News & Analysis as of

State and Local Government Tax Cuts and Jobs Act

Spilman Thomas & Battle, PLLC

Is the Exemption for Interest on Municipal Bonds on Congress’ Chopping Block?

The new administration and Congress are working towards an extension of the 2017 Tax Cuts and Jobs Act (TCJA), the bulk of which expires at the end of 2025. In late February, the House passed a spending bill (H. Con. Res....more

Pillsbury Winthrop Shaw Pittman LLP

Taxmageddon: What to Expect under Trump 2.0 and a GOP-Led Congress

With the Trump administration and a Republican-controlled Congress now in office, significant changes to the U.S. economic landscape and tax policy are expected. Indeed, legislation to change tax policy and to implement...more

Bradley Arant Boult Cummings LLP

Some Unofficial Predictions for Spring 2025 Alabama Tax Legislation

Each year we are asked to predict the business tax-related bills that died in the last legislative session but will likely be re-introduced in one form or another, as well as the tax issues that we expect to see addressed for...more

Seward & Kissel LLP

State Taxes: What to Expect in 2025

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A changing tax landscape is on the horizon for the new year. Many of the provisions of the 2017 Tax Cuts and Jobs Act (“TCJA”) are scheduled to expire at the end of the year. President-elect Trump has also proposed a variety...more

McDermott Will & Schulte

Window Closing for New Yorkers to Take Advantage of Expanded Federal Tax Exclusions and Exemptions

The federal gift and estate tax exclusions and the generation-skipping transfer (GST) tax exemption increased significantly under the Tax Cuts and Jobs Act of 2017 (TCJA). Recent inflation adjustments have expanded them even...more

McDermott Will & Schulte

Expanded Federal Tax Exclusions and Exemptions Mean Greater Opportunities for New Yorkers

The federal gift and estate tax exclusions and the generation-skipping transfer (GST) tax exemption increased significantly under the Tax Cuts and Jobs Act of 2017 (TCJA). Recent inflation adjustments have expanded them even...more

Bradley Arant Boult Cummings LLP

Alabama DOR Grants Extension to Make PTE Tax Election for 2022 Tax Year

In 2021, the Alabama Legislature unanimously enacted an elective pass-through entity tax (PTE Tax) as a workaround to the so-called “SALT Cap,” which was part of the Tax Cuts and Jobs Act of 2017. The Alabama Electing...more

DarrowEverett LLP

Potential Changes Threaten Estate Planning Strategies, Create Urgency to Act

DarrowEverett LLP on

Actor Will Rogers is widely credited with stating that “the only difference between death and taxes is that death doesn’t get worse every time Congress meets.” While most taxpayers fear tax laws changing for the worse, estate...more

Bradley Arant Boult Cummings LLP

ADOR Grants Extension to Make PTE Tax Election for 2021 Tax Year

Readers may recall that the Alabama Legislature unanimously enacted an elective pass-through entity tax (PTE Tax) last year as a workaround to the so-called “SALT Cap,” which was part of the Tax Cuts and Jobs Act of 2017. The...more

Bradley Arant Boult Cummings LLP

Where Are We On The New Elective PTE Tax Regime?

Earlier this year, Alabama became one of 19 or so states to enact a pass-through entity tax as a workaround to the so-called "SALT Cap" enacted as part of the Tax Cuts and Jobs Act of 2017, which limits the deductibility of...more

Bradley Arant Boult Cummings LLP

ADOR Issues Helpful Estimated Tax Guidance on New Elective PTE Tax

Earlier this year, Alabama became one of 19 or so states to enact a pass-through entity tax as a workaround to the so-called “SALT Cap” enacted as part of the Tax Cuts and Jobs Act of 2017 that limits the deductibility of...more

McDermott Will & Schulte

Illinois Enacts Pass-Through Entity Tax to Help Partners and S Corporation Shareholders Avoid the $10,000 SALT Cap

Illinois enacted a pass-through entity tax (PTE Tax) that may be elected by partnerships and S corporations to permit a federal deduction of state income taxes that otherwise are limited to $10,000 per year from 2018 to 2025...more

