News & Analysis as of

Income Taxes State Taxes

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 -

New York Reminds Us: “Sale Of Intangible Property May Be Taxable As Sale Of Real Property”

by Farrell Fritz, P.C. on

New York’s legislature has been in the news lately after having “rotated an avian creature through more than 90 degrees” at Congress in response to the limitations passed under the Tax Cuts and Jobs Act on the deduction of...more

News from Second & State

Weekly Wrap - We saw some very early movement on budget-related issues this week, as the House Appropriations Committee reported bills to fund the state-related universities as well as the housekeeping bills (which...more

The New York State Budget: New Tax Code and Record Funding for Education

by Harris Beach PLLC on

The recent passage of the state’s budget, which took effect on April 1, 2018, aims to provide relief to the middle class to combat the change in federal tax law. New York is making a concerted effort to protect...more

Report on Executive Budget

by Hodgson Russ LLP on

On March 30th, Governor Cuomo announced that New York lawmakers passed the $168.3 billion FY 2019 Budget (the “Final Bill”). ...more

New York State Responds to Federal Tax Reform

On March 30, 2018, the New York Legislature passed the 2018–2019 Budget Bill (SB. 7509-C/A 9509-C) (Budget Bill), which addresses several provisions of the newly enacted Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) and...more

Global Private Equity Newsletter - Winter/Spring 2018 Edition: Snapshot of Tax Act Changes for PE Funds and their Portfolio...

by Dechert LLP on

President Trump signed into law tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”) on December 22, 2017. The Tax Act implemented the most far-reaching changes to the Internal Revenue Code (the...more

Could Maryland Become the Next State to Adopt Single Sales Factor? Maryland Senate Passes Apportionment Bill and House Holds...

by Reed Smith on

Maryland may be catching on to the single sales factor trend. A recently proposed bill, S.B. 1090, passed by a wide margin in the Maryland Senate on March 19, 2018, and was the subject of a public hearing before the Maryland...more

Florida Court Holds That Taxpayer’s Change Of Domicile Does Not Work Out

by Fox Rothschild LLP on

As clients reach retirement age, many often consider a change in their domicile as part of their retirement plan. Aside from the warmer winters, Florida is a popular state for change of domicile because it has no income tax...more

Charitable Funds and the Disallowance of Federal Income Tax Deductions for State and Local Taxes

by McDermott Will & Emery on

The 2017 Federal Tax Reform Act contains a provision that generally limits the annual income tax deduction for state and local income and property taxes to $10,000. In reaction to this, states and localities have been...more

Spotlight on Alabama: State Tax Filing Deadline Extended for Taxpayers Affected by March 19 Storm

by Baker Donelson on

In a recent press release, the Alabama Department of Revenue announced that it is providing an extended tax filing deadline for individuals and businesses who were affected by the severe weather event that impacted certain...more

Utah Legislative Update - Part Three

by Holland & Hart LLP on

During the crush of the legislative session, the focus is typically on the bright, flashy bills that contain policies that tilt the scale on visceral issues. For instance, Rep. Karianne Lisbonee’s HB 205 Down Syndrome...more

Federal Income Tax Consequences of State Economic Development Incentives After Passage of Tax Cuts and Jobs Act

by Nexsen Pruet, PLLC on

South Carolina has a rich mix of economic development incentives. These include income tax credits, sales tax exemptions, property tax exemptions and credits as well as withholding tax credits. Incentives also include cash...more

Pa. PUC Converts Commission-Approved Rates into Temporary Rates in Wake of Tax Act

by Cozen O'Connor on

On March 15, 2018, the Pennsylvania Public Utility Commission (PUC) entered a temporary rates order that converted commission-approved rates of most large Pennsylvania public utilities into “temporary rates” for a period of...more

Recent Alabama Tax Legislative Developments

Many predicted that the 2018 regular session of the Alabama Legislature would be less eventful than in years past since members of the House of Representatives and Senate are up for re-election this year, and most lawmakers...more

Minnesota Legislative Update: Budget, Taxes and Transportation on the Table

by Faegre Baker Daniels on

The Legislature wrapped up the fourth week of a 13-week session. With one week until the first committee deadline, committees in both bodies have kept busy hearing policy bills, often into the evening. Bill introductions in...more

Taxes in Florida

by Foodman CPAs & Advisors on

The Sunshine State is one of the lowest tax burden states in the US. Florida has no state individual income tax. At the state level, there is NO tax on social security benefits, retirement income, IRAs, 401(k) accounts,...more

Changes For Individuals In New Federal Tax Law

by Fox Rothschild LLP on

The Tax Cuts and Jobs Act, enacted in December 2017, is the most significant change to the U.S. Tax Code since 1986 and dramatically alters the tax landscape for individuals. A number of changes take effect this year, while...more

Decoding the Tax Cuts and Jobs Act – Part VII: Family Matters and Major Events in the Lives of Individuals

by Garvey Schubert Barer on

The Tax Cuts and Jobs Act (“TCJA”) creates the need for tax planning with respect to several major life-changing activities individuals may encounter, including marriage, divorce, home ownership, casualty losses, medical...more

Tax Law Alert: Pending Oregon Legislation Would Decouple Oregon from Federal Tax Reforms

by Stoel Rives LLP on

SB 1528 provides, in part, that in calculating Oregon taxable income a taxpayer must add back any IRC § 199A deduction taken for federal purposes. An earlier version of SB 1528 also would have modified Oregon’s preferential...more

Six Tips for Tribal Governments to Reduce Tribal Member Taxes in 2018

by Holland & Knight LLP on

• President Donald Trump on Dec. 22, 2017, signed the Tax Cuts and Jobs Act, the first major overhaul of the U.S. tax system in over 30 years. • Although few of the enacted provisions are specific to Indian Country, several...more

Gold Dome Report - February 2018 #10

After breaking for Washington’s Birthday, the General Assembly began its all-out sprint to Crossover Day today with both chambers finishing their work before lunch only to reconvene in a flurry of committee meetings. ...more

Georgia Proposes Response to Federal Tax Reform

by Alston & Bird on

Almost two months since the President signed the Tax Cuts and Jobs Act (TCJA) into law, state legislators across the country are still evaluating the federal tax law’s effects on state revenues and whether to amend state law...more

Iowa Statehouse Report - First Funnel Week

by Davis Brown Law Firm on

This week concluded the first legislative “funnel” in which all policy bills must be out of at least one committee by Friday, February 16 to be “alive” until the next funnel. The focus was squarely on subcommittee and...more

Minnesota Legislative Update: 2018 Legislative Session Preview

by Faegre Baker Daniels on

The 2018 Legislative Session begins next week, on Tuesday, February 20. If the interim was any indication, this session is likely to be challenging and fraught with controversy. At the end of last session, Governor Mark...more

Choices for Illinois Taxpayers in Implementing the 2017 Income Tax Rate Increase

by McDermott Will & Emery on

Last year, Illinois enacted a mid-year income tax rate increase. Effective July 1, 2017, Illinois increased the income tax rate for individuals, trusts and estates from 3.75 percent to 4.95 percent, and for corporations from...more

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