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Income Taxes › Tax Reform › 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 -
Eversheds Sutherland (US) LLP

New York adopts final business corporation franchise tax regulations

Eversheds Sutherland (US) LLP on

On December 27, 2023, the New York State Department of Taxation and Finance (Department) officially adopted the business corporation franchise tax regulations it submitted to the State Register on August 9, 2023 – marking the...more

Brownstein Hyatt Farber Schreck

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

Brownstein Hyatt Farber Schreck on

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

Bowditch & Dewey

Massachusetts Tax Reform Enacted – Estate Tax Exemption Increase and Other Help for Residents

Bowditch & Dewey on

The long-awaited Massachusetts tax reform package was signed by Governor Maura Healey on Wednesday, October 4, 2023. Among the provisions: Estate Tax Reform: Establishes a non-refundable credit of $99,600 for each estate,...more

Pullman & Comley - For What It May Be Worth

March 10 Public Hearing on Bills Impacting Connecticut Taxpayers

Pullman & Comley - For What It May Be Worth on

On March 10, 2023 at 11:00 a.m., the Connecticut General Assembly’s Planning and Development Committee will hold a public hearing on the following bills of interest to both commercial and residential taxpayers...more

Bowditch & Dewey

Massachusetts Tax Reform – Help for Families and Seniors

Bowditch & Dewey on

Massachusetts Governor Maura Healey’s long awaited tax reform package was released on Monday February 27, 2023. Among the proposals: - Dependent Credit: Establishes a $600 fully refundable credit per qualifying...more

Lewis Roca

Review of 2022 Arizona Tax Highlights

Lewis Roca on

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

Sands Anderson PC

Update on Potential Tax Savings Opportunity: Virginia’s Pass-through Entity Tax and SALT Cap Deduction Workaround

Sands Anderson PC on

For individual owners of pass-through entities, such as partnerships, limited liability companies (“LLCs”), business trusts, and S Corporations, Virginia’s elective Pass-through Entity Tax (“PTET”) offers potential federal...more

Nutter McClennen & Fish LLP

Key Considerations When Planning for the Massachusetts ‘Millionaires Tax’

Nutter McClennen & Fish LLP on

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

Goulston & Storrs PC

Taxachusetts Redux? The New Massachusetts Millionaires Tax

Goulston & Storrs PC on

On November 8, 2022, Massachusetts voters elected to adopt Question 1, the so-called Fair Share Amendment or Massachusetts Millionaires Tax, through a ballot referendum. The referendum amends the Massachusetts state...more

Cozen O'Connor

Pennsylvania Enacts Record Tax Reform

Cozen O'Connor on

Pennsylvania’s 2022-2023 budget, Act of Jul. 8, 2022, P.L. __. No. 53 (Act 2022-53) (HB 1342) implements sweeping tax reform and revises some of Pennsylvania’s most business-unfriendly tax provisions. The bill will:.....more

Stinson LLP

Missouri Revenue Officials Disallow REIT Dividend Deductions

Stinson LLP on

Missouri law allows taxpayer corporations to reduce their Missouri-taxable income by the amount of “corporate dividends from sources within Missouri.” The statute is said to be a legislative policy choice to encourage...more

Sands Anderson PC

Virginia’s New Elective PTE Tax and SALT Cap Workaround

Sands Anderson PC on

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

Parker Poe Adams & Bernstein LLP

South Carolina Passes Targeted Tax Reform Legislation

Parker Poe Adams & Bernstein LLP on

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

Eversheds Sutherland (US) LLP

Georgia’s 2022 legislative session ends with significant tax legislation

Eversheds Sutherland (US) LLP on

During the 2022 legislative session, the Georgia General Assembly passed significant tax legislation, including authorizing affiliated groups to file consolidated corporate income tax returns without prior approval from the...more

Bodman

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

Bodman on

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

McDermott Will & Emery

[Webinar] Tax in the City® - November 2nd, 11:30 am - 1:00 pm PDT

McDermott Will & Emery on

Recent tax proposals may bring significant changes to the US federal, international and state and local tax landscape. Join us for our first nationwide Tax in the City® program for a discussion on the key proposed changes...more

Proskauer Rose LLP

Wealth Management Update - August 2021

Proskauer Rose LLP on

Federal interest rates were largely stable in August of 2021.The August applicable federal rate ("AFR") for use with a sale to a defective grantor trust, self-canceling installment note ("SCIN") or intra-family loan with a...more

Kilpatrick

4 Key Takeaways | Mid-Year Tax Update

Kilpatrick on

On June 22, 2021, Kilpatrick Townsend Tax attorneys Lynn Fowler, Heather Preston, Rob Daily, and Jeff Reed participated in a mid-year tax update webinar hosted by the firm. The webinar discussed recent tax issues in the...more

Holland & Hart LLP

The Disappearing Deduction for Colorado State Income Tax Purposes

Holland & Hart LLP on

On June 23, 2021, Governor Polis signed Colorado House Bill 21-1311 into law. The Bill makes significant changes to a number of Colorado state income tax laws. One change of note is an amendment to C.R.S. § 39-22-104. The...more

Sullivan & Worcester

SALT Cap Workaround and Other Tax Provisions in the Pending Massachusetts FY22 Budget

Sullivan & Worcester on

On Friday, July 9, the Massachusetts Legislature voted in favor of the Conference Committee’s revised fiscal year 2022 (FY22) budget bill, House No. 4002[1] (budget bill). The Governor has until Monday, July 19 to either...more

Shumaker, Loop & Kendrick, LLP

South Carolina Enacts SALT Cap Workaround

Shumaker, Loop & Kendrick, LLP on

South Carolina recently joined the growing number of states to enact legislation that provides a state workaround to the $10,000 State and Local Tax (SALT) federal income tax deduction cap imposed on individual taxpayers by...more

Bilzin Sumberg

Moving to the Sunshine State: Change of Domicile Planning Considerations

Bilzin Sumberg on

Florida has long been known as a hot-spot for retirees and snowbirds to move for its sunny weather and beautiful beaches. In recent years, however, since the "SALT Deduction Cap" established by the 2017 Tax Cuts and Jobs Act...more

Bilzin Sumberg

Five Tips for Businesses and Individuals Looking to Relocate to Tax-Friendly States

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Over the last decade, there has been a gradual increase in the number of residents and businesses emigrating to tax-advantaged states such as Florida, Arizona, Texas, and Nevada, from tax-burdened markets including New York,...more

BakerHostetler

BEPS 2.0 - International Tax Reform Primer for SALT Experts

BakerHostetler on

It can be a little intimidating for a state tax expert to stand around the water cooler with international tax experts that casually throw around terms like BEPS, Pillar 1, Pillar 2, Digital Services Taxes, OECD, GloBE, etc....more

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report - March 2020 #6

Nelson Mullins Riley & Scarborough LLP on

It felt as if Crossover Day came early under the Gold Dome as legislators rushed to vote on a number of weighty issues today, some of which were the products of months of discussion while others appeared in only the last few...more

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