Tax Exemptions

News & Analysis as of

SEC Proposes to Narrow the Rule 15b9-1 Exemption from FINRA Membership

On March 25, 2015, the Securities and Exchange Commission ("SEC" or "Commission") proposed amendments to rule 15b9-1 of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Rule 15b9-1 currently exempts certain...more

Australian Tax Alert - Investment Manager Regime (IMR) – Draft Legislation To Implement Element 3 Finally Released

The exposure draft (ED) legislation removes tax impediments for foreign investors investing into Australia in order to attract foreign investment and promote the use of Australian fund managers. OVERVIEW - The...more

Ship on course but choppy waters abound! UK Budget 2015: 10 key measures impacting business

Before the Budget was announced, there was natural apprehension that, given the impending general election, the Chancellor would pander to the electorate and sail off course from this Government’s carefully navigated path...more

Why it is Crucial to Designate a HSA Beneficiary?

As high deductible health insurance plans are becoming more popular, an important component is health savings accounts (HSA). In addition to having current tax advantages, there is specific tax treatment of HSA accounts upon...more

New York Amends Agriculture and Markets Law To Provide Real Property Exemption For Silvopasture

For the first time, New York will classify silvopasture as agricultural land for the purpose of real property tax exemptions. This new classification could result in substantial tax savings for any livestock owner that uses...more

Can an Indiana Chamber of Commerce’s Building Qualify for a Property Tax Exemption? Not Without Evidence of Predominate Use for an...

In Greater Portage Chamber of Commerce v. Porter County Assessor, Pet. No. 64-016-10-2-8-00001 (January 2, 2015), the Indiana Board of Tax Review confirmed the denial of a property tax exemption where the taxpayer failed to...more

2015 Arizona Prime Contracting Transaction Privilege Tax Reform: Will This Third Annual Legislative Enactment (SB 1446) Bridge the...

For three years in a row, the Arizona legislature has enacted significant changes to the Arizona state and local tax on construction activity, known as the “prime contracting” transaction privilege tax (TPT). If anything,...more

Sales & Use Tax to Increase, Base to be Expanded Under 2015-2016 Budget Proposal

Pennsylvania Governor Tom Wolf released his proposed 2015-2016 state General Fund budget on March 3, 2015. It sets forth a spending plan of $29.9 billion, increasing state expenditures by $836.5 million or 2.8 percent (after...more

Under Construction - March 2015

Welcome to the spring edition of our Under Construction newsletter. There have been some interesting legal changes that have taken place recently with the potential to significantly impact the construction...more

South Carolina Legislative Update

The General Assembly was extremely busy this week. The House adopted a comprehensive ethics reform bill similar to the individual bills already sent to the Senate, legislation authorizing a veterans’ services study committee...more

Tennessee Court of Appeals Rejects Dormant Commerce Clause Challenge to Cable Exemption in DIRECTV, Inc. v. Roberts

The Tennessee Court of Appeals held on February 27, 2015, that the Tennessee Cable Exemption, which exempts the first $15 of cable television service from sales tax, does not violate the Commerce Clause of the United States...more

Hong Kong Government to Extend Existing Offshore Funds Tax Exemption to Private Equity Funds

The Hong Kong government has announced in its latest budget a planned extension of the existing offshore funds tax exemption to bring offshore private equity funds investing in or through Hong Kong, within its scope. The...more

Philadelphia Tax Exempt Property Owners Must Reapply for Exemption by March 31, 2015

The Philadelphia Office of Property Assessment (OPA) has begun mailing notices to each owner of property listed as tax exempt on the OPA’s records indicating that the owner must file a form to certify that the property...more

Indiana Tax Court rejects property tax exemption for Homeowners’ Association that failed to show it was organized to retain and...

A Hoosier Homeowners’ Association was denied a property tax exemption because it failed to show that it was established for the purpose of retaining and preserving its land and water for their natural characteristics....more

Owners of Tax-Exempt Property in Philadelphia Must Provide Proof of Right to Continued Tax-Exempt Status

The Philadelphia Office of Property Assessment (OPA) has sent letters to all charitable organizations in the city that own property shown as tax-exempt, in whole or in part, in the OPA’s records. Attached to the letter is a...more

Is a Distribution of Previously Taxed Income “Exempt from Tax”?

A U.S. shareholder of a controlled foreign corporation (CFC) is required to include in its gross income its pro rata share of the CFC’s subpart F income and/or the amount determined under Section 956 with respect to such...more

A Deluge Of Dismissals: Indiana Tax Court Dismisses 11 Property Tax Exemption Appeals For Lack Of Jurisdiction

When it rains, it pours. On January 20, the Indiana Tax Court issued eleven rulings dismissing property tax exemption appeals for lack of jurisdiction....more

The Seventh Circuit Interprets Wisconsin Exemption Law on College Savings Accounts and Retirement Annuities, but Did It Have...

As we explained in a post yesterday, the Seventh Circuit in In re Bronk (Cirilli v. Bronk), No. 13-1123 (7th Cir. Jan. 5, 2015), made some new law on Wisconsin’s college savings account (Edvest) and annuity exemptions for...more

New This Month: MO Supreme Court Limits the Construction Industry's Use of Certain Sales and Use Tax Exemptions

On January 13, 2015, the Missouri Supreme Court issued three decisions on sales and use tax that have limited the construction industry's ability to utilize certain exemptions in those areas. Companies that utilize such...more

Who is “Disabled” under ABLE?

The recently-enacted federal ABLE statute provides a long-awaited vehicle for tax-exempt investing to meet future disability-related expenses of disabled individuals. Although new Section 529A of the Internal Revenue Code is...more

Electricity Transmission and Distribution Equipment Ineligible for Georgia Sales Tax Manufacturing Exemption

The Georgia Tax Tribunal has held that an electric utility’s transmission and distribution equipment was not “necessary and integral to the manufacture of tangible personal property” and thus did not qualify for an exemption...more

Enactment Imminent for Section 529A Tax-Exempt Savings Programs for Disabled Beneficiaries

On December 16, 2014 the U.S. Senate approved the Achieving a Better Life Experience (“ABLE”) legislation previously approved by the House, authorizing state-sponsored tax-exempt savings programs for disability-related...more

The Economic Development Toolbox: “The Clean-Up Hitters” – Enterprise Zone and Community Reinvestment Area Property Tax Exemptions

Capital investment projects often involve tight margins, and every single dollar counts to ensure that the project is a success. For that reason, property tax exemptions are key components of any economic development...more

A new UK withholding tax exemption for privately placed debt

The Chancellor of the UK Exchequer, George Osborne, announced in the 2014 Autumn Statement on Wednesday a new targeted exemption from UK withholding tax for interest on qualifying privately placed debt. The exemption is a...more

Recent PA Sales Tax Guidance Concerning Natural Gas and Other Mining Activities

With all of the natural gas mining activity in Pennsylvania, the Department of Revenue has issued various guidance on what machinery, equipment and supplies falls within the "mining" exemption under Pennsylvania's sales and...more

235 Results
|
View per page
Page: of 10