News & Analysis as of

Tax Deductions Constitutional Challenges

McNees Wallace & Nurick LLC

Pennsylvania Saga re Unconstitutional Dollar-Based Caps on NOL Deduction Continues

There has been a flurry of litigation in recent years involving taxpayer challenges to the constitutionality of Pennsylvania’s statutory cap on net loss carryover (“NOL”) deductions for tax years prior to 2017. First came...more

Dentons

Iowa 2021 Legislative Report - Week 2

Dentons on

Update: On Monday, January 25, the Governor introduced another bill, SSB1065, which establishes a student first scholarship program for certain pupils attending nonpublic schools. The legislature did not meet on Monday in...more

Burr & Forman

Cannabis Business Takes Position That § 280E Is Unconstitutional – And It’s Like a Grocery Store For Adults

Burr & Forman on

Cannabis (or marijuana) dispensaries have long stated that they are subjected to harsher tax consequences under the Internal Revenue Code (“IRC” or “Code”) than their “legal” counterparts. Specifically, they have argued, in...more

Lowndes

Tax Court Upholds Constitutionality of Rule Prohibiting Deductions for Marijuana Businesses

Lowndes on

I recently wrote about the Tax Court decision in Northern California Small Business Assistants Inc. v. Commissioner, which addressed whether Section 280E’s denial of tax deductions to marijuana businesses violates the Eighth...more

Foster Garvey PC

New York AG Declares That Her State ‘Will Not Be Bullied’ – New York and Three Other States File Lawsuit Attacking TCJA Provision...

Foster Garvey PC on

New York Attorney General Barbara Underwood and New York Governor Andrew Cuomo announced today that the state of New York, joined by the states of Connecticut, New Jersey and Maryland, have instituted a lawsuit against the...more

Spilman Thomas & Battle, PLLC

Currents - Energy Industry Insights - October 2017 #2

EPA Moves to Repeal Obama's Clean Power Plan Coal Regs - "EPA Administrator Scott Pruitt announced Monday that the Trump administration is moving to scrap the Clean Power Plan, the Obama administration's signature...more

Proskauer Rose LLP

Wealth Management Update - September 2016

Proskauer Rose LLP on

September Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

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