News & Analysis as of

Tax Increases

110th Tennessee General Assembly Session Ends for 2017

The Tennessee Legislature completed its first session of the 110th General Assembly this Wednesday. The flag flying over the Capitol, signifying the body is in session, was taken down. The General Assembly will reconvene on...more

News from the Vermont State House - An analysis from DRM's Government & Public Affairs Team - March 2017

House Commerce Considers Independent Contractors, Again - Vermont's business community continues to plead with lawmakers to update the statute defining independent contractors, arguing that current law is costly and...more

Fast Action May Be Needed to Avoid Proposed Valuation Rules

by Morgan Lewis on

On August 2, the IRS issued proposed regulations that, if made final, could result in substantial increases in gift or estate taxes for owners of interests in some family owned corporations, partnerships, limited liability...more

Client Alert: IRS Announces Increases for Health FSAs and HSAs

by Fraser Trebilcock on

The IRS has just released its 2017 annual inflation adjustments, in which it announced that the dollar limitation under Code section 125 on voluntary employee salary reductions for contribution to health flexible spending...more

New Jersey Tax Law Update

by Pepper Hamilton LLP on

The new tax law raises the gas tax to increase state revenue, but also includes provisions that are designed to reduce taxes for New Jersey residents. On October 14, New Jersey Governor Chris Christie signed into law...more

House Tax Policy Review Committee Update - Public Policy Alert from the South Carolina State House - September 2016

by Nexsen Pruet, PLLC on

The House Tax Policy Review Committee held its third meeting on Tuesday, September 27th, to review property taxes across South Carolina. Frank Rainwater, Executive Director of the South Carolina Revenue and Fiscal Affairs...more

California Supreme Court Holds Multistate Tax Compact is Not Binding

On December 31, 2015, the California Supreme Court closed the book on California’s Multistate Tax Compact election saga, unanimously holding that the Compact is not a binding contract among its members and the State was not...more

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

IRS Issues Guidance on Bonus Depreciation

The IRS issued guidance on Tuesday dealing with first-year bonus depreciation. The Tax Increase Prevention Act of 2014 amended Section 168(k)(2) by extending the one year placed-in-service date for property that...more

Nevada Set To Boost Business Fees For Domestic And Foreign Corporations By 150%

by Allen Matkins on

Last week, the Nevada legislature passed what the Reno Gazette-Journal has branded as the state’s “largest-ever tax increase”. Although the state’s legislative website does not yet list the bill as having been approved by...more

QSBS Tax Incentives Extended . . . For Now - Venture Capital and Early Stage and Emerging Companies Alert

by McCarter & English, LLP on

What happened? - In the wee hours of December 16th, Congress passed H.R. 5771, the Tax Increase Prevention Act of 2014 (“TIPA”), a stopgap measure that, among other things, retroactively extends certain tax incentives...more

What consequences of potential gaming tax increase in Italy?

by DLA Piper on

The potential increase of the gaming taxes for Italian land based videolottery and AWPs raised major concerns among operators and investors, but the real effects of such increase shall be reviewed in the long term together...more

Insight on Estate Planning - August/September 2013: Estate Planning Pitfall - You haven’t reviewed your trusts this year

If an estate plan includes one or more trusts, it’s a good idea to review them in light of recent tax law changes. Higher income taxes — on individuals as well as trusts — may make it advisable to rethink the way the trusts...more

New Tax Increases Make Deferral of Compensation a (More) Valuable Benefit for Many Employees

This article describes how the new additional Medicare tax, tax on net investment income, higher marginal tax rates, and phase-out and reductions of personal exemptions and itemized deductions make the use of compensation...more

2013 Estate Tax Implications as the Fiscal Cliff Looms

by The Virtual Attorney on

Now that the presidential election is over much of the national chatter has shifted to the “fiscal cliff” looming at the end of the calendar year when the terms of the Budget Control Act of 2011 are scheduled to go into...more

Are We Headed for the “Fiscal Cliff” of Sequestration?

Like Thelma and Louise in the movie of the same name driving their convertible over the cliff, or even more analogous, like a bunch of lemmings blindly following their leaders over the precipice, as a nation we may be headed...more

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