Tax Revenues

News & Analysis as of

October Revenue Collections Up

Minnesota Management and Budget (MMB) announced today that general fund revenue collections for October were $4 million above what was predicted. October receipts from the individual income tax and sales tax exceeded...more

Illinois Local Sales Tax Sourcing Update: Tax Administration by Lawsuit Vanquished (for Now)

On October 16, the Circuit Court of Cook County (the “Court”), in an order authored by Judge Peter Flynn, dismissed a lawsuit by the City of Chicago (the “City”) and the Village of Skokie (collectively the “Plaintiffs”)...more

California Governor Signs Bill Limiting Cities and Counties Use of Sales/Use Tax Agreements

The governor of California has signed SB 533, which, beginning on January 1, 2016, further limits the power of a city or a county to enter into an agreement with a retailer that would result in the payment, transfer,...more

News from Second and State

As promised last week, on Wednesday the House of Representatives held a vote on a portion of Governor Wolf’s budget proposal. The proposal was not a General Appropriations or “revenue spending bill”; it was a legislative...more

Conflicting State and Federal Laws May Result in Crippling Blows to Business in the Marijuana Industry

As of October 2015, four states have legalized marijuana for recreational use: Alaska, Colorado, Oregon and Washington. The recreational marijuana movement—although slow in terms of states following by legalizing use—has had...more

Business Incentive Changes in Recent North Carolina Legislation

The North Carolina General Assembly passed two significant pieces of legislation affecting corporate activity, expansion and new investment in North Carolina. First, the General Assembly passed the state budget...more

Louisiana Legislation Repeals Authority To Enter NIMA

The Louisiana House of Representatives’ Bill 259, effective July 1, 2015 as Act 386, repeals the authority of the state’s insurance commissioner to enter the Non-Admitted Insurance Multi-State Agreement (“NIMA”) or other...more

Can Alphabet Soup Fix Puerto Rico’s Debt Service Issues?

Last week, the Working Group for the Fiscal and Economic Recovery of Puerto Rico gave the broadest hint yet of the next tactic in Puerto Rico’s ongoing quest to deleverage itself. Although the details have not yet been...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

Eleventh Circuit Further Widens the Reach of the Fair Housing Act

The city of Miami brought an action against multiple lenders claiming their practices were discriminatory and in violation of the FHA, resulting in a disproportionate and excessive number of defaults and subsequent...more

Tax Policy Update: The Emerging Fall Fiscal Cliff

If you read one thing... - Congress’ tax and budget challenges include funding the government for FY 2016 and a required federal debt ceiling increase to avoid catastrophic default on the nation’s debt. These legislative...more

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

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

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

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