Tax Exemptions

News & Analysis as of

2016-17 New York State Budget

On April 13, 2016, Governor Andrew M. Cuomo signed the 2016-17 New York State Budget into law. We summarize the highlights of the revenue provisions below. Personal Income/Estate Taxes Personal Income Tax rates are scheduled...more

2015-16 New York State Budget

On April 13, 2016, Governor Andrew M. Cuomo signed the 2016-17 New York State Budget into law. We summarize the highlights of the revenue provisions below....more

Estate Tax Changes Past, Present and Future

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

IRS Denies Tax Exemption to Commercial ACO

On April 8, 2016, the IRS released a final adverse exemption determination with respect to an accountable care organization (ACO) formed by an unnamed nonprofit health care system. The adverse determination confirms and...more

Turkey: Amendments to PPP legislation on way

The Republic of Turkey has been undergoing a largescale reform in the healthcare sector in the past decade, spearheaded by the Ministry of Health under its Health Transformation Program which was launched in 2003. The EUR 20...more

New York Estate Tax Law Changes  [Video]

New York State increased its estate tax exemption from $1 million to $3 million and it is set to rise again beginning in 2019 to match the federal exemption. In this video, Lisa Newfield describes how to take advantage of...more

Early Stage Investment Tax Incentives Bill Introduced

As an update to our Legal Insight of December 2015 'New Tax Incentives for Early Stage Investment', on 16 March 2016 the Turnbull Government introduced legislation providing significant tax incentives to promote local and...more

Navigating the Louisiana Legislature's New Sales and Use Tax Labyrinth

Not even Daedalus could have constructed a labyrinth more complex than the new sales and use tax laws that the Louisiana Legislature adopted in the 2016 First Extraordinary Session that ended on March 9, 2016. Perhaps on a...more

Private Placements and the Qualifying Private Placement Exemption

The new exemption from UK withholding tax will affect certain debt finance arrangements and the issuance of debt securities between foreign lenders or investors and UK corporate borrowers or issuers that operate in private...more

Update On The Exemption For Non-Residents From Payroll Withholding

The Canada Revenue Agency (“CRA”) recently introduced a program to ease the administrative burden associated with Canadian withholding on the salary, wages, or other remuneration paid to non-resident employees performing...more

Florida: Sun, Fun, and Sand or Back Taxes, Penalties, and Interest?

Do you own residential property in Florida? Do you also own residential property in another state? Some Florida counties have been cracking down on Florida Homestead exemption fraud, and you might be surprised to find you owe...more

Support the Tax-Exemption for Municipal Bonds

Please ask your Congressmen to join the bipartisan House Municipal Finance Caucus. Why? What is this caucus? This caucus provides support for the federal tax-exemption for municipal bonds by directly opposing the President’s...more

New Jersey Township Files Challenge to Nonprofit Hospital’s Tax Exemption

On February 19, 2016, the Township of North Bergen in New Jersey filed a complaint challenging the constitutionality of a nonprofit hospital’s – Palisades Medical Center – property tax exemption. The complaint alleges that...more

No Joke: Indiana Real and Personal Property Tax Exemption Applications Due April 1

This is no April Fools’ Day joke. Indiana property tax exemption applications for 2016 are due on or by April 1 — six weeks earlier than in previous years. If an exemption application is not properly and timely filed, the...more

Hospital property tax exemption under attack in Illinois

On Jan. 5, 2016, the Illinois Fourth District Appellate Court ruled in the Carle Foundation Hospital case that an Illinois state law providing for property tax exemptions for certain not-for-profit hospitals is...more

Private Placement Exemption: New UK withholding tax exemption for private placements

The new rules at a glance - Broadly, from 1 January 2016, there will be no UK withholding tax on interest payments on a loan/security which meets all of the requirements below: - not listed on a recognised stock...more

MoFo New York Tax Insights - Volume 7, Issue 3, March 2016

TRIAL COURT HOLDS THAT FEES RELATED TO THE NEW YORK HIGHWAY USE TAX ARE UNCONSTITUTIONAL - In a class action lawsuit, an Albany County trial court held that flat highway use registration and decal fees charged to heavy...more

Effectively Utilize Your Combined Federal Gift and Estate Tax Exemption

As of 2016, each person has an aggregate $5.45 million exemption from the federal gift and estate taxes. This exemption can be used either during lifetime or at death (or both, if not all of it is used for lifetime gifts)....more

Annual Estate Planning Newsletter: Part Four

Action Item: This is the fourth installment of our Annual Estate Planning Newsletter, and focuses on matters of interest to married couples. We urge you to review this installment to ensure that your 2016 estate and tax...more

Draft UK Income-based Carried Interest Legislation Published

Proposed new UK rules will tax carried interest in certain funds as income, with only specified funds entitled to capital gains treatment - The UK government published draft legislation on 9 December 2015 amending the...more

Governor Christie’s Veto of Hospital Fee Bill Tees Up Additional Litigation

On January 19, 2016, New Jersey Governor Chris Christie vetoed bipartisan legislation that sought to establish hospital “community service contributions” (“CSCs”) in hopes of avoiding litigation concerning the tax burden of...more

Leaders Discuss Issues Facing Florida Manufacturers

As part of its ongoing 2016 State of Manufacturing Tour, the National Association of Manufacturers (“NAM”), including CEO Jay Timmons and others, stopped in Tampa, Florida on January 28 and 29, 2016. The visit included tours...more

No Party for IRS: Court Certifies Class of Conservative Nonprofits

If you thought that the political controversy over alleged IRS targeting of Tea Party organizations was confined to the media, think again – the issue has reached the courts. The Southern District of Ohio recently granted...more

Religious Institutions Update: January 2016

Timely Topics - The Internal Revenue Service (IRS) issued on Dec. 17, 2015, a memorandum instructing its examiners not to conduct employment tax audits of churches without getting in touch with a high-ranking Treasury...more

French Finance Act for 2016 and Amending Finance Act for 2015: The Most Important Changes Affecting Businesses

The French Finance Act for 2016 and Amending Finance Act for 2015 were enacted on December 30, 2015 (the “Acts”). Under the new legislation, the neutralization of the 5% add-backs on dividends within tax-consolidated groups...more

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