News & Analysis as of

State Taxes Tax Credits

Kilpatrick

5 Key Takeaways - New York Tax Update

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On September 5th, Kilpatrick tax partner Jeff Reed presented during a webinar hosted by HalfMoon Education, Inc. The webinar discussed recent New York tax developments. Here are five key takeaways from the webinar...more

Baker Donelson

SALT Select Developments - August 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

Woods Rogers

State and Local Tax Law Changes in Effect in 2024

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The Virginia Department of Taxation released its 2024 legislative summary detailing changes, effective July 1, 2024, to Virginia’s state and local tax laws. The following discussion focuses on a few of the changes you may...more

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report - Special Alert

State Agency Seeks Feedback on Targeted Georgia Tax Incentives - As the Georgia General Assembly works to assess the cost and effectiveness of the state's tax credits and exemptions, Georgia taxpayers have an opportunity...more

Polsinelli

Not-For-Profits Gain Access to Historic Tax Credits with Enactment of Missouri HB 2062

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On May 16, Missouri passed HB 2062 modifying the state’s existing Historic Tax Credit (HTC) program. The bill alters the program in several significant ways. The program will now feature a year-round application cycle,...more

Baker Donelson

SALT Select Developments - May 2024

Baker Donelson on

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

Polsinelli

Alabama To Offer State Tax Credit for Federal 4% LIHTC Projects

Polsinelli on

As affordable housing has continued to be a topic of concern across the United States, states are evaluating ways to spur and support affordable housing development. In response to affordable housing needs, Alabama became the...more

Blank Rome LLP

New York State Enacts Fiscal Year 2024–2025 Budget, New York City to Follow

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On April 20, 2024, 19 days after the April 1 deadline, New York Governor Kathy Hochul signed into law several bills, including A8809 / S8309 and A8806 / S8306 (collectively, the “Budget”), which enact into law New York...more

Maynard Nexsen

2024 Alabama Legislative Update: Regular Session - Sine Die

Maynard Nexsen on

Budgets - The $3.4 billion General Fund Budget and supplemental appropriations, the mechanism for funding non-education-related expenses, have been sent to the Governor for her signature....more

Baker Donelson

SALT Select Developments - April 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

Maynard Nexsen

2024 Alabama Legislative Update: Regular Session - Week Seven

Maynard Nexsen on

Budgets - On Wednesday, the Senate Finance and Taxation General Fund Committee gave a favorable report to a committee substitute of the $3.3 billion 2025 General Fund Budget and supplemental budget. Some changes were made...more

Baker Donelson

SALT Select Developments - March 2024

Baker Donelson on

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

Maynard Nexsen

2024 Alabama Legislative Update: Regular Session - Week Six

Maynard Nexsen on

Workforce Participation Package - Working Alabama - This week, Governor Ivey, Lieutenant Governor Ainsworth, leadership in both the House and Senate, and business community leaders announced a bill package coined the...more

Baker Donelson

Potential Tax Refunds Resulting from Constitutional Issue with Franchise Tax

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Commissioner of the Tennessee Department of Revenue (Department), David Gerregano, recently testified before the Revenue Subcommittee of the Senate Finance, Ways and Means Committee, regarding the Department's proposed...more

Williams Mullen

2023 Developments in Virginia Taxation

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A Summary Review of Tax Legislation, Court Decisions, Opinions of the Attorney General and Published Rulings of the Tax Commissioner Published from January 1, 2023 through November 10, 2023....more

Bradley Arant Boult Cummings LLP

Important Business Tax Legislation to Watch in the 2024 Alabama Regular Session

As we strive to do annually, here is a summary of the major items of business tax legislation that have been introduced or we expect to be introduced during the 2024 regular session, which began February 6. From a tax and...more

Stoel Rives LLP

New Washington State Personal Property Tax Exemption for Certain Renewable Energy Generation and Storage Facilities

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Beginning with taxes levied for collection in 2025, a newly enacted Washington property tax statute provides an exemption from the state-imposed portion of personal property tax for qualified personal property used for the...more

Baker Donelson

SALT Select Developments - February 2024

Baker Donelson on

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

Williams Mullen

Harvesting Timberland in Virginia? Consider Claiming the Riparian Buffer Tax Credit

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Since 2000, the Virginia legislature has granted individual landowners and partnerships up to $17,500 in tax credits for leaving waterway-adjacent stands of trees intact when harvesting timberland. To claim this credit,...more

Williams Mullen

[Event] Winter Tax Forum 2024 - January 31st, Richmond, VA

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Join Williams Mullen partners for our in-person Winter Tax Forum on Wednesday, January 31, 2024. Our speakers, Farhad Aghdami, Jenny Connors, Conrad Garcia and Beth Hungate-Noland will present on partnership aggregators and...more

Baker Donelson

SALT Select Developments - January 2024

Baker Donelson on

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

Blank Rome LLP

State Tax vs. Local Tax – Is there a Difference?

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Must a state tax and a local tax be considered together when determining whether either of them pass constitutional muster? In a recent decision, the Pennsylvania Supreme Court said “no” and determined that the City of...more

Blank Rome LLP

New Jersey Agency Required to Honor its Deal and Allow $26 Million in Tax Credits

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The Superior Court of New Jersey, Appellate Division, required the New Jersey Economic Development Authority (“EDA”) to “turn square corners” and certify $26 million in tax credits pursuant to its contract with a company...more

Rivkin Radler LLP

New York Can Be Stingy Giving Credit – Resident Tax Credit, That Is

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The Office of the New York State Comptroller just released a new report that examines taxpayer migration trends during the pandemic. The report, which builds on an earlier analysis of pre-pandemic taxpayer migration trends,...more

Ballard Spahr LLP

PA Supreme Court Holds that Philadelphia Taxpayer may not Claim City Wage Tax Credit for Taxes Paid to Another State

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In a 3-2 decision in Zilka v. Tax Review Board, the Pennsylvania Supreme Court upheld the Commonwealth Court and sided with the City of Philadelphia Department of Revenue in a case addressing whether a City resident was...more

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