percent) increase over end of session estimates. This brings the forecast balance to $1.871 billion, up from $865 million at...more

Abolition of Luxembourg IP Box Regime

by DLA Piper on

On 14 October 2015, the Luxembourg Minister of Finance presented a bill to Parliament on the state budget for 2016. This bill contains several proposals affecting corporate taxpayers. One of the main proposals is the...more

Business Incentive Changes in Recent North Carolina Legislation

The North Carolina General Assembly passed two significant pieces of legislation affecting corporate activity, expansion and new investment in North Carolina. First, the General Assembly passed the state budget...more

Recently Signed North Carolina Budget Includes Important Tax Changes

by Williams Mullen on

Nearly three months after the beginning of North Carolina’s fiscal year, on September 18 the state General Assembly finally adopted a budget for the next two years which was signed by Governor Pat McCrory on the same...more

North Carolina General Assembly Week in Review

by McGuireWoods LLP on

On Monday afternoon, 76 days after the new fiscal year (FY) began, Speaker of the House Tim Moore (R-Cleveland) and President Pro Tempore Phil Berger (R-Rockingham) held a press conference to unveil the details of the new...more

Corporate Tax Changes in North Carolina Budget Bill

The North Carolina General Assembly unveiled the state budget late Monday night – 76 days after it was due. Contained in the 429 pages are a number of proposed changes to the corporate income and franchise tax....more

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

by Reed Smith on

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

by PretiFlaherty on

“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

by PretiFlaherty on

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

by Nexsen Pruet, PLLC on

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

by Shipman & Goodwin LLP on

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

by McDermott Will & Emery on

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

by McDermott Will & Emery on

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

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