Tax Revenues

News & Analysis as of

Online Vacation and Short term Rental Sites: Are Taxing Days Ahead?

In recent years, online vacation and short term rental sites have made great inroads into the hospitality industry. Given their infancy and business model, however, they have gone largely unregulated, particularly when it...more

Should Companies Adjust Their Incentive Strategies in Light of New Governmental Accounting Disclosure Requirements?

Earlier this month, the Governmental Accounting Standards Board (GASB) approved Statement No. 77, Tax Abatement Disclosures, which requires state and local governments to report on foregone revenue from tax abatement...more

Immediate Action Required by Cities to Begin Collecting Utility Users Tax

New Law Will Allow California Cities to Receive Tax Revenue on Prepaid Wireless Telephone Service - Prepaid wireless phone service is a booming business and, to date, cities have not been receiving their full measure...more

OECD Releases Its Annual Tax Administration Report

On August 11, 2015, the Organisation for Economic Co-operation and Development (OECD) released its annual report addressing global tax administration. The OECD’s stated mission is to “promote policies that will improve the...more

An Outside-the-Box Thought on Proposals to Tax Vacation Home Rentals

I even have a suggestion on where one of those colonies might go: Morris Island, in Chatham.  The miles of beaches on Morris Island are public, while the interior of the island is privately owned and taken up with estates...more

A Tax Policy Decided 15 Years Ago Raised Questions for Unending Debate

We are just a few months away from the 15th anniversary of the historic November, 2000, election when Massachusetts voters approved a referendum calling for the reduction of the state income tax rate from 5.95% to 5%. No...more

Partnership Tax Filing Deadlines Speed Up Under Pending Highway Bill

The Senate voted 91-4 to extend the highway trust fund authorization through October 29th from its current expiration date of July 31st, 2015 and it is not headed to the President for signature. The bill – H.R. 3236 –...more

Global Tax News - July 2015

EUROPEAN UNION RE-LAUNCHES FORMULARY APPORTIONMENT: KEY POINTS ABOUT THE CCCTB The European Commission has recently released a Communication to the EU Parliament calling for a re-launch of its proposal from 2011...more

New Nevada Commerce Tax Effective July 1, 2015

While not purporting to give specific advice on Nevada tax law, the following is a summary of some of the general principals underlying the new tax law. A new Nevada Commerce Tax (“NCT”) was signed into law by Nevada Governor...more

UK Summer Budget 2015

On Wednesday, 8 July 2015, George Osborne delivered the UK Summer Budget. The first Budget of the new Conservative government (and the second Budget of 2015), the Summer Budget is wide-ranging in scope and potentially...more

U.S. state and local sales and use taxes: Bad news, good news and the smoke from a distant fire

Thousands of American subnational governmental units (states and localities) impose taxes. These taxes include “sales taxes,” which are imposed on sales to end users of goods and certain services, and “use taxes,” which are...more

Texas Transportation Legislation: Overview of the 84th Legislative Session

Heading into the 84th Legislative Session the outlook for transportation issues, and tolling in particular, was uncertain. After 14 years under Governor Perry and 12 years under Lieutenant Governor Dewhurst, Texas had a new...more

Alabama 2015 Regular Session Legislative Summary: June 2015

The Alabama Senate adjourned sine die on Thursday, June 4, and the Alabama House of Representatives met for their last day on Thursday, June 11. Although the legislature passed a record-setting, $6 billion Education Trust...more

Corporate E-Note - June 2015

In this Issue: - IRS Issues Guidance on Portability: The IRS recently issued final regulations that provide guidance on the federal estate and gift tax applicable exclusion amount, in general, as well as the...more

24 Months Through the Crystal Ball: Emerging Trends in State and Local Taxation (Part II)

This is the second of two articles guiding taxpayers through the next 24 months of state taxation’s turbulent waters. In this article, we address three additional significant trends. Corporate Income Taxation: Heat and...more

New Tennessee Tax Laws

The state of Tennessee recently enacted the Revenue Modernization Act (the "Act"). According to the state, while the legislation does not introduce any new taxes, it should raise revenue and create an even playing field in...more

Spotlight on Tennessee: 2015 Tax and Related Legislation

The 2015 Legislative Session, 109th General Assembly, considered a large number of tax and related initiatives. Many of these initiatives have been enacted, some with very far reaching impact upon the tax climate in this...more

Alabama Tax Legislative Summary: 2015 Regular Session; Some Unofficial Predictions For Upcoming Session(s)

The Alabama Senate adjourned late Thursday afternoon, June 4, leaving a number of pending bills on the table. Although the legislature passed a record-setting $6 billion Education Trust Fund budget, the issue that pervaded...more

New Report Calls for Marijuana Legalization in California

Could loosening the criminal sanctions on the possession, cultivation and sale of marijuana in California save a significant amount of money for the state, cities and taxpayers while boosting tax revenue?...more

Massachusetts: Proposing to Repeal Tax Credits Might Have Chilling Effect

During the rollout of his fiscal year 2016 budget proposal, Massachusetts Governor Charlie Baker proposed to repeal the state’s film tax credit in 2017. While this tax credit has drawn criticism for its goal of providing...more

Harper Review: Road Pricing - Are We At A Turning Point?

Several recent reports issued in Australia have highlighted the critical economic impact of road congestion in our major cities. One such report, the Final Harper Competition Policy Review Report (Harper Review) released...more

District of Columbia’s Transfer Pricing Enforcement Program and Combined Reporting Regime: Taking Two Bites of the Same Apple

In his recent article, “A Cursory Analysis of the Impact of Combined Reporting in the District”, Dr. Eric Cook claims that the District of Columbia’s (D.C. or the District) newly implemented combined reporting tax regime is...more

Week in Review - April 2015 #3

Tax Revenue - Minnesota raked in $100 million more in tax collections in February and March than State forecasters had predicted. The Minnesota Management and Budget Department said the additional revenue topped...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

Government of Québec 2015-16 Budget: A Balanced Budget and Ambitious Economic Plan

On March 26, 2015, the Quebec government (Government) unveiled the 2015-16 budget (Budget). After six years of deficits and further to a significant reduction of Government expenses, Quebec is anticipating returning to a...more

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