Tax Revenues

News & Analysis as of

Financial Services Report, Fall 2016

Editor’s Note - So much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the...more

Top Ten Things To Know About California's Proposition 64

The Basics: Prop. 64 is a voter-initiated statute legalizing nonmedical use/possession of 1 oz. or less of loose marijuana and up to 8 grams of marijuana products for those 21 and older. It also legalizes personal cultivation...more

Surplus Lines Clearinghouse Provides Instructions Following The Dissolution Of The Non-Admitted Insurance Multistate Agreement...

In a Special Focus article posted on May 2, 2016, we addressed the uncertain future of the multi-state allocation of non-admitted premium tax revenue. The Non-admitted and Reinsurance Reform Act (NRRA) provides for individual...more

The Side of Tax Reform They’re Not Telling You

Deep-sixing property taxes is a popular pledge on the state and local campaign trail. But the promise is only half the story. Citizens need to ask: “And then what?” Like a climbing wall, eliminating property taxes may...more

Think Tank's Alarming Report on MA Fiscal Health Not Shaking State House Walls

From what I can tell about the Mercatus Center, it won’t be going out of its way soon to hire anyone who worked for Ted Kennedy, or Tom Birmingham for that matter. That doesn’t mean we shouldn’t consider, if only for...more

Fate of Proposed Surtax on Millionaires Could Hinge on Three Simple Words

The plan to have Massachusetts collect about $2 billion more per year through a new 4% income surtax on millionaires seems to be encumbered by an unavoidable-but-possibly-fatal vulnerability. The weakness consists of...more

What Is The Future Of The Multi-State Allocation Of Nonadmitted Premium Tax Revenue?

In the portion of the Dodd-Frank Act known as the Nonadmitted and Reinsurance Reform Act, Congress established a public policy and stated its desire that “each State adopt nationwide uniform requirements, forms, and...more

Tax Review - April 2016

We are proud to present the next edition of our Tax Review which contains a selection of rulings and interpretations that were issued or published in March 2016. We hope that you will find in it information that may prove...more

Latin American countries focus on new legislation around tax and transfer pricing – independence limitations in Ecuador

A recent report published by the United Nations’ Economic Commission for Latin America and the Caribbean (CEPAL) calculated that Latin American countries have lost more than US$98 billion in tax revenues simply due to...more

UK Budget 2016: Oil and Gas Taxation

Against the backdrop of higher development costs for aging oil and gas fields, depressed global oil prices and projections of slower global economic growth, the UK government announced significant tax cuts in its Budget 2016...more

Statute Authorizing Transfer of Local Taxes as Penalty is Unconstitutional

California Appellate Court Ruling on Proposition 22 - A statute authorizing the transfer of sales and use tax and property tax revenues from cities is unconstitutional on its face, the California Court of Appeal found...more

Lawmakers May Be Revisiting the Tax Gap

The Department of the Treasury estimates the annual federal “tax gap” (the difference between what taxpayers should have paid and what they actually paid on a timely basis) exceeds $450 billion. IR-2012-4 (January 6, 2012). ...more

IRS Releases FY 2017 Green Book Revenue Proposals

It’s that time of year when the President releases his annual wish list of tax revenue proposals, also known as the “Green Book”.  The 2017 Green Book includes many familiar items such as taxing Carried Interests as ordinary...more

If It Walks Like a Carbon Tax and Talks Like a Carbon Tax, (Then the GOP Hates It.)

On February 4, 2015, the White House released a fact sheet describing its efforts to create a “21st Century Clean Transportation System”. There’s a lot of interesting material in the plan, but all the headlines have been on...more

State Revenues Increase

Minnesota Management and Budget (MMB) issued an Economic Update today. This Update summarized revenue collections for November and December of 2015 and provided for a high level look at the U.S. economy....more

Pensions in 2016

It is becoming a truism that in pensions each year is more interesting than the last. Interesting for lawyers that is as more and more layers are added to UK pension regulation....more

State Releases November Revenue Collections

Minnesota Management and Budget (MMB) released the November Revenue Review this morning. Minnesota collected $1.426 billion in revenue in November which is $9 million less than what MMB predicted in the December 3rd Economic...more

New Jersey Appellate Court Issues Throwout Ruling

In a decision issued this morning, a New Jersey appellate court ruled that the throwout rule does not apply to intangible holding companies. New Jersey courts have not been kind to the throwout rule. When it was first adopted...more

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

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