News & Analysis as of

State and Local Government Tax Rates

Burr & Forman

Important Update: Florida Sales Tax Reduction on Commercial Leases

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As of June 1, 2024, the State of Florida reduced the state sales tax rate on commercial real property lease payments from 4.5% to 2%. All commercial leases with an occupancy period that started on or after June 1, 2024 will...more

DarrowEverett LLP

What Florida Sales Tax Cut Means for Florida Commercial Tenants

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Broadly speaking, according to the Florida Department of Revenue, each Florida sale, amusement park admission, storage unit and rental is taxable (unless it falls under an exemption, such as nonprofits). More specifically,...more

Baker Donelson

SALT Select Developments - May 2024

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State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Manatt, Phelps & Phillips, LLP

Executive Summary: New York State Fiscal Year 2024-2025 Budget

On January 16, New York Governor Kathy Hochul released her State Fiscal Year (SFY) 2024-25 Executive Budget, her third since assuming office in August 2021. Addresses by Governor Hochul and Budget Director Blake Washington...more

McGlinchey Stafford

Ohio Legalizes Adult-Use Marijuana

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On November 7, 2023, voters in Ohio approved Ohio Issue 2, the Marijuana Legalization Initiative (the Initiative), which legalizes marijuana for recreational use in Ohio. Among its key provisions, the Ohio Initiative creates...more

Baker Donelson

SALT Select Developments - May 2023

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State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. In this newsletter edition, we will briefly summarize certain state and local tax (SALT)...more

Pierce Atwood LLP

Rhode Island Businesses Could Soon Receive Tax Relief

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Rhode Island Senate leadership is backing legislation that would exempt the first $100,000 of tangible property from property taxation by municipalities. The tangible tax is currently levied on businesses for property other...more

McDermott Will & Emery

Pennsylvania Cuts Corporate Tax Rate, Makes Other Changes to Corporate Tax Law

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Pennsylvania Governor Tom Wolf has signed into law omnibus tax legislation to implement the Commonwealth’s fiscal year 2022 – 2023 budget. Among other things, the enacted legislation: (1) cuts the corporate net income tax...more

Spilman Thomas & Battle, PLLC

The Dome Report, Issue 1, 2022: The West Virginia Legislature Starts 2022 at a Fast Pace

The West Virginia Legislature commenced its 60-day regular session on Wednesday, January 12, 2022 and proceeded to introduce and advance legislation at breakneck speed. However, it was the short special session, which...more

Foster Garvey PC

The Oregon SALT Cap Workaround for Pass-Through Entities Is Finally Here – Governor Kate Brown Has Signed Senate Bill 727 Into Law

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Last fall, the IRS announced, with respect to pass-through entities (LLCs or other entities taxed as partnerships or S corporations), that, if state law allows or requires the entity itself to pay state and local taxes (which...more

Eversheds Sutherland (US) LLP

Department of Taxation and Finance releases long awaited guidance addressing pass-through entity tax

On August 25, 2021, the New York State Department of Taxation and Finance released guidance (Technical Memorandum, TSB-M-21(1)C, (1)I) addressing the recently enacted optional pass-through entity tax (PTET) that partnerships...more

Bowditch & Dewey

Massachusetts Legislature Passes Legislation Enacting Work Around to Federal $10,000 SALT Deduction Limitation, but Governor Baker...

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On July 16, 2021, Governor Baker approved a $47.6 billion fiscal 2022 budget, but sent back a provision the Massachusetts Legislature passed creating a workaround for the federal cap on the state and local tax deduction. ...more

Shumaker, Loop & Kendrick, LLP

Client Alert: Florida Back-to-School Tax Holiday

This Saturday, July 31st, the Back-to-School tax holiday begins in Florida. The extended version of the long-standing tax-free weekend will run through August 9th, allowing Floridians 10 full days to save on supplies in...more

Davis Wright Tremaine LLP

Seattle's Payroll Expense Tax Upheld by Trial Court—Time for Employers to Gear Up for Reporting

On June 4, 2021, King County Superior Court upheld the validity of the new Seattle payroll expense tax (dubbed the "JumpStart" tax) against a constitutional challenge. The tax came into effect January 1, 2021, but reporting...more

ArentFox Schiff

Inside DC: Highlights and Implications of the FY 2022 Budget

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DC Business & Policy Practice Group Leader Jon Bouker speaks with Co-Leader David Grosso and Senior Government Relations Director Oliver Spurgeon about what you can expect from the DC budget process during this historic year....more

Lowndes

New Florida Law Expected to Significantly Reduce Florida’s Commercial Lease Sales Tax Rate

Lowndes on

On April 19, 2021, Florida Governor Ron DeSantis signed into law Senate Bill 50 (SB 50), which amends portions of Chapter 212, Florida Statutes. SB 50 is slated to significantly reduce Florida’s commercial leasing sales tax...more

Franczek P.C.

Cook County to Activate 2011 to 2014 Tax Rate Objections and Send Notices to Taxing Agencies Electronically

Franczek P.C. on

In the next few weeks, Cook County school districts and other taxing agencies will be receiving notices from the State’s Attorney’s Office that the tax rate objection complaints for the 2011 to 2014 tax years are being...more

Eversheds Sutherland (US) LLP

Georgia’s 2021 Sine Die - Thoughtful policy mixed with last minute surprises and everything in-between

During the 2021 legislative session, the Georgia General Assembly passed key legislation, including conformity to the federal tax law, the elimination of deference to subregulatory interpretations of the Department of...more

Lowndes

Hillsborough County Commercial Lease Sales Tax Rate Reduced by Recent Florida Supreme Court Decision

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A recent Florida Supreme Court decision found that the Hillsborough County 1% transportation sales surtax is unconstitutional. As a result, the decision reduced the sales tax rate on commercial lease payments in Hillsborough...more

Freeman Law

State & Local Tax: Controlling Interest Transfer Tax

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Do you own an entity that holds real estate? Are you thinking about selling real estate? Are you considering selling the real estate asset or selling the entity that owns the real estate? Generally, a real estate transfer...more

Farrell Fritz, P.C.

Taxes In New York’s FY 2022 Budget

Farrell Fritz, P.C. on

Budget Time in New York- Last week, we reviewed some of the tax measures discussed by Governor Cuomo in his report on the State of the State, and how they may affect New York businesses and their owners. Today, we’ll take...more

BakerHostetler

The Other Elections: State & Local Tax Ballot Results

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Everyone has been fixated on the presidential and congressional elections. But this election was chock full of state and local tax ballot measures. Some passed, some didn't - Matt Hunsaker breaks down the results in Arizona,...more

Manatt, Phelps & Phillips, LLP

California Election 2020 Results - Updated

As the nation awaits the final formal actions necessary to certify the results of the 2020 presidential election, California is finalizing the vote count following a turnout now estimated at 80% of the state’s 22 million...more

Allen Matkins

California Voters Narrowly Reject Split-Roll Initiative, but Approve Changes to Property Tax Exemptions; San Francisco Voters...

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On November 3, 2020, voters across the State of California were asked to consider various state and local ballot measures. The hardest fought campaign, Proposition 15, asked voters whether to rescind property-tax rules...more

Goodwin

The Green Wave: Cannabis Legalization Sweeps in 2020

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It was a Green Wave on election night, with every cannabis-related legalization measure on the ballot passing, some by surprisingly large margins of victory. As a result of the November 2020 election, the number of states...more

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