News & Analysis as of

Business Taxes State Budgets

WilmerHale

California NOL Suspension and Business Tax Credit Limitation 2024–2026

WilmerHale on

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

Cozen O'Connor

Broad Street Brief: FY25 Budget Will Not Include Wage, Business Tax Cuts

Cozen O'Connor on

FY25 Budget Will Not Include Wage, Business Tax Cuts City Councilmember Isaiah Thomas (At Large) confirmed Thursday that Philadelphia’s FY25 budget will not include cuts to wage or business tax rates. This decision comes...more

Eversheds Sutherland (US) LLP

California Governor “May Revise” taxpayer apportionment win

On May 10, California Governor Gavin Newsom introduced his “May Revise” of the state budget. In addition to net operating loss deduction suspensions and tax credit usage limitations, one particularly concerning corporate...more

Buckingham, Doolittle & Burroughs, LLC

Ohio CAT Tax Changes for 2024 and 2025.

Preparing for significant changes to Ohio commercial activity tax for 2024 – Majority of taxpayers will no longer be subject to CAT following increases in annual exclusions. Ohio’s Budget Bill (H.B. 33) significantly...more

Stoel Rives - Mineral Law

Tax Actions by the Alaska Legislature in 2022

In my most recent column for State Tax Notes, I look at several bills that did and didn’t pass in the latest session of the Alaska State Legislature, which adjourned in May, and at what may be on the horizon....more

Eversheds Sutherland (US) LLP

New York Governor announces Fiscal Year 2022 budget

New York Governor Andrew Cuomo released his Fiscal Year 2022 budget and accompanying legislation on January 19, 2021 (the Budget Bill). Although the State projects billions of dollars in lost revenue because of the fallout...more

Kilpatrick

[Event] North Carolina Legislative Update CLE - February 27th, Cary, NC

Kilpatrick on

Join Kilpatrick Townsend Government Relations Advisors Ches McDowell and Nelson Freeman for a North Carolina Legislative Update. Ches and Nelson will discuss some of the public bills passed by the General Assembly in the 2019...more

Pillsbury Winthrop Shaw Pittman LLP

The CAT is Almost Out of the Bag! Oregon Releases First Set of Draft CAT Rules

State’s Department of Revenue seeks taxpayer input on draft rules for new “Commercial Activity Tax” effective January 1, 2020. The Oregon Department of Revenue has identified nearly three dozen issues stemming from its new...more

Vedder Price

A Small Win: Illinois to Phase-Out Franchise Tax

Vedder Price on

On June 5, 2019, Illinois Governor J.B. Pritzker signed a $40 billion state budget bill into law. Among the various provisions included in the over 300 page budget is a provision providing for the phase-out of Illinois’...more

Stinson LLP

Minnesota Lawmakers Return for Final Stretch

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Legislators return to St. Paul today after their 10-day Easter/Passover break. Legislators left town on Friday, April 12 after meeting the third and final deadline for finance committees to complete their work before heading...more

Cole Schotz

Governor Murphy’s 2019 Budget: What You Need To Know About The Latest Round Of Tax Hikes

Cole Schotz on

It was no secret that Governor Murphy ran on a platform heralding an aggressive spending plan of $37.4 billion to fund a lengthy list of entitlements such as hospital and prescription aid, opioid addiction treatment, free...more

Foster Garvey PC

The Oregon Corporate Gross Receipts May Be Dead – at Least for Now

Foster Garvey PC on

For more than a year, I have been discussing the potential that Oregon lawmakers will pass a corporate gross receipts tax. On May 26, 2017, we discussed recent events that would lead a reasonable person to believe that the...more

Farrell Fritz, P.C.

N.Y.’s 2018 Budget Proposal: Tax Proposals To Watch

Farrell Fritz, P.C. on

Last month, Governor Cuomo presented his budget proposal for NY State’s 2017- 2018 fiscal year. Included in the proposal were a number of tax provisions that should be of interest to closely-held businesses and their owners....more

Stinson LLP

The 2017 Minnesota Legislature: What to Expect

Stinson LLP on

The November general election obviously represents a sea change in how business will be conducted at the Minnesota state capitol when legislators return to work on January 3, 2017. House Republicans will enjoy a comfortable...more

Bradley Arant Boult Cummings LLP

Special Session Ends with Handful of Noteworthy Tax Bills, Predictions for Next Special Session

The first Special Session of 2015 ended on Tuesday, August 11, without accomplishing the primary objective of passing a General Fund budget for the 2015-2016 fiscal year. The Governor’s “call” for the special session included...more

Moore & Van Allen PLLC

South Carolina Legislative Update

The South Carolina General Assembly will wrap-up session this Thursday, but will return the week of June 16th for the limited purpose of deliberating gubernatorial vetoes, appointments, local legislation, conference committee...more

Winthrop & Weinstine, P.A.

Week in Review – Taxes, Transportation, and Goat Trails - April 24, 2015 #4

Taxes - The House Republican Omnibus Tax bill (HF848) was released on Monday. The $2 billion tax cut package includes $538 million to pay for a one-time income tax exemption and $450 million to begin phasing-out the...more

Benesch

Phase-Out of School District and Local Government Property Tax Replacement Payments Proposed

Benesch on

In February 2015, the Ohio General Assembly introduced House Bill 64 (“H.B. 64”), which is the biennial operating budget bill for the biennium beginning July 1, 2015. H.B. 64 contains language that would restart the...more

McNees Wallace & Nurick LLC

PA Tax Law News -- June 2013

In This Issue: Home Stretch to a PA Budget; PA to Project Vendor Overpayments In Some Audits; Township Business Privilege Tax Rejected; and Pennsylvania Supreme Court Upholds IFTA Liability. Excerpt from Home...more

Winthrop & Weinstine, P.A.

Governor Dayton Drops Business to Business Sales Tax Proposal

With Governor Dayton scheduled to release his supplemental budget proposal next week, he announced today at a meeting of the Twin West Chamber of Commerce that he will drop the proposed expansion of the state sales tax to...more

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