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Tax Revenues

Holland & Knight LLP

Proyecto de reforma tributaria de Colombia 2024: Lo destacable y lo cuestionable

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El Gobierno Nacional de Colombia radicó, estratégicamente, el proyecto de Ley de Financiamiento 2024, el 10 de septiembre de 2024, buscando con ello justificar el Presupuesto General de la Nación 2025 por $523 billones,...more

Mayer Brown

Normative Instruction RFB No. 2,205/2024: Regulation of the Effects Applicable to Cases Decided by CARF by Casting Vote

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On July 24, 2024, Normative Instruction No. 2,205/ of the Brazilian Federal Revenue Service (the "Instruction”) was published, that regulates Article 25, paragraph 9-A, and Article 25-A of Decree No. 70,235/1972, establishing...more

Latham & Watkins LLP

Tax Court to Consider Relevancy Threshold for Economic Substance Doctrine Under Section 7701(o)

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The Tax Court has invited amicus briefs and will address the codified meaning of the economic substance doctrine after increased IRS use of the doctrine to challenge taxpayer transactions. In a July 19, 2024, order in...more

Whitman Legal Solutions, LLC

Rent Control’s Unintended Consequences

Our country continues to experience economic conditions triggered by a worldwide pandemic and subsequent inflation. These conditions have mostly been outside of anyone’s control. Yet, when government officials see their...more

Holland & Knight LLP

Finland Proposes Sweeping Reform of Gaming Market with Open Licensing System

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The Finnish government has unveiled a draft law proposing a major overhaul of the country's gaming regulatory landscape. The proposed system, targeted for launch in January 2027, would usher in a new era of open competition...more

Tonkon Torp LLP

Vacation Rentals Have Little Influence on Permanent Housing in Oregon

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This is part two of my three-part series on common misperceptions about the vacation rental industry in Oregon. Last week, I explained why vacation rentals are important drivers of local economies. This week, I take on the...more

WilmerHale

California NOL Suspension and Business Tax Credit Limitation 2024–2026

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On June 27, 2024, California enacted budget trailer legislation that contains significant tax changes (Senate Bill 167) and is likely to impact most California taxpayers....more

Lathrop GPM

Missouri Supreme Court Holds Statutes Creating Lake of the Ozarks Area Lodging Tax Unconstitutional

Lathrop GPM on

Guests of Lake of the Ozarks lodging establishments ranging from vacation rentals to resorts will have one less tax to pay thanks to a recent decision by the Missouri Supreme Court. The court found that statutes creating a...more

Holland & Knight LLP

Moore Thoughts: An Incremental Opinion from the U.S. Supreme Court

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The U.S. Supreme Court on June 20, 2024, ruled 7-2 that Section 965 of the Internal Revenue Code, as revised by the law known as the Tax Cuts and Jobs Act, is constitutional. The issue presented to the Court in Moore v....more

Parker Poe Adams & Bernstein LLP

How Georgia's New Statewide Homestead Exemption Law Could Impact School Districts

A new law that could have sweeping impacts on Georgia school districts’ property tax revenue was passed earlier this year, but its implementation is conditioned upon the passing of a constitutional amendment by statewide...more

Greenbaum, Rowe, Smith & Davis LLP

Will Rescheduling Cannabis Open the Industry to Increased Financing, Real Estate and Banking Opportunities?

On May 16, 2024, the U.S. Department of Justice (DOJ) issued its proposed rules to transfer cannabis from Schedule I of the Controlled Substances Act (CSA) to Schedule III of the CSA. The DOJ’s proposal follows the U.S....more

Manatt, Phelps & Phillips, LLP

Governor Proposes to Overcome $45 billion Budget Deficit

California Governor Gavin Newsom released the “May Revision” to the state budget on Friday. The May Revision, or “May Revise,” takes into account actual state revenues collected through April....more

Jones Day

Internal Revenue Service Alters Its View on Section 355 Spin-Offs

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The Internal Revenue Service ("IRS") recently issued important guidance identifying new positions the IRS is considering on critical aspects of tax-free spin-offs, and significantly expanding the information that taxpayers...more

Cozen O'Connor

Tax Benefits to Arise from Department of Justice’s Move to Reclassify Marijuana

Cozen O'Connor on

On April 30, 2024, the Department of Justice submitted a formal proposal to the White House to loosen the restrictions placed on marijuana and formally recognize its medical use. Specifically, the proposal would reclassify...more

Steptoe & Johnson PLLC

Standard Versus Enhanced Exemptions Understanding the City of Pittsburgh's Proposed LERTA Exemption Ordinance

The City of Pittsburgh, in an attempt to stem the tide of collapsing real estate tax revenues from downtown Pittsburgh commercial properties, is on the verge of passing an ordinance creating a tax exemption authorized by...more

McGlinchey Stafford

Marijuana Rescheduling is Here: How DEA’s Decision Will Impact Cannabis Businesses

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After fifty years, the federal government finally acknowledged that marijuana has medical value and is not as dangerous as heroin. As first reported by the Associated Press and confirmed by Marijuana Moment, on April 30,...more

Fox Rothschild LLP

New Adult-Use Cannabis Law Proposed in Pennsylvania

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Pennsylvania once again seems to have momentum to become one of the next states to legalize cannabis for adult use. After a bipartisan bill was introduced in the commonwealth’s Senate last year, the House now has submitted an...more

BCLP

New York May Lead the Pack Through Imposition of Data Excise Taxes

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New York may lead the charge on implementation of data excise taxes (i.e., “data mining taxes”) which will impose taxes on businesses that collect personal data. These data excise taxes primarily target large tech companies...more

Cozen O'Connor

New York Note – Council Preliminary Budget, Council Union Deal, Nonprofit Advisory Council

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Last Monday, the New York City Council released its response to the Mayor’s FY25 Preliminary Budget. The response identifies $6.15B in newly available funds, citing higher-than-expected tax revenue from both the current and...more

Epiq

Commercial Real Estate Market: Observations and Opportunities

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The commercial real estate market is in a fragile state. The remote working trend is not reversing anytime soon, if ever. Some analysts believed that once the pandemic ended, people would naturally revert to the “old way” of...more

Brownstein Hyatt Farber Schreck

White House FY2025 Budget Request: Key Tax Takeaways

On Monday, March 11, President Joe Biden released his budget request to Congress (“Budget”) and various accompanying documents. Separately, the Treasury Department released its General Explanations of the Administration’s...more

Brownstein Hyatt Farber Schreck

Fiscal Year 2025 Greenbook Provisions Chart

On Monday, March 11, President Joe Biden released his budget request to Congress (“Budget”) and various accompanying documents. Separately, the Treasury Department released its General Explanations of the Administration’s...more

Rivkin Radler LLP

Estate, Gift, GST & Related Income Tax Proposals – What is the White House Doing?

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Earlier this week the White House released its Fiscal Year 2025 Budget. Of course, the federal government has not yet adopted a budget for the Fiscal Year 2024 even as we approach that year’s halfway mark. But I digress. The...more

Cozen O'Connor

Cozen Cities – March 13, 2024

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CHICAGO — CTA Calls on Private Companies to Submit Tech Solutions to Improve System- Last week, the Chicago Transit Authority (CTA) launched the CTA Innovation Studio — calling on private-sector companies to submit ideas...more

McDermott Will & Emery

Weekly IRS Roundup March 4 – March 8, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 4, 2024 – March 8, 2024. ...more

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