News & Analysis as of August 21, 2025

State Taxes

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Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending on the country or jurisdiction. However, a popular system involves a government assessment of the value of a property and a rate based on a proportion of the assessed value. A property may be subject to taxation by multiple taxing entities. less -

Comprehensive Overview Of 2025 Illinois Legislative Session From McGuireWoods Consulting

McGuireWoods Consulting on 7/17/2025

FY 2026 Budget - SB 2510 (Welch/Sims) created the fiscal year (FY) 2026 budget appropriation bill. The budget is based on estimated general funds revenues of $55.29 billion and spending of $55.04 billion for an estimated...more

Texas Tax Update: Key Changes Enacted During the 89th Legislature

Bracewell LLP on 7/10/2025

The final day has passed for Governor Abbott to veto legislation that was approved during Texas’ 89th Legislature Regular Session. While the governor has called a special session commencing July 21, he has not identified any...more

New Jersey Enacts FY 2026 Budget: Key Takeaways

McCarter & English, LLP on 7/2/2025

New Jersey has enacted its Fiscal Year 2026 budget, with the Legislature passing a $58.78 billion spending plan ahead of the July 1 constitutional deadline. The final budget reflects an increase of approximately $727 million...more

Wisconsin's Tax Reform: Catalyzing Data Center Investment

Vorys, Sater, Seymour and Pease LLP on 6/13/2025

Wisconsin has emerged as a hotspot for data center development, with numerous project announcements coinciding with recent legislative tax reforms. Two significant changes—the elimination of most tangible personal property...more

Ohio Reduces Property Tax on Utilities; Encourages Infrastructure Development

Vorys, Sater, Seymour and Pease LLP on 5/27/2025

Ohio Governor DeWine recently signed Substitute House Bill 15 (HB 15) which will become the law effective August 14, 2025. HB 15 contains many reforms related to public utilities including: (1) tax changes favorable to select...more

Economic Development Impact of Proposed HB 96 Cap on General Fund Carryover Balances

Bricker Graydon LLP on 4/30/2025

This article provides an overview of the impact that the proposed HB 96 cap on school district general fund carryover balances will have on other areas of Ohio’s economic development ecosystem, including property tax rates,...more

Attracting Aerospace: The Risks of a Property Tax-Heavy State Tax Structure

Vorys, Sater, Seymour and Pease LLP on 1/8/2025

When examining the tax structures of business-aggressive states, a common pattern emerges: reduced income and franchise taxes offset by steeper sales and property taxes. While this approach may work for some industries, it...more

South Carolina Property Tax for New and Expanding Manufacturers: The Fee-In-Lieu of Tax Versus the Special Source Revenue Credit

Burr & Forman on 7/3/2018

South Carolina has some of the highest business property taxes in the Southeast. The state generally taxes land, buildings, machinery and equipment, and furniture and fixtures, but does not tax inventory, pollution control...more

How to Land Projects in California

Best Best & Krieger LLP on 9/15/2014

Until recently, California’s state-level economic development cupboard was looking a little bare — its 400 redevelopment agencies were dissolved in February 2012, property tax increment financing has been discontinued and...more

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