News & Analysis as of September 20, 2024

State Taxes

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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 -

SALT Scoreboard - Quarter 2, 2024

Eversheds Sutherland (US) LLP on 8/14/2024

This is the second edition of the Eversheds Sutherland SALT Scoreboard for 2024. Since 2016, we have tallied the results of what we deem to be significant taxpayer wins and losses and analyzed those results. Our entire SALT...more

Now That We’ve Seen the Eclipse, It’s Time To Plan for the TCJA Sunset

Roetzel & Andress on 5/6/2024

As the ball drops in Times Square on December 31, 2024, many of the tax breaks established by the Tax Cuts and Jobs Act (TCJA) of 2017 will disappear. While the TCJA made some permanent tax cuts, a number of tax cuts and...more

SALT Select Developments - March 2024

Baker Donelson on 3/26/2024

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Understanding 2024 Estate, Gift, and Generation-Skipping Transfer Tax Exemptions

Hinckley Allen on 1/22/2024

Each year, certain estate, gift, and generation-skipping transfer (“GST”) tax figures are subject to inflation adjustments that go in effect on January 1. Below are the current adjustments for 2024....more

Pennsylvania Amends Tax Treatment of Grantor Trusts As of January 1, 2025

Cozen O'Connor on 1/10/2024

Starting January 1, 2025, the individual who is the grantor of a trust that qualifies as a grantor trust under Sections 671 through 679 of the Internal Revenue Code will himself or herself be subject to Pennsylvania Personal...more

It’s Time to Start Making Estimated Tax Payments Again California

Allen Barron, Inc. on 12/20/2023

The IRS and the State of California provided significant relief to millions of taxpayers across our state last year extending deadlines for estimated tax deposits, as well as personal and business tax returns. It’s time to...more

UPDATE | Extended Again: Federal and California Tax Relief for California Storms

Nossaman LLP on 10/19/2023

As practitioners predicted, the California Franchise Tax Board has adopted the federal November 16, 2023 extensions for similar state returns and payments. To those CPAs and taxpayers who pulled all-nighters to get returns...more

Client Alert: Massachusetts Enacts Millionaire’s Tax

Burns & Levinson LLP on 8/11/2023

On August 9, 2023, Massachusetts Governor Maura Healey signed the Fiscal Year 2024 state budget, which implements a four percent (4%) surtax on income exceeding $1 million. The surtax is effective for tax years beginning...more

Alabama DOR Grants Extension to Make PTE Tax Election for 2022 Tax Year

Bradley Arant Boult Cummings LLP on 7/12/2023

In 2021, the Alabama Legislature unanimously enacted an elective pass-through entity tax (PTE Tax) as a workaround to the so-called “SALT Cap,” which was part of the Tax Cuts and Jobs Act of 2017. The Alabama Electing...more

State Taxation of Qualified Small Business Stock: Federal Tax Exclusion Not Always Replicated at State Level

WilmerHale on 6/16/2023

In the event of an M&A transaction, many stockholders plan to take advantage of the exclusion from federal taxable income of gain realized from the sale or exchange of “qualified small business stock” (QSB stock). Section...more

New York Examines Federal Income Tax Issues –Conformity and . . . Disclosure?

Rivkin Radler LLP on 3/27/2023

Many years ago, New York revised its personal income tax law to achieve close conformity with the Federal system of income taxation. The stated purpose for the revision was to simplify tax return preparation, improve...more

Review of 2022 Arizona Tax Highlights

Lewis Roca on 2/22/2023

ARIZONA TO IMPLEMENT 2.5% FLAT TAX AHEAD OF SCHEDULE - Governor Doug Ducey announced that Arizona will implement its new 2.5% flat income tax rate on January 1, 2023, a full year ahead of schedule. According to Gov. Ducey,...more

Is My State Tax Rebate Taxable?

Bowditch & Dewey on 2/14/2023

Along with twenty other states, Massachusetts made special payments to taxpayers in 2022. In Massachusetts, the rebate was the result of state law that returned excess state revenue to taxpayers. In California these payments...more

Federal and California Taxpayer Relief: Reprieve From Wet Winter Weather

Farella Braun + Martel LLP on 1/25/2023

2023 started California off with weather that escapes recent memory. Rain, snow, and surf seemed unrelenting for the first two weeks of January. While this spell of winter storms has brought snow to our slopes and refilled...more

Texas Tax Round Up | September 2022

Freeman Law on 10/31/2022

Court Cases Sales and Use Tax Manufacturing Exemption Hegar v. Tex. Westmoreland Coal Co., Case 21-1007 (Tex. Sept. 30, 2022)—In this case, the Texas Supreme Court denied the Comptroller’s petition for review, leaving the...more

Texas Tax Roundup | August 2022

Freeman Law on 10/5/2022

Howdy folks, and welcome back to another action-packed edition of the Texas Tax Roundup! Let’s see what shocking developments in the realm of Texas tax that the month of August had in store!...more

Today in Tax: How NFT Sellers Can Prepare for State Taxes

Miller Nash LLP on 9/27/2022

Pennsylvania and Washington became the first two states to offer official guidance on how their existing tax regimes apply to nonfungible token (NFT) transactions. Their approaches offer two blueprints for other states to...more

Weekly IRS Roundup August 29 – September 2, 2022

McDermott Will & Emery on 9/6/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 29, 2022 – September 2, 2022....more

States Turning Eyes to Taxation of Cryptocurrency and Non-Fungible Tokens (NFTs)

Cadwalader, Wickersham & Taft LLP on 7/21/2022

As the IRS ponders its approach to taxing cryptocurrency and NFTs, states are increasingly imposing taxes on some digital asset transactions, including the use of cryptocurrencies...more

Virginia’s New Elective PTE Tax and SALT Cap Workaround

Sands Anderson PC on 7/11/2022

Elective PTE Income Taxes Payable to Virginia - Beginning July 1, 2022, Virginia’s new law establishing a workaround for the federal income tax limitation on deductions for state and local taxes (SALT) became effective....more

Statutory Residence in New York: Time to Rethink the “Permanent Place of Abode” Test?

Rivkin Radler LLP on 7/6/2022

Escape from New York- According to data released by the IRS earlier this year, the pandemic triggered a “wealth migration” that saw high-tax states like New York lose high-income earners to low-tax jurisdictions such as...more

ADOR Grants Extension to Make PTE Tax Election for 2021 Tax Year

Bradley Arant Boult Cummings LLP on 6/27/2022

Readers may recall that the Alabama Legislature unanimously enacted an elective pass-through entity tax (PTE Tax) last year as a workaround to the so-called “SALT Cap,” which was part of the Tax Cuts and Jobs Act of 2017. The...more

Real Estate Excise Tax Exemption Encourages Affordable Housing

Perkins Coie on 6/17/2022

Transfers of real property to certain qualifying entities will no longer be subject to real estate excise tax in Washington State, effective on January 1, 2023. The Washington State Legislature passed Engrossed House Bill...more

SALT Select Developments - April 2022

Baker Donelson on 4/25/2022

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. In this newsletter edition, we will briefly summarize certain SALT developments in several...more

The Liquidation of a Partner’s Interest Under NYC’s Unincorporated Business Tax

Rivkin Radler LLP on 2/4/2022

Taxes and Snowy Weather? How many of you awoke Saturday to find that the winter storm about which we had heard so much during the preceding days had lived up to its hype? What was your first thought? “Fudge,” right?...more

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