News & Analysis as of

Financial Services Industry State Taxes

Burr & Forman

Georgia House Bill 586 Expands Loan Flexibility and Tax Exemptions

Burr & Forman on

On May 9, 2025, Governor Brian Kemp signed into law House Bill 586, which significantly amends Georgia’s intangible recording tax provisions. Effective July 1, 2025, the bill extends the maturity threshold for “short-term...more

Orrick, Herrington & Sutcliffe LLP

Washington State enacts provisions to allow companies to deduct interchange fees

On May 20, the governor of Washington State signed into law HB 2020 which amends the state’s tax laws to exclude interchange fees from the business and occupation tax. The legislation stemmed from a lawsuit where a company...more

Allen Barron, Inc.

IRS and California Tax Issues Associated with Non-Fungible Tokens or NFTs

Allen Barron, Inc. on

What is a Non-Fungible Token or NFT and what are the IRS and California tax issues associated with Non-Fungible Tokens or NFTs which might apply to you?  NFTs are unique tokens based in and recorded within a blockchain that...more

McGlinchey Stafford

Student Loan Borrowers Beware: You May Owe State Tax on the Forgiven Debt Even If You Do Not Receive an IRS Form 1099-C

McGlinchey Stafford on

As reported late last year, the IRS announced in Notice 2022-1 (Notice) that lenders are not required to, and should not, issue IRS Forms 1099-C when certain student loan debts are forgiven. The Notice was in response to...more

Rivkin Radler LLP

The Deduction of Cannabis Business Expenses Following New York’s 2023 Budget

Rivkin Radler LLP on

The 2023 Budget- Last week, the New York Legislature passed the State’s 2022-2023 Budget. The $220 billion Budget reflects an $8 billion increase over last year’s budget (a more than 3 percent jump). It is also $4 billion...more

Pillsbury - SeeSalt Blog

Washington B&O Tax Litigation Hits Financial Services Industry

A Washington state trial judge partially granted the state’s motion to dismiss a lawsuit challenging the validity of a recently enacted Washington tax measure that increases the state’s Business & Occupation Tax (“B&O Tax”)...more

Morrison & Foerster LLP

New York Revises Draft Apportionment Regulation on Specified Services That Will Affect Many Businesses, Including the Financial...

The New York State Department of Taxation and Finance has made several significant revisions to its draft corporate income tax regulation for the sourcing of receipts from other services and other business activities. Draft...more

Morrison & Foerster LLP

California FTB Ruling Addresses Definition of a Financial Corporation

Morrison & Foerster LLP on

A recently issued California Franchise Tax Board Chief Counsel ruling provides important guidance on the scope of a regulation regarding qualification as a “financial corporation” for California corporation franchise tax...more

Proskauer - Blockchain and the Law

Ohio is the First US State to Allow Payment of Taxes Using Bitcoin

Today, Ohio reportedly becomes the first US state to allow taxes to be paid in the form of bitcoin. Although the program, which is spearheaded by Ohio Treasurer Josh Mandel, will not be available to individual taxpayers until...more

Morgan Lewis

Four States Sue Federal Government to Invalidate Cap on State and Local Tax Deduction

Morgan Lewis on

New York, New Jersey, Maryland, and Connecticut are seeking to invalidate the new $10,000 cap on the federal deduction for state and local taxes, alleging that the cap is unconstitutional, interferes with states’ rights to...more

Pierce Atwood LLP

Under The Dome: Inside The Maine State House

Pierce Atwood LLP on

Governor LePage Delivers State of the State Address - Governor LePage delivered his final State of the State address to the Legislature on Tuesday, February 13. The speech, which lasted nearly an hour and a half, focused...more

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