Income Taxes, Tax Reform, New Legislation

Tax Measures Once Again Loom Large— What to Expect on the November 2023 Ballot

Brownstein Hyatt Farber Schreck on 10/6/2023

The November 2023 election is quickly approaching and brings with it another round of tax—particularly property tax measures—that will soon be put to Colorado voters. And, if what has already been filed is any indication,...more

Taxation & Representation, March 7, 2023

Brownstein Hyatt Farber Schreck on 3/14/2023

Biden to Release 2024 Budget Proposal Later this Week. On March 9, President Joe Biden will send his updated budget proposal to Congress, outlining the administration’s policy priorities for fiscal year 2024. Biden is...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

Taxation & Representation, Dec. 6, 2022

Brownstein Hyatt Farber Schreck on 12/8/2022

Legislative Lowdown - Last-Minute Attempt to Revive Permitting Legislation. According to sources familiar with the matter, several moderate lawmakers from both parties are pushing to include energy-permitting reform...more

Key Considerations When Planning for the Massachusetts ‘Millionaires Tax’

Nutter McClennen & Fish LLP on 11/28/2022

On November 8, 2022, Massachusetts voters approved an amendment to the Massachusetts Constitution imposing, effective January 1, 2023, a surtax of 4% on an individual’s annual taxable income to the extent it exceeds $1...more

Taxation & Representation, Sept. 27, 2022

Brownstein Hyatt Farber Schreck on 9/29/2022

LEGISLATIVE LOWDOWN - Congress Advances Towards CR as Deadline Approaches. Yesterday, Senate Democrats proposed legislation to fund the federal government through Dec. 16 with the use of a continuing resolution (CR). The...more

Key Features and Ambiguities of the New Corporate Book Minimum Tax

Cadwalader, Wickersham & Taft LLP on 9/23/2022

The Inflation Reduction Act of 2022 imposes a 15% corporate Book Minimum Tax (“BMT”) for taxable years beginning after December 31, 2022. The BMT is a 15% tax on certain domestic corporations’ Applicable Financial Statement...more

Taxation & Representation, September 20, 2022

Brownstein Hyatt Farber Schreck on 9/21/2022

Democrats’ Latest Push for an Expanded CTC. With the year-long effort to legislate a comprehensive energy, healthcare and tax bill finally completed, many Democratic lawmakers and members of the administration have fully...more

US Inflation Reduction Act – Corporate Minimum Tax and Stock Repurchase Excise Tax

Mayer Brown Free Writings + Perspectives on 9/1/2022

If you thought the recent price increase at your neighborhood store was inflation’s last flop, think again. The Inflation Reduction Act (“IRA”), which was signed into law by President Biden on August 16, 2022, is estimated to...more

Tax Provisions in the Inflation Reduction Act of 2022

Cadwalader, Wickersham & Taft LLP on 8/18/2022

President Biden signed the Inflation Reduction Act of 2022 (the “IRA”) into law on August 16, 2022, after passage with majority Democratic support in the Senate and the House. The new legislation contains significantly fewer...more

The New One-Percent Excise Tax on Stock Repurchases and Its Potential Implications for Convertible Bond Hedge Transactions and...

Wilson Sonsini Goodrich & Rosati on 8/18/2022

On August 12, 2022, the U.S. House of Representatives approved H.R. 5376, the "Inflation Reduction Act" (the Act), which was signed into law by President Biden on August 16, 2022. The approval and subsequent enactment follow...more

The Inflation Reduction Act: Overview of New Corporate Minimum Tax

McDermott Will & Emery on 8/11/2022

On August 7, 2022, the US Senate passed the Inflation Reduction Act of 2022 (the Act), a budget reconciliation bill recently introduced by Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV). The bill...more

Taxation & Representation, August 2, 2022

Brownstein Hyatt Farber Schreck on 8/4/2022

In an unexpected statement last Wednesday, Sen. Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY) jointly announced that they had reached a preliminary agreement on a roughly $750 billion budget...more

Taxation and Representation, July 12, 2022

Brownstein Hyatt Farber Schreck on 7/13/2022

Reconciliation Revival? Ever since Sen. Joe Manchin (D-WV) publicly renounced his support of the House-passed Build Back Better Act (BBBA) in December of last year, the prospects of a reconciliation bill have appeared grim...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

South Carolina Passes Targeted Tax Reform Legislation

Parker Poe Adams & Bernstein LLP on 6/23/2022

The South Carolina General Assembly passed tax reform legislation providing targeted relief to individuals and to manufacturers, including (i) a one-time rebate of up to $700 in 2021 taxes for individuals; (ii) cuts to the...more

Taxation & Representation, June 14, 2022

Brownstein Hyatt Farber Schreck on 6/15/2022

Kustoff Joins Ways and Means. Rep. David Kustoff (R-TN) has been selected to replace former Rep. Tom Reed (R-NY), who resigned from Congress earlier this year, on the House Ways and Means Committee. He will sit on the Worker...more

Tax & Financial Services Week Ahead, June 6 2022

Brownstein Hyatt Farber Schreck on 6/7/2022

The House and the Senate reconvene Tuesday at 2 p.m. and Monday at 3 a.m., respectively....more

Taxation & Representation, May 24, 2022

Brownstein Hyatt Farber Schreck on 5/26/2022

Tax Staffers Discuss State of Tax Policy. At a tax conference last week, top officials from the Biden administration and key congressional staffers discussed the latest in tax policy. One panel, which was focused on the...more

Tax & Financial Services Week Ahead - April 4, 2022

Brownstein Hyatt Farber Schreck on 4/5/2022

The House and Senate will meet Monday at 2 p.m. and 3 p.m., respectively....more

Gold Dome Report — Legislative Day 15 2022

Nelson Mullins Riley & Scarborough LLP on 2/15/2022

The General Assembly took a half day on Friday after a full week of floor debates and committee proceedings. Although the House and Senate addressed a collective six measures on their floors, legislators made quick work of...more

Gold Dome Report – Legislative Day 12 2022

Nelson Mullins Riley & Scarborough LLP on 2/8/2022

The floors of the House and Senate were busy today as legislators quickly got back to work after the three-day weekend. The Senate took up several weighty measures, including SB 338, which would expand Medicaid coverage for...more

Gold Dome Report – Legislative Day 8 2022

Nelson Mullins Riley & Scarborough LLP on 1/28/2022

Although Wednesday was Mental Health Day at the State Capitol, legislators and lobbyists appeared much more checked out on Thursday. Both chambers convened, and the House debated and passed HB 841 (putting forth a referendum...more

Michigan Enacts Elective Flow-Through Entity Tax as “SALT Cap Workaround”

Bodman on 12/22/2021

On Monday, December 20, 2021, Michigan Governor Gretchen Whitmer signed House Bill (H.B.) 5376 into law. H.B. 5376, also referred to as Michigan’s “SALT Cap Workaround,” amends the Michigan Income Tax Act to allow...more

What's In and What's Out (For Now)

McDermott Will & Emery on 11/23/2021

After more than two months of negotiations in the US Congress, a slimmed-down version of the “Build Back Better Act” narrowly passed the US House of Representatives on November 19, 2021. All but one House Democrat voted for...more

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