McDermott Will & Schulte

Kansas Decouples from GILTI and 163j

Yesterday afternoon the Kansas legislature overrode Governor Laura Kelly’s veto of Senate Bill (SB) 50, effectively enacting the provisions of the bill into law. Among those are provisions decoupling from certain Tax Cuts and...more

Bradley Arant Boult Cummings LLP

ADOR Issues Guidance on New PTE Tax Election and Consequences of Decoupling from GILTI and IRC §118(b)(2)

At the urging of the Alabama Society of CPAs and other groups, the Alabama Department of Revenue (ADOR) recently issued preliminary guidance on (a) how the new pass-through entity (PTE) tax election interacts with the...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

Bilzin Sumberg

Moving to the Sunshine State: Change of Domicile Planning Considerations

Bilzin Sumberg on

Florida has long been known as a hot-spot for retirees and snowbirds to move for its sunny weather and beautiful beaches. In recent years, however, since the "SALT Deduction Cap" established by the 2017 Tax Cuts and Jobs Act...more

Bradley Arant Boult Cummings LLP

Alabama Legislature Renews Growing Alabama Act and Alabama Jobs Act

On February 12, 2021, Alabama Gov. Kay Ivey signed legislation, House Bill 192 (HB192), renewing the Growing Alabama Act and the Alabama Jobs Act, which both expired last year. Both programs are vital to Alabama’s ability to...more

Freeman Law

Why State And Local Tax Due Diligence Is Important

Freeman Law on

Why is State and Local Tax (SALT) due diligence important in mergers and acquisitions?  Someone else’s issues may be your headache and cost you a lot of money!...more

Bradley Arant Boult Cummings LLP

TCJA Reform/CARES Act Bill Introduced in both House and Senate

On January 28, HB 170 and its Senate counterpart, SB 98, were prefiled with the Alabama Legislature and designated as three separate acts: (i) The Alabama Taxpayer Stimulus Freedom Act of 2021, (ii) The Alabama Business Tax...more

Farrell Fritz, P.C.

Taxes In New York’s FY 2022 Budget

Farrell Fritz, P.C. on

Budget Time in New York- Last week, we reviewed some of the tax measures discussed by Governor Cuomo in his report on the State of the State, and how they may affect New York businesses and their owners. Today, we’ll take...more

Sullivan & Worcester

Key Tax Provisions in the Massachusetts FY21 Budget

Sullivan & Worcester on

On December 11, 2020, Massachusetts Governor Charlie Baker signed the Commonwealth’s FY21 budget into law. While the $45.9 billion budget does not raise taxes, it includes a number of significant tax provisions summarized...more

Farrell Fritz, P.C.

New York’s Proposed “Billionaires’ Tax” – Bad Idea

Farrell Fritz, P.C. on

Will They Leave? Over the years, the Democrats in Albany have regularly made noise about increasing the rates at which New York State taxes the income of its wealthier residents. With the election of Governor Cuomo in...more

Perkins Coie

Employee Benefit Plan Developments—2020 Year in Review

Perkins Coie on

Employee benefits professionals have faced many challenges in 2020. We have seen remarkable changes to state and local requirements, an onslaught of new benefits legislation and governmental policies, shifting reporting and...more

Farrell Fritz, P.C.

NYC Real Estate: Post-Virus Tax Planning Can Help

Farrell Fritz, P.C. on

NYC Real Estate on the Ropes- In March of this year, the Department of Homeland Security classified real estate as an “essential business.” I imagine that the person in Washington who suggested that real estate be added to...more

Bradley Arant Boult Cummings LLP

Legislative Task Force on the Impact of the Tax Cuts and Jobs Act Releases Its Final Report - SALT Alert: Alabama Edition

The Alabama Legislature was stymied last year over proposals to decouple from or conform with various provisions of the Tax Cuts and Jobs Act of 2017 (TCJA). As a compromise, the Legislature formed a Joint Legislative Task...more

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