News & Analysis as of August 19, 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 -

2025 DOR Request for Legislative Changes

Smith Anderson on 2/25/2025

The Department of Revenue (the “Department”) recently released two documents containing its “substantive” and “clarifying” requests for legislative changes to North Carolina’s revenue laws. Most of the requests include...more

2021 Tax Changes For Businesses: The Not So Good, The Bad And The Ugly

Kohrman Jackson & Krantz LLP on 1/27/2022

As small and mid-size business owners move toward the federal tax filing deadline in this new year, they need to be aware of certain changes in the federal income tax area. A short listing of the highlights (more...more

2020 End of Year Tax Planning for Businesses

Bowditch & Dewey on 10/28/2020

As the 2020 year draws to a close, businesses should review the tax-related provisions adopted in the CARES Act and related IRS guidance with their tax advisers: EMPLOYER REFUNDABLE CREDIT AND PAYROLL TAX DEFERRAL: -...more

The Reintroduction of Net Operating Loss - A Pepper Hamilton and Financial Executives Alliance Webinar

Troutman Pepper Locke on 6/26/2020

Recent law changes can provide portfolio company liquidity and/or require reconsideration of 2018–2020 deals. During this webinar, Steven D. Bortnick and Todd B. Reinstein, partners in the Tax and Estates Practice Group of...more

State and Local Tax Considerations in Light of COVID-19

Skadden, Arps, Slate, Meagher & Flom LLP on 4/8/2020

The first order of business for many state tax authorities in response to COVID-19 was deciding whether to extend their respective income tax filing and payment deadlines for the 2019 tax year, either automatically by...more

COVID-19 Tax Relief: Congress Enacts Federal Income Tax Relief for Businesses

Wilson Sonsini Goodrich & Rosati on 4/6/2020

As part of the U.S. government's response to the economic disruption caused by the Novel Coronavirus (COVID-19), on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748 or the CARES Act) was...more

Tax Relief Under the CARES Act

Wilson Sonsini Goodrich & Rosati on 4/3/2020

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2 trillion stimulus package thought to be the largest in U.S. history. The CARES Act contains several key...more

Business And Individual Income Tax Provisions Of The Cares Act

Goodwin on 4/1/2020

On Friday, March 27, Congress passed, and the President signed, the bipartisan “Coronavirus Aid, Relief, and Economic Security Act” (the “Act”), a $2 trillion economic stimulus plan to provide funding and tax relief to...more

The CARES Act: Tax Relief and Incentives

Jackson Walker on 4/1/2020

Friday, March 27th, the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act. The CARES Act contains significant tax relief for individuals and businesses. Below are the tax highlights....more

Key Tax Provisions of the CARES Act

Burr & Forman on 3/31/2020

The COVID-19 or Coronavirus has disrupted demand in many industries and is wreaking havoc on budgets and cash flow projections. On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or Act),...more

The CARES Act Includes Many Tax Incentives for Employers - Charitable Contribution Modifications

Snell & Wilmer on 3/31/2020

On Friday, March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) into law. Among the numerous provisions of the Act intended to provide economic relief to...more

CARES Act Summary – Tax

Akin Gump Strauss Hauer & Feld LLP on 3/30/2020

On March 25, 2020, the U.S. Senate released final text of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R. 748) to provide emergency economic assistance to those affected by the novel coronavirus...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

Maine Legislature Passes Tax Conformity Legislation - Now Awaits Governor’s Signature

Pierce Atwood LLP on 9/5/2018

In a special session, the Maine legislature passed tax conformity legislation on August 30, 2018, after having failed to pass this legislation prior to its spring adjournment. The legislation is now on the Governor’s desk...more

Real Estate Aspects of Tax Reform

Sheppard Mullin Richter & Hampton LLP on 1/30/2018

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA), the most extensive overhaul of the United States tax regime in over thirty years. The new tax laws will have a significant impact upon...more

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Real Estate and Construction Industry?

Schwabe, Williamson & Wyatt PC on 1/11/2018

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Energy Taxation: Impact Of The Tax Cuts And Jobs Act

Orrick, Herrington & Sutcliffe LLP on 1/5/2018

Congress has passed the tax reform bill, known as the "Tax Cuts and Jobs Act", and President Trump signed it into law on December 22, 2017. The Act contains wide-ranging changes to the tax law that affect many industries. ...more

Congress Releases Revised Conference Bill on Tax Reform - A Look at How It Compares with Earlier House and Senate Bills

Holland & Knight LLP on 12/20/2017

Congress released the "Tax Cuts and Jobs Act" on late Friday evening, Dec. 15, 2017. This version of the bill is the result of a conference committee process to marry the different bills previously passed by the U.S. House of...more

Sleeper Issue? Deferred Tax Assets under a Trump Administration

Bass, Berry & Sims PLC on 12/7/2017

Update as of December 6, 2017: Congress and the President are nearing the finish line for significant tax reform with the likelihood of passing by the end of the year. Since it has the potential to significantly change the...more

U.S. Tax Reform in Final Stretch

Hogan Lovells on 12/7/2017

This past week, on 1 December, the Senate voted 51-49 to advance its version of U.S. tax reform legislation. This sets the stage for a conference committee process to occur over the next two weeks, in which the Senate and...more

House of Representatives Releases First Draft of Tax Reform Bill

Jones Day on 11/7/2017

The Situation: On November 2, 2017, the House Ways and Means Committee released its first draft of much-anticipated comprehensive U.S. tax reform legislation as the "Tax Cuts and Jobs Act." Chairman Brady’s markup of the bill...more

Potential for Tax Reform in 2017: Insight from Proposals of the President-Elect and Congressional Republicans

Proskauer - Tax Talks on 11/11/2016

In the U.S. general election held on November 8, 2016, Donald J. Trump was elected to become the 45th President of the United States. Republicans also retained their majorities in both the U.S. House of Representatives and...more

Alabama Legislative Update—Rounding the Corner in the Last Lap: An Update on Pending and Recently Enacted Tax Legislation

Bradley Arant Boult Cummings LLP on 3/25/2014

The 2014 regular session of the Alabama legislature has been underway for over two months and is nearing its end. The legislature is off this week for Spring Break, then returns on Tuesday, April 1, for three final meeting...more

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