News & Analysis as of

Tax Exemptions

Channeling Lewis Carroll: Connecticut Estate and Gift Tax Tables are (Still) Unclear

by Murtha Cullina on

Through no fault of the Connecticut General Assembly, in late 2017 our newly increased Connecticut estate and gift tax exemptions were partially affected by the 2017 Federal Tax Act, commonly known as the Tax Cuts and Jobs...more

Illinois Supreme Court Hears Oral Argument on Hospital Property Tax Exemptions

by Franczek Radelet P.C. on

Yesterday, the Illinois Supreme Court heard oral argument in Oswald v. Beard, a case challenging the constitutionality of the statute exempting most hospitals from paying any property taxes. ...more

What's on the radar for real estate?

by Hogan Lovells on

In this short guide, we have highlighted some of the key legal changes that are on the real estate radar in a variety of international jurisdictions. Please see full Publication below for more information. ...more

Afghanistan: Classified Contractors to Receive Financial Certainty

Since 2015, defense contractors supporting US and NATO forces in Afghanistan under classified contracts have been practically foreclosed from receiving the tax and corollary benefits intended by the Bi-Lateral Security...more

Transfer Taxes and the Tax Act: An Overview and Three Possible Responses

by Womble Bond Dickinson on

Individuals and businesses continue to evaluate the Tax Cuts and Jobs Act of 2017 (the “Tax Act” or “Act”) and, in particular, the specific effects on personal and business tax planning. Our clients are asking us daily how...more

2018 is a Unique Year for Taxes

by Womble Bond Dickinson on

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

South Carolina Tax Litigation Update: First Quarter 2018

by McNair Law Firm, P.A. on

There were several notable state tax opinions issued by the South Carolina Administrative Law Court, Court of Appeals, and Supreme Court in the 1st quarter of 2018. A number of tax cases are also pending before the Court of...more

Impact to Charitable Organizations under the Tax Cuts and Jobs Act

While many businesses and individuals will see a lower tax bill as a result of the 2017 Tax Cuts and Jobs Act, charitable organizations may ultimately be the biggest losers from the sweeping tax reform. The Tax Act includes...more

New Maryland Estate Tax Exemption for 2019, Signals Trend Following 2017 Tax Act

On April 5, 2018, legislation passed in Maryland that will set the amount exempt from Maryland estate tax at $5 million for decedents who die on or after January 1, 2019. Previously, the exemption would equal the federal...more

Podcast - New Unrelated Business Taxable Income Liability for Providing Certain Fringe Benefits

by Ropes & Gray LLP on

In this Ropes & Gray podcast, tax counsel Morey Ward is joined by tax partner Kendi Ozmon and tax counsel Gil Ghatan to discuss one of the key provisions for tax-exempt organizations from the Tax Cuts and Jobs Act (TCJA) –...more

Conforming the 421-a and MIH Programs

Many of our clients have asked us how they can avail themselves of the state’s revamped 421-a tax exemption program — the Affordable New York Housing Program — on a project that is also subject to the city’s Mandatory...more

Draft North Carolina Tax Legislation Released

by Smith Anderson on

On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important...more

The New York State Budget: New Tax Code and Record Funding for Education

by Harris Beach PLLC on

The recent passage of the state’s budget, which took effect on April 1, 2018, aims to provide relief to the middle class to combat the change in federal tax law. New York is making a concerted effort to protect...more

Wyoming Signs Cryptocurrency Bills Into Law

by Thompson Coburn LLP on

In March 2018, the state of Wyoming signaled its fervent support for the growth and development of blockchain and cryptocurrency by enacting into law a flurry of legislation intended to make the state a haven for certain...more

Report on Executive Budget

by Hodgson Russ LLP on

On March 30th, Governor Cuomo announced that New York lawmakers passed the $168.3 billion FY 2019 Budget (the “Final Bill”). ...more

Investment and development grants and incentives for companies operating in Poland

by Dentons on

In 2018, Polish companies can benefit from over 11 billion PLN of non-refundable grants for development (operating costs) and investment (infrastructure costs) activities. They can also benefit from high limits of tax...more

Global Private Equity Newsletter - Winter/Spring 2018 Edition: Snapshot of Tax Act Changes for PE Funds and their Portfolio...

by Dechert LLP on

President Trump signed into law tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”) on December 22, 2017. The Tax Act implemented the most far-reaching changes to the Internal Revenue Code (the...more

Impact of New Tax Laws on Estate Planning

by Polsinelli on

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by the President on December 22, 2017, and represents one of the most significant rewritings of the federal tax code since 1986. ...more

Estate Planning Pitfall - You haven’t transferred ownership of a life insurance policy to a trust

After recent tax legislation, including the Tax Cuts and Jobs Act, few tax shelters are left standing. One key exception is life insurance. This brief article details that, if certain requirements are met, the buildup of...more

Convention Center Tax Expands to Small Hotels/Motels and Short-Term Rentals

by Garvey Schubert Barer on

Washington lawmakers have decided that all types of lodging in King County should participate in funding the Washington State Convention Center. Since the advent of King County’s convention center tax in 1982, hotels and...more

Decoding the Tax Cuts and Jobs Act – Part VIII: Charitable and Tax-Exempt Organizations / Estate and Gift Taxes

by Garvey Schubert Barer on

Charitable organizations work hard to maintain exempt status. These organizations operate in a highly regulated landscape: In exchange for enjoying freedom from income taxes, they must comply with strict organizational and...more

The Tax Laws Changed. Should Your Business and Estate Plans Change Too?

by Thompson Coburn LLP on

On January 1, 2018, the most significant changes to the U.S. tax code in 30 years took effect. While the permanency of these changes varies, they are all currently scheduled to continue until at least 2026, which is long...more

BREAKING: Indiana Enacts Cloud Software Tax Exemption

by McDermott Will & Emery on

This morning, Indiana Governor Eric Holcomb signed a bill into law that will exempt cloud-based software transactions from State Gross Retail and Use Taxes, effective July 1, 2018. The signing took place at the headquarters...more

Tax Exemptions in the Act on Support for New Investments

by Hogan Lovells on

A government draft of an Act which purpose is to introduce new mechanisms to support entrepreneurs in making new investments (hereinafter referred to as the “Draft Act”) has been submitted to the Lower Chamber of the Polish...more

Presidential Proclamations Impose Tariffs on Aluminum and Steel Imports

by Jones Day on

On March 8, 2018, President Trump signed proclamations imposing tariffs on aluminum and steel imports. The tariffs are being imposed pursuant to Section 232 of the Trade Expansion Act of 1962 following reports from the...more

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