News & Analysis as of

State Budgets Tax Revenues

WilmerHale

California NOL Suspension and Business Tax Credit Limitation 2024–2026

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On June 27, 2024, California enacted budget trailer legislation that contains significant tax changes (Senate Bill 167) and is likely to impact most California taxpayers....more

Manatt, Phelps & Phillips, LLP

Governor Proposes to Overcome $45 billion Budget Deficit

California Governor Gavin Newsom released the “May Revision” to the state budget on Friday. The May Revision, or “May Revise,” takes into account actual state revenues collected through April....more

Cozen O'Connor

New York Note – Council Preliminary Budget, Council Union Deal, Nonprofit Advisory Council

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Last Monday, the New York City Council released its response to the Mayor’s FY25 Preliminary Budget. The response identifies $6.15B in newly available funds, citing higher-than-expected tax revenue from both the current and...more

Cozen O'Connor

New York Note – State and City Budgets, Council Committees, Mayoral Vetoes

Cozen O'Connor on

Governor Hochul Releases FY25 Executive Budget- On Tuesday, Governor Hochul unveiled her FY25 Executive Budget. She proposed a balanced $233B budget, which does not propose any increases in individual or corporate taxes but...more

Cozen O'Connor

Cozen Cities: September 21, 2022

Cozen O'Connor on

Throughout the country, large municipalities are laboratories of democracy. New and innovative policies introduced in one market are often exported to others, and ultimately replicated at the state and federal level. This...more

Manatt, Phelps & Phillips, LLP

New York State Fiscal Situation Sees Dark Clouds on the Horizon

Last month, the New York State Division of the Budget released an updated economic forecast (First Quarterly Update to the FY 2023 Enacted Budget Financial Plan), which revises the State’s financial outlook over the next...more

Rivkin Radler LLP

Leaving New York? Can You Prove It?

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“Summertime and the Living” Isn’t Easy- Summer in the New York Metro Area can be challenging. Some would say it sucks. It gets really hot. When it rains, it pours – no spritz here. The humidity is oppressive. Ironically, a...more

Haynsworth Sinkler Boyd, P.A.

HSB Economic Development Update - June 2022

The HSB Economic Development team published their June 2022 news update, highlighting the following topics: Big Changes to South Carolina Property Taxes and Incentives- The big political news in South Carolina this June...more

Rivkin Radler LLP

Will New York Be Looking At Your Federal Tax Return? Probably

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State Finances- Much has been written over the last few weeks about the unprecedented financial cushion that many states have accumulated thanks to federal support prompted by the pandemic and larger-than-expected tax...more

Rivkin Radler LLP

The Deduction of Cannabis Business Expenses Following New York’s 2023 Budget

Rivkin Radler LLP on

The 2023 Budget- Last week, the New York Legislature passed the State’s 2022-2023 Budget. The $220 billion Budget reflects an $8 billion increase over last year’s budget (a more than 3 percent jump). It is also $4 billion...more

Eversheds Sutherland (US) LLP

New York Governor announces fiscal year 2023 budget

On January 18, 2022, New York Governor Kathy Hochul released her fiscal year 2023 budget and accompanying legislation (the Budget Bill). The Briefing Book accompanying the Budget Bill highlights New York’s “remarkable...more

Bricker Graydon LLP

H.B. 110 FY 2022-2023 biennium budget overview and review of first half of 2021

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The Ohio General Assembly recently completed an exhaustive and comprehensive first half of 2021. The legislature tackled the state’s two-year operating budget, COVID-19 relief funding, residential broadband expansion, reforms...more

Genova Burns LLC

Deal Hashed Out For Legal Cannabis in the Empire State

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New York appears to be on deck as the next state to join the list of cannabis-friendly environments in which these businesses might have a chance to thrive. The deal recently struck between Gov. Andrew M. Cuomo and lawmakers...more

Eversheds Sutherland (US) LLP

New York Governor announces Fiscal Year 2022 budget

New York Governor Andrew Cuomo released his Fiscal Year 2022 budget and accompanying legislation on January 19, 2021 (the Budget Bill). Although the State projects billions of dollars in lost revenue because of the fallout...more

Farrell Fritz, P.C.

New York: Deficits, Taxes And 2021

Farrell Fritz, P.C. on

Only 347 Days to Go- What a year it has already been, and we are just beginning the third full week of 2021. The Democrats swept Georgia, thereby giving that Party a majority in the U.S. Senate and ostensible control over...more

Williams Mullen

2020 Virginia Special Session Report

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The 2020 Special Session began on Tuesday, Aug. 18, to address the forecasted budget shortfall, impacts directly associated with COVID-19, and the ongoing calls for social and criminal justice reforms. At the start of the...more

Steptoe & Johnson PLLC

West Virginia Legislative - February 2020 #3

Welcome to the 2020 Legislative Brief, your one-stop shop for legislative news from a variety of sources throughout West Virginia, and my view of the legislative happenings on the horizon. February 28, 2020, marks the 52nd...more

Eversheds Sutherland (US) LLP

Nebraska Legislature Considers Sales Tax on Digital Advertising

Nebraska Legislature Considers Sales Tax on Digital Advertising - On February 13, 2020, the Nebraska Legislature’s Revenue Committee heard testimony on Legislative Bill 989, which would expand Nebraska’s sales tax base to...more

Foley Hoag LLP - Cannabis and the Law

Rhode Island Governor Proposes Recreational Cannabis with State-Owned Dispensaries

Rhode Island Governor Gina Raimondo’s fiscal year 2021 budget includes over $20 million in revenue that the Governor expects to be generated by legalizing cannabis for recreational use. While the Governor’s support for...more

Eversheds Sutherland (US) LLP

Maryland State Senate’s Budget and Taxation Committee Hears Testimony on Proposed Digital Advertising Tax

On January 29, 2020, the Maryland State Senate’s Budget and Taxation Committee heard testimony on Senate Bill 2, which would create the Digital Advertising Gross Revenues Tax. The tax would be imposed on a taxpayer’s Maryland...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

Steptoe & Johnson PLLC

West Virginia Legislative Brief: Commentary from Gil White - January 2020

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My View from the Capitol - Today marks the 10th day of the 60 day Regular Legislative Session. The revenue estimates for the coming fiscal year are $108 million below last year. This is in part due to a decrease in the...more

Holland & Hart LLP

Utah Legislative Update - November 2019

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Tax Reform continues to dominate Utah’s Capitol Hill as the Tax Restructuring and Equalization Task Force has released draft legislation that it may recommend to the entire Legislature for action. In late October, the Task...more

Holland & Hart LLP

Utah Tax Restructuring and Equalization Task Force Releases Draft of Tax Restructuring Policy Proposal

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In an effort to address Utah’s structural tax revenue imbalance, the Utah Tax Restructuring and Equalization Task Force released a draft of its tax restructuring policy proposal (Proposal). The Proposal is authored by Senator...more

Moore & Van Allen PLLC

MVA Monitor - August 2019 #3

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More than one-eighth of the 2019-20 state fiscal year is over, but the budget impasse continues in Raleigh without any visible progress. Meanwhile, a few pieces of legislation are moving, but legislative calendars are fairly...more

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