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Income Taxes › State Budgets

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... more +
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 -
Buckingham, Doolittle & Burroughs, LLC

Ohio Pending Budget Bill reduces individual income tax rates, eliminates sales tax exemptions, and extends business tax credits;...

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The Ohio Budget Bill for FY 2026-27 (H.B. 96) was agreed to by the Ohio House and Senate in Conference Committee and now awaits Governor DeWine’s signature. Consistent with the direction commenced a few years ago, the Budget...more

Pillsbury Winthrop Shaw Pittman LLP

California Governor Releases 2025 Budget Proposal to Move Banks and Financial Corporations to Single-Sales-Factor Apportionment

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The proposal includes a shift to a single-sales-factor apportionment formula for financial institutions, aiming to increase tax revenue starting in tax year 2025. Update: On May 14, 2025, Governor Newsom released the May...more

Brooks Pierce

Brooks Pierce Capital Dispatch: House Passes Budget and New Helene Recovery Bill, Senate Confirms DIT Secretary

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House Passes Budget Bill - The NC House on Thursday passed the biennial budget bill (S 257) by a vote of 86 to 20. The vote was bipartisan with 25 Democrats joining 61 Republicans in supporting the bill. This action...more

Rosenberg Martin Greenberg LLP

Will Maryland Provide Value in Exchange for 2026 Tax Increases?

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Maryland Governor Wes Moore is expected to sign (if he has not by the date of this publication) House Bill 0350 in the coming weeks. The final version of the bill includes several major tax increases to address budget...more

Winthrop & Weinstine, P.A.

Legislative Top 5 – April 2025

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Deadlines! It has been a busy week at the State Capitol. In both the House and Senate, committees raced to meet the first and second bill deadlines of Friday, April 4 (collectively), while finance committee chairs in both...more

Brooks Pierce

Brooks Pierce Capital Dispatch: Consensus Revenue Forecast Released, Helene Work Continues

Brooks Pierce on

The recent release of the Consensus General Fund Revenue Forecast is a sign that work on the new state budget has begun. Although some legislators were in Raleigh this week, no votes were taken given inclement weather....more

Pillsbury Winthrop Shaw Pittman LLP

California Governor Releases 2025 Budget Proposal to Move Banks and Financial Corporations to Single-Sales-Factor Apportionment

Pillsbury Winthrop Shaw Pittman LLP on

The proposal includes a shift to a single-sales-factor apportionment for financial institutions, aiming to increase tax revenue starting in tax year 2025....more

Brownstein Hyatt Farber Schreck

Maryland Governor Releases 2026 Budget Proposal

Brownstein Hyatt Farber Schreck on

Last week, on Jan. 15, Gov. Wes Moore introduced to the Maryland General Assembly his fiscal year 2026 budget package. This $67.3 billion proposal, aiming to close the state’s nearly $3 billion budget gap, places a strong...more

Faegre Drinker Biddle & Reath LLP

Minnesota’s November 2024 Budget and Economic Forecast for 2026-27 Biennium

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What Is It and Why Does It Matter? The Minnesota Department of Management and Budget (MMB) prepares formal forecasts of state revenues and expenditures in November and February each year, which policymakers use to set the...more

Rivkin Radler LLP

New York Tax Continues to Inconvenience Nonresidents Working Remotely

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Last Friday, New York’s Governor Hochul delivered the following remarks at the annual meeting of the Business Council of New York State:“Someone asked me today, are we going to raise income taxes? I said, ‘I’m not raising...more

Pillsbury - SeeSalt Blog

California’s 2024-2025 Budget Seeks to Block $1.3 Billion of Refunds for Water’s Edge Taxpayers, Suspend NOL Deductions, and Limit...

