Tax Reform

News & Analysis as of

Tax Policy Update

NUMBER OF THE WEEK: 6.5 percent. The tax rate at which companies could voluntarily repatriate their foreign earnings under the Invest in Transportation Act of 2015 (S. 981). Senators Barbara Boxer (D-CA) and Rand Paul (R-KY)...more

Fund and Adviser Tax Issues [Video]

Pepper partners Gregory J. Nowak and Steven D. Bortnick presented a webinar for West LegalEdCenter discussing issues that affect private funds and their managers. Over the hour program, Mr. Nowak and Mr. Bortnick covered a...more

News from Second and State

Tax day has come and gone, and while Will Rogers once said that “it’s a good thing we don’t get as much government as we pay for,” Pennsylvanians got their fair share this week....more

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Dueling Budget and Tax Reform Plans Pitched - The stage work has been set in Augusta for...more

A New Tax System for Managed Investment Trusts – Draft Legislation Released

On 9 April 2015, the Federal Government released exposure draft legislation to introduce a proposed new tax system for eligible managed investment trusts. The changes contained in the draft legislation largely follow...more

Tax Policy Update

NUMBER OF THE WEEK: $1.4 Trillion. The estimated total of individual income taxes the Internal Revenue Service is expecting to collect on April 15. The U.S. House of Representatives has returned from recess and is planning to...more

The Next Six Weeks in Congress

The House and Senate return this week from the annual Spring Recess, with the Senate scheduled to be in session for the next six weeks and the House in session for three weeks, off for one week, and then returning for another...more

Recent Developments and Trends for Exempt Organizations

Recent months have been eventful for exempt organizations and their advisors. While fundamental tax reform remains a possibility, with a number of proposals on the table that would significantly change the rules for exempt...more

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Supplemental Budget to Become Law - Governor LePage will allow the state supplement...more

New York State Tax Department Releases Guidance on Tax Reform Legislation

The New York State Department of Taxation and Finance (the Department) has been issuing guidance explaining the 2014 corporate tax reform legislation (generally effective on January 1, 2015) through a series of questions and...more

Inside the New York Budget Bill: New York City Tax Reform

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the Budget Bill) containing several significant “technical corrections” to the...more

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Supplemental Budget Bill Approved, On Governor's Desk - On Tuesday lawmakers approved a...more

Inside the New York Budget Bill: Combined Reporting

The New York Legislature has passed bills related to the 2015–2016 budget (S2009-B/A3009-B and S4610-A/A6721-A, collectively referred to herein as the Budget Bill) containing several significant “technical corrections” to the...more

Global Tax News - March 2015

Australia's Investment Management Regime reforms 30 MAR 2015 - Australia’s Investment Management Regime (IMR) reforms, initially proposed by the Australian Financial Centre Forum in the Johnson Report in 2009 and the...more

Tax Policy Update

NUMBER OF THE WEEK: $23 Billion. The total revenue generated by the additional Medicare tax and the net investment income tax used to pay for the Affordable Care Act. The total exceeds the Joint Committee on Taxation’s 2010...more

Switzerland introduces corporate tax reform III aiming to maintain its global competitiveness: 6 key points

Anticipating ongoing pressure from the European Union and the OECD, Switzerland has launched a draft corporate tax reform, called CTR III, focusing on increasing the competitiveness of Switzerland as a global corporate...more

Will Congress Close the Trust Fund Loophole?

(Comments Regarding President Obama’s 2015 Tax Proposals) On January 17, 2015, the White House released its fact sheet entitled, “A Simpler, Fairer Tax Code that Responsibly Invests in Middle Class Families.” This fact...more

Tax Policy Update

NUMBER OF THE WEEK: $900 billion. The amount of additional taxes that would fall on businesses and families under Republicans’ budget plans, according to a “fact check” by the Associated Press in a story with a title made of...more

Obama Proposes “Middle Class” Tax Increases at Death

The prospects of significant tax legislation this year are low. Nevertheless, when the President proposes “tax reform” it makes headlines. The Obama administration’s latest tax proposals for fiscal year 2016 would increase...more

Congressional Report Takes Aim At Nonqualified Deferred Compensation

A recent report from ranking member Sen. Ron Wyden and the Democratic staff on the Senate Finance Committee indicates that nonqualified deferred compensation plans continue to be in the crosshairs of potential tax reform...more

European Commission Unveils Tax Transparency Package

The European Commission has laid out its plans in a new Tax Transparency Package to clamp down on tax deals made between EU governments and multi-national corporations. As of next year, EU members would have to declare their...more

Wolf Budget Proposes Extraction Tax

On March 10, 2015, Pennsylvania Governor Tom Wolf-(D) provided the text of his proposed changes to the Tax Reform Code of 1971 that would levy a tax on the extraction of natural gas in the Commonwealth of Pennsylvania. ...more

Minnesota Weekly Legislative Update: 03/2015

The legislature has finished the 11th week of session, meaning only nine weeks remain before the 2015 session comes to a close. With the first bill deadline approaching at the end of next week, committees have been conducting...more

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Maine’s Newest House Member Elected - On March 10th, Democrat Anne “Pinny” Beebe-Center...more

Tax Policy Update

NUMBER OF THE WEEK: 8 percent. The increase in the total amount of corporate profits kept abroad, according to the latest analysis of securities filings by Bloomberg News. The report confirms what U.S. companies have as much...more

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