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Pass-Through Entities State Budgets

Venable LLP

SALT Alert: Maryland Fixes PTET for Residents, but S Corporations Face New Risk

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As part of its fiscal 2026 budget legislation (H.B. 352), Maryland enacted a significant change to its elective pass-through entity tax (PTET) regime. Effective for tax years beginning after December 31, 2025, the PTET base...more

Rivkin Radler LLP

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

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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

Smith Anderson

Finance Provisions of the 2021 Budget Bill

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On November 15, 2021, after months of negotiations and four and a half months into the new fiscal year, the North Carolina General Assembly released Senate Bill 105, its proposed budget bill (the "Bill"). Both Chambers...more

Morgan Lewis

Illinois Makes Significant Changes to Tax Code

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Illinois Governor J.B. Pritzker signed into law various bills on June 17, including the state budget bill, S.B. 2017 (Budget Bill), which contains several provisions intended to raise revenue. Other bills passed in both the...more

Rivkin Radler LLP

New York Is Getting Out Of The Zone, The Qualified Opportunity Zone, That Is

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New York’s Governor Cuomo is having a bad 2021. Some may attribute this to his hubris or to karma; others may point to an emboldened, and now veto-proof, progressive State Legislature; many will claim that Mr. Cuomo is paying...more

Rivkin Radler LLP

New York Budget Deal Includes SALT Cap Workaround

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The New York state budget deal announced yesterday includes a workaround of the temporary federal limit on state and local tax deductions (the SALT cap). The provision was part of Gov. Cuomo’s initial budget proposal in...more

Blank Rome LLP

New York Governor Releases 2021-22 Executive Budget

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On January 19, 2021, New York State Governor Andrew M. Cuomo submitted his Executive Budget, applicable to the state’s fiscal year beginning April 1, 2021. The governor’s proposal, which will now be the subject of public...more

Harris Beach Murtha PLLC

Connecticut Budget Bill Has Significant Surprises and Changes to Tax Laws

The recent $43.4 billion budget bill passed by the Connecticut General Assembly includes a number of changes to the Connecticut tax laws. The budget will be sent to Governor Ned Lamont who is expected to sign it....more

BakerHostetler

Significant Tax Provisions in the 2016-2017 Ohio Budget Bill Affecting Businesses

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On June 30, 2015, Ohio Governor John Kasich signed into law the biennial budget bill, Amended Substitute House Bill No. 64 (“HB 64”). The legislation underwent substantial changes during the legislative process such that the...more

BakerHostetler

Ohio Budget Bill Introduced

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On February 12, 2013, the text of the Governor's budget proposal for the 2014-2015 biennium, announced on February 4, 2013, was made public as House Bill 59 ("HB 59"). The new HB 59 includes a state income tax deduction for...more

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