News & Analysis as of

Local Taxes

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

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

US Tax Reform—Changes Impacting High Net Worth Individuals

by White & Case LLP on

On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law, accomplishing the most far-reaching US tax reform in decades. While the Act contains significant changes that will impact all US taxpayers, this...more

Individual Tax Reform under the New Tax Law

by Blank Rome LLP on

On December 20, 2017, Congress passed its comprehensive tax reform bill, the Tax Cuts and Jobs Act (“the Act” or “the Bill”), which was signed into law by President Trump on December 22, 2017. The Bill represents one of the...more

State + Local Tax Insights: Winter 2018

by Morrison & Foerster LLP on

SUCCESS STORIES: WINS OF 2017 AND A POTENTIALLY BRIGHT NEW YEAR - This past year has been remarkable in many ways, and not just for its Twitter wars. We are happy to report that our clients had many wins in 2017 (both...more

Key Takeaways from Our 2017 Corporate Law for Accountants Seminars

Haynsworth Sinkler Boyd recently hosted our annual Corporate Law for Accountants Seminars across South Carolina. These complimentary seminars covered three main topics: (1) operating agreements, (2) employment law and (3)...more

The Tax Cuts and Jobs Act: An Overview and Four 2018 Planning Suggestions

by Faegre Baker Daniels on

For the first time in more than 30 years, the countdown to the New Year was also the countdown to major revisions to the tax code. The Tax Cuts and Jobs Act (Act) became law in late December 2017 and contains sweeping changes...more

NYS Budget: The Impact of the Governor’s Proposals

by Harris Beach PLLC on

As New York state lawmakers prepare to learn details, schools and municipalities face impacts of Governor Andrew Cuomo’s 2019 spending plan. The State Budget, totaling $168.2 billion in spending calls for $100 billion in...more

The Final Tax Reform Act: SALT Implications

by McDermott Will & Emery on

Now that the federal tax reform act has passed, state legislatures will have to consider the extent to which state statutes should be modified to reflect the act’s language and policy decisions. State revenue departments will...more

Stormwater Utility Ordinance: U.S. District Court Addresses Whether Assessment Violates Railroad Revitalization and Regulatory...

A United States District Court (Western District Virginia)in a December 26th Memorandum Opinion (“Opinion”) addressed a challenge to a stormwater utility ordinance assessment. See Norfolk Southern Railway Company v. City of...more

Federal Tax Reform: Major Changes Impacting Individuals

by Cozen O'Connor on

The Tax Cuts and Jobs Act (the Act), signed into law on December 22, 2017, makes major changes to federal income and estate tax law. There are numerous changes in the Act that affect businesses, individuals, tax-exempt...more

PARCA Issues Updated Study: How Alabama Taxes Compare

The well-respected Public Affairs Research Council of Alabama (PARCA), the non-profit think tank headquartered at Samford University in Birmingham, recently published its periodic report, How Alabama Taxes Compare, which...more

New Tax Changes: The Tax Cuts And Jobs Act

by Roetzel & Andress on

The Tax Cuts and Jobs Act (“Act”) (P.L. 115-97) signed into law by President Trump on December 22, 2017 and effective for tax years starting January 1, 2018 reflects a compromise between the House and Senate Bills as...more

Tax Reform Is Going To Yield Some Real Estate “Blues”

by Fox Rothschild LLP on

Lots of electronic ink has been spilled this week on winners and losers coming out of the Tax Reform Act passed on December 20. Much of this is fairly speculative but some is simply common sense....more

MoFo New York Tax Insights - Volume 9, Issue 1

by Morrison & Foerster LLP on

THE TOP 10 NEW YORK TAX HIGHLIGHTS OF 2017 - As we look forward to an exciting new year, here is our annual list of what we viewed as the Top 10 New York Tax Highlights of 2017. 1. Appellate Division finds error in...more

The Territorial Tax System Under The Tax Cuts And Jobs Act

by Ifrah PLLC on

Last year, the Senate and House approved the Tax Cuts and Jobs Act along partisan lines; on December 21st, President Trump signed the bill into law. Nearly 1100 pages long, the Act makes a number of sweeping changes to the...more

10 Steps to Take Now to Minimize Taxes under the New Tax Law

by Jaburg Wilk on

The overhaul of the Internal Revenue Code was passed by Congress on December 21, 2017 and signed into law by the President. Many changes become effective January 1, 2018. Although 2017 is almost over, the following are some...more

President Signs Federal Tax Bill into Law – What You Need to Know Before the End of 2017

by Reed Smith on

On December 22, 2017, President Trump signed into law H.R. 1, the “Tax Cuts and Jobs Act.” The Act, which the House and Senate both passed two days earlier, heralds the most expansive and significant tax legislation enacted...more

IRS Issues Guidance Regarding Deductibility Of Prepaid Real Property Taxes

by Fox Rothschild LLP on

The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The IRS has received a number...more

Tax Reform: With Massive Overhaul Now Law, Prepayment Of 2018 Property Tax May Benefit New York Property Owners

by Akerman LLP on

On December 22, 2017, President Donald J. Trump signed the Tax Cuts and Jobs Act (Act), which beginning in 2018 caps at $10,000 the allowable deduction for payment of state and local income, sales, and property taxes. While...more

Taxpayers May Not Prepay Income Tax to Avoid Cap on SALT Deduction

by McDermott Will & Emery on

The federal tax reform package recently approved by Congress (the Bill) contains a cap on the state and local tax deduction that may be claimed by individuals on their federal income tax returns. The Bill provides that an...more

The Tax Cuts And Jobs Act’s Impact On Domestic M&A Transactions

by Fox Rothschild LLP on

The Tax Cuts and Jobs Act, enacted on December 22, 2017, contains several provisions that significantly affect the federal income tax consequences of structures often used in domestic M&A transactions. While some are...more

Congress Passes GOP Tax Overhaul Legislation

by Baker Donelson on

Congress has now approved the final version of the Tax Cuts and Jobs Act (H.R. 1) on a party-line vote (51-48 Senate, 224-201 House), sending the GOP tax overhaul to President Donald Trump to be signed into law. The...more

Tax Advisory: Tax Cuts and Jobs Act – A Few Things You Can Do Now

by Sherman & Howard L.L.C. on

The Tax Cuts and Jobs Act (the “Act”) is headed to the President’s desk for signing into law. Many taxpayers are wondering what can be done (or avoided) before the end of 2017 to maximize their tax efficiency this year and...more

Congress Passes Final Tax Reform Bill: U.S. Tax Reform: The Current State of Play

With the affirmative vote in the House today, both Houses of Congress have now passed a final version of the Tax Cuts and Jobs Act, clearing the legislation for President Trump’s signature. President Trump is widely expected...more

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