In the latest skirmish in an ongoing battle between taxing authorities and institutions of higher education, the Nebraska Tax Equalization and Review Commission recently affirmed a decision that denied a property tax...more
In 2017, the Tax Cuts and Jobs Act (the “Act”) added a third minimum set-aside option to qualify a project as a qualified low-income project pursuant to Code Section 42(g)(1)(C) - the Average Income Set-Aside. The Average...more
The first order of business for many state tax authorities in response to COVID-19 was deciding whether to extend their respective income tax filing and payment deadlines for the 2019 tax year, either automatically by...more
In an Order entered by the New Jersey Supreme Court on March 19, 2020, the filing deadlines for 2020 tax appeals for both County Boards of Taxation and the Tax Court of New Jersey were extended to the later of May 1, 2020 or...more
Taxpayers may have celebrated too soon when the New Jersey Division of Taxation announced that it was withdrawing TB-85 and the GDP-based apportionment regime for global intangible low-taxed income (GILTI) and foreign-derived...more
On December 21, the New Jersey Division of Taxation released Technical Bulletin TB-85, which addresses how the Division will expect taxpayers to calculate the amount of so-called global intangible low-taxed income (GILTI) and...more
A state appellate court (“Court”) in New Mexico upheld a decision by the state’s Taxation and Revenue Department (“Department”) that royalties paid to out-of-state franchisors are subject to the state’s gross receipts tax...more
As part of Governor Jerry Brown’s 2017 budget bill, the California State Board of Equalization (SBE) was stripped of its functions that had been authorized by statute, leaving principally property tax matters deriving from...more
The Taxpayer Transparency and Fairness Act of 2017 (AB 102[1]) was signed by California Governor Jerry Brown on June 27, 2017, as part of the state budget process. The legislation makes sweeping changes to California tax...more
Last week, the California Supreme Court denied the State Board of Equalization’s (BOE’s) petition for review in Lucent Technologies, Inc. v. State Bd. of Equalization, No. S230657 (petition for review denied Jan. 20, 2016)....more
The California State Board of Equalization (Board) recently issued a favorable decision in an important Section 1031 exchange case. As an elected body of five members, the Board hears appeals in California tax cases where the...more