News & Analysis as of

SALT

New York’s Response to Federal Tax Reform: Optional Payroll Tax

by McDermott Will & Emery on

In an effort to mitigate the effects of the elimination of the individual SALT deduction as part of federal tax reform, New York has enacted an optional payroll tax that would allow employees to receive a personal income tax...more

New York’s Response to Federal Tax Reform: Charitable Contributions Credit

by McDermott Will & Emery on

In an effort to mitigate the effects of the elimination of the individual SALT deduction as part of federal tax reform, New York has enacted a charitable contribution regime under which individuals may contribute to state or...more

Maine Enacts Property Tax Modernization and Improvement Law

by Pierce Atwood LLP on

Maine recently passed L.D. 1479, An Act To Modernize and Improve Maine’s Property Tax System, which implements certain changes to the state’s property tax assessment, review, and appeals processes. ...more

New York State Budget Includes Optional Employer Payroll Tax As A Potential SALT Cap Work Around

by Jackson Lewis P.C. on

As part of the FY 2019 NY State Budget, lawmakers recently enacted a program to potentially circumvent the recent Federal Tax Law change that imposes a $10,000 cap on the State and Local Tax Deduction (SALT) for individuals...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

Finishing SALT: April State Focus & March Wrap-Up

by McDermott Will & Emery on

A Grain of SALT: April State Focus – South Dakota - On April 17, the United States Supreme Court will hear oral argument in South Dakota’s case challenging the Court’s physical presence requirement for sales tax nexus....more

Alabama Legislature Passes Bill to Address Calculation of Credit for Taxes Paid to Other States - State & Local Tax Alert: Alabama...

Gov. Kay Ivey signed House Bill 384, into law last Wednesday, March 28, ending a debate that has lasted for almost a decade over the scope of the individual income tax credit for certain taxes paid to other states. ...more

Estate Planning Newsletter - First Quarter, 2018 - Estate Planning and Wealth Preservation under the Tax Cut and Jobs Act of 2017

by Hinshaw & Culbertson LLP on

Charitable Gifting Strategies - The Tax Cut and Jobs Act of 2017 ("TCJA") repealed most itemized income tax deductions and increased the standard deduction—now $24,000 for married couples filing jointly, $18,000 for heads...more

Carbon Dioxide Capture Credit Enhanced

by Pierce Atwood LLP on

The Bipartisan Budget Act of 2018 extended and enhanced a tax credit that incentivized carbon dioxide capture, storage, and utilization. The enhanced credit, known as the “45Q tax credit,” offers a tax credit of up to $50...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

Impact of 2017 Tax Reform: Sports and Entertainment

by Moskowitz LLP on

Most reporting about our new tax laws has been on the reduction of business taxes, real estate, and the loss of individual deductions. In this blog post, we will highlight some provisions that will impact the sports and...more

Wealth Management Update - March 2018

by Proskauer Rose LLP on

March Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The March § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Finishing SALT: March State Focus & February Wrap-Up

by McDermott Will & Emery on

A Grain of SALT: March State Focus – New York - On January 19, a New York qui tam complaint was unsealed. This was unremarkable in and of itself, as there are many qui tam complaints progressing through the courts. ...more

Blue States Try to Rescue SALT Deductions With Charitable Contributions

by Lane Powell PC on

The so-called Tax Cuts and Jobs Act signed into law on December 22, 2017, changed the landscape for state taxation of individuals in one very significant way: starting this tax year, individual taxpayers can only deduct up to...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

Impact of 2017 Tax Reform: The Real Estate Industry

by Moskowitz LLP on

The new tax law promises to have a significant impact on homeowners, investors, and the real estate industry as a whole. Let’s explore some of the most notable changes to real estate taxation that takes effect this year...more

Viewpoint: Alabamians get another reason to fund tax-credit scholarships

With the Dec. 22 enactment of the federal Tax Cuts and Jobs Act, many Alabamians and companies doing business in our state should see a reduction in their 2018 federal income tax bills but, somewhat surprisingly, an increase...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

2018 New York Legislative Session Preview

by Dentons on

New York State legislators made their annual return to Albany for the start of the 2018 legislative session with no shortage of issues to deal with. The state is facing its first major budget crunch since Governor Andrew...more

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Healthcare Industry?

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

The New Tax Law: Impact on Illinois Local Governments

by Holland & Knight LLP on

The new tax reform law – the Tax Cuts and Jobs Act – has been extensively reported in a variety of media outlets. Most discussions focus on the reduction in individual and corporate tax rates, the availability of deductions...more

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Agriculture Industry?

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

How State Legislatures May Rock the World of Employee Compensation in Response to the Recent Federal Tax Law

Prior to the effective date of the tax bill recently signed by the President, Section 164 of the Internal Revenue Code permitted individuals who itemized deductions to deduct state and local income and other designated taxes...more

Summary of Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Private Client & Trust Tax Reform Advisory

by Goulston & Storrs PC on

On December 22, 2017, the President signed into law H.R. 1, informally known as the “Tax Cuts and Jobs Act” (the “Act”), implementing sweeping changes to United States income tax regimes for individuals and businesses and...more

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