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State Taxes Tax Planning Tax Rates

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

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

Stoel Rives LLP

Washington Supreme Court Upholds Capital Gains Tax

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Effective January 1, 2022, Washington law imposes a 7% tax on gains over $250,000 per year from the sale or exchange of long-term capital assets allocated to Washington such as stocks, bonds, business interests, or other...more

Nutter McClennen & Fish LLP

Key Considerations When Planning for the Massachusetts ‘Millionaires Tax’

On November 8, 2022, Massachusetts voters approved an amendment to the Massachusetts Constitution imposing, effective January 1, 2023, a surtax of 4% on an individual’s annual taxable income to the extent it exceeds $1...more

Burns & Levinson LLP

VAS Holdings v. Commissioner of Revenue - Taxing Out-of-State Entities on the Sale of a Massachusetts Business

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What Was At Stake - At issue in a recent, significant tax decision of the Supreme Judicial Court (“SJC”) was whether the Massachusetts Commissioner of Revenue could tax an out-of-state shareholder on the gains it derived...more

McGuireWoods LLP

Virginia Resets Data Center Equipment Assessments, Tax Changes on Horizon

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The commonwealth of Virginia plans to reset how data center equipment, fixtures and supporting supplies are taxed throughout the state. Given that Northern Virginia, also known as Data Center Alley, is home to the largest...more

Bowditch & Dewey

Remote Work Tax and Compliance Considerations

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Many tax and compliance obligations apply when a company offers a remote work arrangement to employees in different states. STATE AND LOCAL EMPLOYEE TAX REQUIREMENTS - First, the company must work with its payroll provider...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

Kilpatrick

4 Key Takeaways | Mid-Year Tax Update

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On June 22, 2021, Kilpatrick Townsend Tax attorneys Lynn Fowler, Heather Preston, Rob Daily, and Jeff Reed participated in a mid-year tax update webinar hosted by the firm. The webinar discussed recent tax issues in the...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

Bowditch & Dewey

Massachusetts Enacts Work Around to Federal $10,000 SALT Deduction Limitation

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On July 16, 2021, Governor Baker enacted legislation that allows (a) individual, trust and estate taxpayers who are partners in partnerships (or limited liability companies taxed as partnerships) and (b) individual, trust and...more

Kelley Drye & Warren LLP

New York State Enacts Elective Pass-through Entity Tax as a SALT Deduction Limitation Workaround

In April 2021, New York State enacted legislation providing for a new elective pass-through entity (PTE) tax on partnerships and Subchapter S corporations. The 2017 Tax Cuts and Jobs Act generally limits an individual’s...more

Bowditch & Dewey

GameStop, Taxes, and the Next Trade

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It appears the wild ride for traders in GameStop (GME) stock has ended with shares trading at a fraction of what they were trading just a few weeks ago. Shares which once soared from around $20 a shares to a high of $380, as...more

Bilzin Sumberg

Five Tips for Businesses and Individuals Looking to Relocate to Tax-Friendly States

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Over the last decade, there has been a gradual increase in the number of residents and businesses emigrating to tax-advantaged states such as Florida, Arizona, Texas, and Nevada, from tax-burdened markets including New York,...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

BakerHostetler

Leaving on a Jet Plane: How to Change Tax Residency

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Many people are looking to move out of high tax jurisdictions - for a variety of tax and non-tax reasons. State tax officials audit residency changes with vigor. Betsy Smith joins Matt Hunsaker in the virtual studio to...more

BakerHostetler

BEPS 2.0 - International Tax Reform Primer for SALT Experts

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It can be a little intimidating for a state tax expert to stand around the water cooler with international tax experts that casually throw around terms like BEPS, Pillar 1, Pillar 2, Digital Services Taxes, OECD, GloBE, etc....more

Verrill

2020 Estate Planning Update

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SECURE ACT - What you need to know: The Setting Every Community Up for Retirement Enhancement (SECURE) Act went into effect on January 1, 2020. The most significant provisions of the SECURE Act involve changes to the...more

Morgan Lewis

NJ Enacts Elective Pass-Through Business Tax to Limit Federal Cap Impact on SALT Deduction

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New Jersey recently enacted the “Pass-Through Business Alternative Income Tax Act,” which allows pass-through businesses with at least one member liable for the New Jersey gross income tax to make an election to pay income...more

McDermott Will & Emery

Gross Receipts Taxes Face Policy and Legal Challenges

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As the economy shifts to a digital one, we are finding that states are turning toward unconventional revenue options. One trend we’re seeing is the surprising comeback of the gross receipts tax (GRT): • Oregon’s new...more

Foster Garvey PC

Oregon’s New Corporate Activity Tax

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We are taking a break from our multi-post coverage of Opportunity Zones to address a recent, significant piece of Oregon tax legislation. On May 16, 2019, Governor Kate Brown signed into law legislation imposing a new...more

Burr & Forman

South Carolina Property Tax for New and Expanding Manufacturers: The Fee-In-Lieu of Tax Versus the Special Source Revenue Credit

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South Carolina has some of the highest business property taxes in the Southeast. The state generally taxes land, buildings, machinery and equipment, and furniture and fixtures, but does not tax inventory, pollution control...more

Womble Bond Dickinson

2018 is a Unique Year for Taxes

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You may be happy that a refund is coming, or you may be steamed at the amount of taxes you had to pay. Regardless, the experience you had for the 2017 tax season likely will be significantly different from the 2018 tax...more

Foster Garvey PC

Decoding the Tax Cuts and Jobs Act – Part VII: Family Matters and Major Events in the Lives of Individuals

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The Tax Cuts and Jobs Act (“TCJA”) creates the need for tax planning with respect to several major life-changing activities individuals may encounter, including marriage, divorce, home ownership, casualty losses, medical...more

Ruder Ware

More Planning Tips for Individuals Under New Tax Act

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As Shanna Yonke mentioned in her January 22, 2018 Legal Update The New Tax Law Provides Estate Planning Opportunities, President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. The Act (officially,...more

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