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State Budgets Tax Rates

Blank Rome LLP

New York State Enacts Fiscal Year 2024–2025 Budget, New York City to Follow

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On April 20, 2024, 19 days after the April 1 deadline, New York Governor Kathy Hochul signed into law several bills, including A8809 / S8309 and A8806 / S8306 (collectively, the “Budget”), which enact into law New York...more

Cozen O'Connor

NYS FY25 Budget Alert: Assembly and Senate Release One-House Budgets

Cozen O'Connor on

On March 12, 2024, the New York State Assembly and Senate released their one-house budgets, indicating their priorities for the Fiscal Year 2025 (FY25) budget. Both houses proposed raising taxes for high earners, increasing...more

Manatt, Phelps & Phillips, LLP

Executive Summary: New York State Fiscal Year 2024-2025 Budget

On January 16, New York Governor Kathy Hochul released her State Fiscal Year (SFY) 2024-25 Executive Budget, her third since assuming office in August 2021. Addresses by Governor Hochul and Budget Director Blake Washington...more

Stoel Rives - Mineral Law

Tax Actions by the Alaska Legislature in 2022

In my most recent column for State Tax Notes, I look at several bills that did and didn’t pass in the latest session of the Alaska State Legislature, which adjourned in May, and at what may be on the horizon....more

Parker Poe Adams & Bernstein LLP

South Carolina Passes Targeted Tax Reform Legislation

The South Carolina General Assembly passed tax reform legislation providing targeted relief to individuals and to manufacturers, including (i) a one-time rebate of up to $700 in 2021 taxes for individuals; (ii) cuts to the...more

Pillsbury Winthrop Shaw Pittman LLP

New York Budget Raises Tax Rates, Provides Relief to Address Pandemic

New York’s Fiscal Year 2022 budget increases taxes on corporations and high earners and provides relief to pandemic-hit industries. Temporary increases to tax rates on corporations, individuals, and tax credits for...more

Alston & Bird

New York’s FY 2022 Budget Bill Crosses Finish Line

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New York State’s budget bill is on the governor’s desk. Our State & Local Tax Group provides the most significant highlights for you and your business. Higher tax rates for the wealthy, lower tax rates for the middle class....more

Eversheds Sutherland (US) LLP

New York Legislature finalizes FY 2022 budget

On April 6 & 7, 2021, the New York Assembly and Senate passed Fiscal Year 2022 budget legislation addressing revenues and taxation (the Budget Bill). The Budget Bill is part of a broader deal between Governor Cuomo and both...more

Rivkin Radler LLP

New York Is Poised For Some Significant Tax Increases

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Are the rich making enough of a contribution to society? Are they bearing their fair share of taxes? Many New York legislators don’t think so. Following the elections of November 2020, the State’s Democratic party secured...more

Farrell Fritz, P.C.

Taxes In New York’s FY 2022 Budget

Farrell Fritz, P.C. on

Budget Time in New York- Last week, we reviewed some of the tax measures discussed by Governor Cuomo in his report on the State of the State, and how they may affect New York businesses and their owners. Today, we’ll take...more

Cole Schotz

New Jersey Is Planning To Raise $390 Million In Fiscal Year 2021 through Tax Hikes On Millionaires

Cole Schotz on

New Jersey Governor Phil Murphy and State Democratic leaders announced yesterday a revised fiscal year 2021 budget that raises the State’s gross income tax rate on income for families now earning between $1 million and $5...more

Burns & Levinson LLP

New York Legislature Optimistic to Legalize Recreational Cannabis in 2020

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New York is gearing up to become the 12th US state to legalize recreational cannabis, and the 2nd US state to do so by way of legislative measure (as opposed to voter initiative), as Gov. Andrew Cuomo vowed to legalize...more

Brooks Pierce

New Year Dawns With Elections And January Legislative Session

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As 2020 begins, activity in Raleigh resumes at a fast pace. Candidate filing for 2020 elections ended in December and Legislators return to Raleigh on Jan. 14. 2020 Elections - This will be a very active election year....more

Robinson+Cole Health Law Diagnosis

Connecticut Enacts Budget that Includes Provisions Affecting Health Care Providers

Connecticut Governor Ned Lamont recently signed into law Public Act No. 19-117 (PA 19-117), which contains provisions affecting health care providers, including revisions to the hospital provider tax, a prohibition on...more

McDermott Will & Emery

Batten Down the Hatches: Digital Tax Nor’easter Coming This Fall

Recently passed budget legislation in both Connecticut and Rhode Island included tax increases on sales of digital goods and services. The Connecticut bill has been signed into law. The Rhode Island bill passed late last...more

Foley Hoag LLP - Environmental Law

Who Needs a Carbon Tax When We Can Raise the Real Estate Excise Tax?

Governor Baker announced on Friday that, as part of his FY 2020 budget, he would be proposing to increase the real estate excise tax in order to fund the Global Warming Solutions Trust Fund. The Governor stated that, in the...more

Mintz - Health Care Viewpoints

ML Strategies Alert - FY2018 Massachusetts Budget Update: House Ways and Means Budget

On Monday, April 10th, the House Ways and Means Committee proposed a $40.3 billion budget for FY2018 that calls for increasing spending by 3.8 percent, or about $1.47 billion, above FY2017 levels. The spending increase is...more

Pierce Atwood LLP

Under the Dome: Inside the Maine State House

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Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Maine Legislature’s First Regular Session Launches - On Wednesday, January 4, the Maine...more

Parker Poe Adams & Bernstein LLP

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

Bradley Arant Boult Cummings LLP

Third Time’s a Charm: Governor Bentley and Legislature Reach Budget/Tax Compromise

Summary - Governor Robert Bentley called a second special session of the Alabama Legislature on Tuesday, September 9 at 5 p.m. to address the FY 2016 General Fund budget and associated revenue measures. After meeting for...more

McDermott Will & Emery

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

McDermott Will & Emery

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

McNees Wallace & Nurick LLC

OUCH! Do PA Revenue Shortfalls Foretell PA Tax Increases?

After April General Fund revenues painfully fell short of April 2013 revenues, and well short of the official revenue forecast, Pennsylvania’s year-to-date General Fund shortfall now exceeds $400 million and is forecast to...more

McNees Wallace & Nurick LLC

PA Tax Law News - February 2014: PA Governor's Budget Proposal Preserves Capital Stock/Franchise Tax Phase-out

Pennsylvania Governor Tom Corbett has proposed a FY2014-15 state budget that includes no new taxes and no mainstream tax increases. This would preserve the phase-out of the Capital Stock and Franchise Taxes on the...more

BakerHostetler

Ohio Budget Bill Introduced

BakerHostetler on

On February 12, 2013, the text of the Governor's budget proposal for the 2014-2015 biennium, announced on February 4, 2013, was made public as House Bill 59 ("HB 59"). The new HB 59 includes a state income tax deduction for...more

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