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Income Taxes › Governor Newsom

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Snell & Wilmer

New California Law Attacks NINGs and DINGs

Snell & Wilmer on

On July 10, 2023, California Governor Gavin Newsom signed into law S.B. 131, which included a provision targeting the California state income tax treatment of incomplete gift non-grantor trusts ("INGs"). Under the prior law,...more

Venable LLP

Incomplete Gift Non-Grantor Trusts Created by California Residents May Be Subject to California State Income Tax Beginning in 2023

Venable LLP on

Under California Governor Gavin Newsom's proposed 2023-2024 state budget, released on January 10, 2023, the income of an incomplete gift non-grantor trust (ING Trust) may now be subject to California income tax, effective on...more

Rivkin Radler LLP

LLC as S Corporation: Square Peg Meets Round Hole?

Rivkin Radler LLP on

At different times over the course of the last thirty days or so, I have seen reports describing various plans to increase income taxes and/or wealth taxes on the “rich” that have either been endorsed or proposed by the likes...more

Wilson Sonsini Goodrich & Rosati

California Budget Proposal Includes Temporary Suspension on Use of NOLs and Limitations on Use of Business Credits

Wilson Sonsini Goodrich & Rosati on

On June 3, 2020, lawmakers in California announced that they have reached a budget agreement that includes a number of California income tax changes previously proposed by California Governor Gavin Newsom, including a...more

ArentFox Schiff

California Considers Move to Consolidate Cannabis Licensing Authorities

ArentFox Schiff on

On January 10, 2020, California Governor Gavin Newsom submitted his 2020-21 State Budget proposal, which includes key changes that would affect the cannabis industry, such as consolidating the three State licensing agencies....more

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