News & Analysis as of August 20, 2025

Tax Credits

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

One Big Beautiful Bill Act: Key Tax Impacts for Businesses

Vinson & Elkins LLP on 7/9/2025

On July 4, 2025, President Donald J. Trump signed the One Big Beautiful Bill Act (the “OBBBA”) into law. Congress passed the OBBBA through budget reconciliation, a special legislative process that allows Congress to advance...more

Senate Finance Committee Proposes Key Departures From House Provisions for the One Big Beautiful Bill Act

Skadden, Arps, Slate, Meagher & Flom LLP on 6/26/2025

Key Points - - The Senate Finance Committee’s version of the tax-related proposals aim to deliver on Senate Republicans’ promise to make many of the TCJA’s individual and corporate tax measures permanent. - The bill...more

One Big Beautiful Bill Passed by the House

Proskauer - Tax Talks on 5/27/2025

On Thursday May 22, the House of Representatives passed the One Big Beautiful Bill Act (H.R. 1, hereafter the “Bill”). The Bill will now be considered by the U.S. Senate....more

Breaking Down the “One, Big, Beautiful” Tax Bill: Take One

Nutter McClennen & Fish LLP on 5/19/2025

On May 12, the Republican majority leadership in the House of Representatives released for consideration its tax and spending reconciliation legislation, called the “One Big, Beautiful Bill” (the “Bill”). This major piece of...more

Tax Bill Proposes Trillions in Tax Cuts and Significant Tax Increases

BakerHostetler on 5/15/2025

The race to remake portions of the Internal Revenue Code (Code) and to prevent expiration of certain Tax Cuts and Jobs Act (TCJA) provisions has begun, with House Ways & Means Committee proposals (the Markup) to spend...more

[Event] Tax Symposium 2024 - May 14th - 15th, Chicago, IL

McDermott Will & Schulte on 5/2/2024

Discover the latest global developments and planning opportunities to stay ahead of the curve at McDermott’s Tax Symposium 2024. Join us in Chicago for a full day of programming designed to equip corporate tax leaders with...more

Illinois Fiscal Year 2020 Income and Franchise Tax Changes

McDermott Will & Schulte on 6/14/2019

The Illinois General Assembly enacted a number of new tax measures in a flurry of activity at the end of its legislative session. Some of the changes are taxpayer friendly and others are not. Unlike the no-deal chaos of past...more

Draft North Carolina Tax Legislation Released

Smith Anderson on 4/18/2018

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

New York State Responds to Federal Tax Reform

Skadden, Arps, Slate, Meagher & Flom LLP on 4/10/2018

On March 30, 2018, the New York Legislature passed the 2018–2019 Budget Bill (SB. 7509-C/A 9509-C) (Budget Bill), which addresses several provisions of the newly enacted Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) and...more

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