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State Budgets State Taxes

Farrell Fritz, P.C.

2026 Property Tax Levy Growth Cap Remains at 2%

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New York State Comptroller, Thomas P. DiNapoli, recently announced that the 2026 property tax levy increases will be capped at 2%.  The 2% limitation affects local governments including counties, towns, fire districts, 44...more

Partridge Snow & Hahn LLP

Rhode Island Approves 63% Increase in Real Estate Conveyance Tax in 2026 Budget

On June 17, 2025, the Rhode Island House of Representatives approved the state’s $13.9 billion budget for FY 2026, which includes a substantial 63% increase in the real estate transfer (conveyance) tax. Effective July 1,...more

Genova Burns LLC

Amendments to New Jersey's Mansion Tax and Controlling Interest Transfer Tax

Genova Burns LLC on

As of July 10, 2025, the Mansion Tax and Controlling Interest Transfer Tax (“CITT”) now requires sellers of certain classes of real property (and controlling interest involving certain classes of real property) transferred...more

Venable LLP

SALT Alert: Maryland Enacts 3% Sales Tax on Technology and Data Services, Effective July 1, 2025

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As part of its fiscal year 2026 budget legislation, Maryland enacted a number of new tax provisions, including the imposition of a 3% sales tax on a broad range of information technology and data services. The tax took effect...more

McGuireWoods Consulting

Comprehensive Overview Of 2025 Illinois Legislative Session From McGuireWoods Consulting

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

Holland & Knight LLP

Washington State Budget Triggers Higher Business, Capital Gains and Estate Taxes in 2025

Holland & Knight LLP on

Thanks to three primary revenue bills that were signed into law earlier this year, taxes are going up in the state of Washington, in particular for large service businesses, estates and individuals earning capital gains. ...more

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

Vorys, Sater, Seymour and Pease LLP

Material Changes Transform the Ohio TMUD Tax Credit

The new Ohio budget signed June 30, 2025 (the Budget Bill or HB 96) enacts substantial changes to Ohio Revised Code Section 122.09, the Transformational Mixed-Use Development Tax Credit (TMUD Tax Credit). The TMUD Tax...more

Cole Schotz

New Jersey’s Latest Budget Has Sweeping Changes to the Mansion Tax

Cole Schotz on

The latest budget passed by the New Jersey legislature and signed by term-limited Governor Phil Murphy quietly enacted changes to New Jersey’s Mansion Tax, which affects not only residential properties but commercial...more

Bricker Graydon LLP

Economic Development Changes Abound in Ohio’s Operating Budget Bill

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For those considering state government jobs after college or graduate school, certain opportunities often come with the informal – but widely known – warning: this can be a hard job during the state’s biennial budget drafting...more

Bressler, Amery & Ross, P.C.

New Jersey Modifies Mansion Tax on Sales of Real Property

The New Jersey state legislature has passed new legislation, as part of the State’s 2026 fiscal year budget, that directly and significantly impacts sellers and buyers of real property in New Jersey. Previously, a 1% fee...more

Farrell Fritz, P.C.

Annual Property Tax Report Cards – $3.64 Billion in School District Cash Reserves

Farrell Fritz, P.C. on

In May, the annual New York State Property Tax Report Cards for School Districts were released by the Department of Education.  The report cards include estimates of fiscal reserves that each school district expects to have...more

McCarter & English, LLP

New Jersey Enacts FY 2026 Budget: Key Takeaways

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

Buckingham, Doolittle & Burroughs, LLC

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

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

Stinson LLP

Minnesota Legislature 2025 Recap

Stinson LLP on

After decisive victories by Republicans at both the state and federal level in the 2024 general election, political prognosticators and pundits alike in Minnesota declared universally that the 2025 Minnesota legislature would...more

Cozen O'Connor

New York Note: NYS Legislative Session Concludes 2025

Cozen O'Connor on

The 2025 New York State legislative session has concluded. For the 2025-2026 session, all bills not passed this year will remain live, and session is scheduled to begin again in January. We anticipate that the Governor will...more

Cozen O'Connor

Illinois Insights: An update from Cozen O'Connor (6/2)

Cozen O'Connor on

Illinois Democrats pass budget in final minutes with sports betting tax hike- “Illinois lawmakers approved a $55.2 billion state budget package minutes ahead of a key constitutional deadline Saturday night, relying on tax...more

Epstein Becker & Green

CMS Proposes to Close Perceived Loophole in Medicaid Health Care-Related Tax Regulations

Epstein Becker & Green on

On May 12, 2025, the Centers for Medicare & Medicaid Services (CMS) issued a proposed rule that would impose an additional requirement to federal Medicaid regulations in order for non-broad-based and uniform health...more

Pillsbury Winthrop Shaw Pittman LLP

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

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

Winthrop & Weinstine, P.A.

Legislative Top 5 - May 2025 #4

The Minnesota Legislature adjourned the 2025 Regular Session on Monday night, but a special session looms on the horizon as legislators failed to pass a complete budget. Despite meeting through the weekend and on Monday,...more

Cozen O'Connor

New York Note: NYS FY26 Budget and Client Spotlight

Cozen O'Connor on

New York State legislators passed the $254B Fiscal Year 2026 state budget, reflecting an increase of $17B from FY25. The FY26 budget included inflation refund checks (up to $200 for individuals and $400 for families), an...more

Cozen O'Connor

Virginia Viewpoint: From Surplus to Safety Net

Cozen O'Connor on

On May 2, the Governor signed the state budget that will fund the remainder of the biennium through June 30, 2026. This marks the first time in eight years the legislature completed its work without requiring a special...more

Cozen O'Connor

Policy Alert: New York State Passes FY26 Budget

Cozen O'Connor on

Yesterday, state lawmakers passed the $254B FY26 state budget, reflecting an increase of $17B from FY25. The budget was passed over five weeks after the deadline of April 1, and will be retroactively in effect from April 1,...more

Rosenberg Martin Greenberg LLP

Will Maryland Provide Value in Exchange for 2026 Tax Increases?

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

Fox Rothschild LLP

Washington State to Raise Capital Gains, Estate Tax Rates

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By June 7, 2025, Gov. Bob Ferguson is expected to sign legislation into law that would increase funding for Washington State's Education Legacy Trust Account (ELTA) by raising the capital gains and estate tax rates. ...more

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