News & Analysis as of

State Budgets Net Operating Losses

WilmerHale

California NOL Suspension and Business Tax Credit Limitation 2024–2026

WilmerHale on

On June 27, 2024, California enacted budget trailer legislation that contains significant tax changes (Senate Bill 167) and is likely to impact most California taxpayers....more

Pillsbury Winthrop Shaw Pittman LLP

California Legislature Passes Governor Newsom’s Proposal to Suspend California Net Operating Loss Deductions and Limit Tax Credits...

The legislation suspends California net operating loss deductions for tax years beginning in 2020, 2021 and 2022. It limits California tax credits to $5 million for each taxpayer for the same tax years....more

Manatt, Phelps & Phillips, LLP

Proposed California Taxes to Address California’s Budget Shortfall in Light of COVID-19

California Governor Gavin Newsom’s proposed budget for FY 2020-21 projected a $7 billion surplus and record state spending, but his revised budget projects as much as a $54 billion deficit in light of COVID-19’s impact on the...more

Morrison & Foerster LLP

MoFo New York Tax Insights - Volume 7, Issue 5

Retroactive Application Of 2010 Statutory Amendment Permitted By Tribunal - Reversing the decision of an Administrative Law Judge, the New York State Tax Appeals Tribunal has upheld the constitutionality of retroactively...more

McDermott Will & Emery

Inside the New York Budget Bill: 2015 – 2016 Budget Legislation

McDermott Will & Emery on

In This Issue: - Technical Correction .. Economic Nexus .. Tax Base and Income Classifications .. Tax Rates and Qualified New York Manufacturers .. Apportionment .. Combined Reporting .. Net...more

K&L Gates LLP

Budget Negotiations and Business Tax Issues Likely to Impact Pennsylvania Employers Amid Fiscal Crisis

K&L Gates LLP on

Pennsylvania’s employers need to pay close attention to the developing fiscal crisis confronting Pennsylvania policy makers in the months ahead. None of Pennsylvania’s major industries should conclude that they are protected...more

Bradley Arant Boult Cummings LLP

Alabama Legislative Update—Rounding the Corner in the Last Lap: An Update on Pending and Recently Enacted Tax Legislation

The 2014 regular session of the Alabama legislature has been underway for over two months and is nearing its end. The legislature is off this week for Spring Break, then returns on Tuesday, April 1, for three final meeting...more

McDermott Will & Emery

Inside the New York Budget Bill Part Five: Net Operating Losses and Tax Credits

McDermott Will & Emery on

This is the fifth installment of a series that takes an inside look at the corporate tax reform proposals in Governor Andrew Cuomo’s 2014–15 New York Budget Bill. This proposed reform is sweeping and, if enacted, is likely to...more

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