Pillsbury - SeeSalt Blog on

The May Revision of California’s 2024-2025 state budget seeks to block refund claims, worth approximately $1.3 billion for historical tax years, and $200 million per year going forward, by codifying informal guidance recently...more

Dentons

Iowa General Assembly – Legislative Session Week 14

Dentons on

The legislature picked up the pace in week 14 as a real push toward the end of session began. The House and Senate spent extensive time on the floor, working to clear their calendars—which included several controversial...more

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report - Legislative Day 40 - March 2024

Nelson Mullins Riley & Scarborough LLP on

Legislative Day 40 is a roller coaster, full of ups, downs, and zero gravity turns (also known as conference committee reports). One goes from celebrating a bill achieving final passage to lamenting a measure being gutted...more

Snell & Wilmer

New California Law Attacks NINGs and DINGs

Snell & Wilmer on

On July 10, 2023, California Governor Gavin Newsom signed into law S.B. 131, which included a provision targeting the California state income tax treatment of incomplete gift non-grantor trusts ("INGs"). Under the prior law,...more

Harris Beach Murtha PLLC

Massachusetts Tax Law Update - May 2023

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On April 13, the Massachusetts House of Representatives approved H.3770, a tax reform bill that includes significant changes for individuals, businesses and estates. The bill is now with the Senate’s Ways and Means Committee,...more

Ward and Smith, P.A.

Pay Raises and Infrastructure Improvements: A Closer Look at the NC House Budget

Ward and Smith, P.A. on

North Carolina's House lawmakers recently unveiled their proposed two-year spending plan for the state, well ahead of the traditional schedule. The proposed nearly $30 billion budget would set a new record high for state...more

Winthrop & Weinstine, P.A.

Legislative Top 5 - March 2023 #2

Winthrop & Weinstine, P.A. on

First Legislative Deadline - Today marks the first deadline that legislation must meet in order to be considered this session. By today, bills must be heard in committee in their chamber of origin (this deadline generally...more

Eversheds Sutherland (US) LLP

New York Governor releases Fiscal Year 2024 Executive Budget

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On February 1, 2023, New York Governor Kathy Hochul released her Fiscal Year 2024 Executive Budget and accompanying legislation (the Budget Bill). The Budget Bill includes several tax rate adjustments and technical fixes to...more

Venable LLP

Incomplete Gift Non-Grantor Trusts Created by California Residents May Be Subject to California State Income Tax Beginning in 2023

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Under California Governor Gavin Newsom's proposed 2023-2024 state budget, released on January 10, 2023, the income of an incomplete gift non-grantor trust (ING Trust) may now be subject to California income tax, effective on...more

Stoel Rives - Mineral Law

Tax Actions by the Alaska Legislature in 2022

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In my most recent column for State Tax Notes, I look at several bills that did and didn’t pass in the latest session of the Alaska State Legislature, which adjourned in May, and at what may be on the horizon....more

Rivkin Radler LLP

Leaving New York? Can You Prove It?

Rivkin Radler LLP on

“Summertime and the Living” Isn’t Easy- Summer in the New York Metro Area can be challenging. Some would say it sucks. It gets really hot. When it rains, it pours – no spritz here. The humidity is oppressive. Ironically, a...more

Smith Anderson

North Carolina Tax Legislation Enacted in the 2022 Short Session

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The North Carolina General Assembly ended its 2022 short session on July 1. While the legislature is scheduled to reconvene on July 26, no additional tax legislation is expected to be considered....more

Parker Poe Adams & Bernstein LLP

South Carolina Passes Targeted Tax Reform Legislation

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The South Carolina General Assembly passed tax reform legislation providing targeted relief to individuals and to manufacturers, including (i) a one-time rebate of up to $700 in 2021 taxes for individuals; (ii) cuts to the...more

Haynsworth Sinkler Boyd, P.A.

HSB Economic Development Update - June 2022

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The HSB Economic Development team published their June 2022 news update, highlighting the following topics: Big Changes to South Carolina Property Taxes and Incentives- The big political news in South Carolina this June...more

Harris Beach Murtha PLLC

Connecticut 2022-2023 Budget Includes $600 Million in Tax Cuts

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On May 9, 2022, Governor Ned Lamont signed the 2022-2023 Connecticut budget which includes approximately $600 million in tax relief. The following are some of the highlights of this tax relief...more

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