News & Analysis as of

State Taxes

Vorys, Sater, Seymour and Pease LLP

The Evaluator - Valuation Deadlines Quickly Approaching Across the U.S. 

Taxpayers seeking to contest real property tax values established by assessing jurisdictions across the country often have a short window of opportunity to contest their new valuation.  The below map highlights some upcoming...more

Vorys, Sater, Seymour and Pease LLP

From Indiana to Disney Springs: Major Developments in Property Tax Law

In the last legislative session, the Indiana General Assembly introduced and passed significant changes to Indiana’s business personal property tax regime. The changes in Indiana’s SB 1, along with subsequent amendments from...more

Fox Rothschild LLP

At Stake - June 5, 2025

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The Illinois Gaming Board (IGB) held its monthly meeting on Thursday, June 5, 2025. The meeting was hybrid with in-person accessibility at 160 N. LaSalle St., 5th Floor Auditorium and availability via livestream. Board...more

Amundsen Davis LLC

Does My Company Qualify for Wisconsin’s Voluntary Disclosure Program?

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Taxes and their applicable laws can be confusing for even the most savvy businesspeople. For any number of reasons, businesses and individuals fall out of compliance with tax reporting requirements and become exposed to...more

Perkins Coie

Washington Tax Changes 2025: Capital Gains, Estate Tax Increases, and Wealth Tax Update

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Washington concluded an eventful legislative session with the largest set of tax increases in the state's history. This Update focuses on two significant changes that affect Washington residents and a senate bill proposal...more

Akerman LLP - SALT Insights

What’s Next for the Evolution of Public Law 86-272?

For over 65 years, Public Law 86-272 has dictated a state’s ability to assert income tax on an out-of-state business. While the 1959 federal law predated the emergence of e-commerce and digital services and could not have...more

BakerHostetler

Texas Legislative Update: HB 21 Changes Property Tax Exemption For Housing Finance Corporations

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On May 28, Gov. Greg Abbott signed House Bill 21 (HB 21), which becomes effective immediately. A brief summary of HB 21 can be found below. This summary reflects our current interpretation of HB 21. A more detailed analysis...more

Harris Beach Murtha PLLC

Assessors Must Use Uniform Assessment Model for Solar and Wind Facilities in Upcoming Tax Year

On May 30, 2025, the Third Department confirmed an automatic stay of the Albany Court Supreme Court’s decision in Airey v State, making it clear assessors are required to utilize the state-wide uniform assessment model for...more

Miles & Stockbridge P.C.

For Whom the Tax Tolls: Maryland’s Budget Bill and Its Fiscal Effects

Maryland Gov. Wes Moore recently signed the $67 billion state budget for 2026 (HB 352) that will make significant changes to the state’s tax system. Among other changes, the budget bill notably establishes a new tax on IT...more

Cooley LLP

Proposed Federal Tax Legislation Would Effect Three Key Changes to State and Local Tax Deductibility Limits

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On May 22, the House of Representatives passed proposed tax legislation titled, “The One, Big, Beautiful Bill” (TOBBB), which will now be debated in the Senate. Among other proposals, if enacted into law, TOBBB would make...more

Cozen O'Connor

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

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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

Orrick, Herrington & Sutcliffe LLP

Washington State enacts provisions to allow companies to deduct interchange fees

On May 20, the governor of Washington State signed into law HB 2020 which amends the state’s tax laws to exclude interchange fees from the business and occupation tax. The legislation stemmed from a lawsuit where a company...more

BCLP

Missouri Eliminates Capital Gains Tax for Individuals

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Missouri is poised to become the first State to eliminate the income tax on capital gains for individuals. The General Assembly passed House Bill 594 in May, and Governor Mike Kehoe is expected to sign the bill....more

Proskauer - Tax Talks

California FTB Releases Updated Proposed Regulations on Market-Based Sourcing Rules

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On May 20, 2025, California’s Franchise Tax Board (“FTB”) released changes to the proposed regulations (“Draft Regulations”) that would amend the rules regarding market-based sourcing for sales other than sales of tangible...more

Venable LLP

Potential Refund Opportunity for Nonprofit Organizations Hosting Events in Washington, DC -Deadline Is June 6

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Nonprofit organizations may be eligible for significant refunds of hotel occupancy and sales taxes, plus interest, because of the results of a recent class action lawsuit involving events held in Washington, DC. To qualify...more

Alston & Bird

Asset Managers with California Investors Could Face New State and Local Taxes

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Our State & Local Tax Team breaks down proposals from both California and San Francisco that would use investors’ location to decide whether to tax out-of-state asset managers....more

Epstein Becker & Green

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

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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

Keating Muething & Klekamp PLL

Ohio Revised Code § 5709.56

In 1972, the average home price in the United States was approximately $30,000. Fifty years later, that number broke $500,000, an increase that is, no doubt, aggravated by a 4.5 million-unit deficit in supply. State and local...more

Sheppard Mullin Richter & Hampton LLP

Proposed Rule on Medicaid Tax Waivers: CMS Moves to Close a Loophole Shifting Costs to the Federal Government

On May 15, 2025, the Centers for Medicare & Medicaid Services (“CMS”) released a proposed rule, entitled “Preserving Medicaid Funding for Vulnerable Populations – Closing a Health Care-Related Tax Loophole” to address a...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

Skadden, Arps, Slate, Meagher & Flom LLP

The One Big Beautiful Bill Act: An Initial Analysis of Key Tax Proposals

On May 22, 2025, the House of Representatives passed the One Big Beautiful Bill Act (OBBBA). Tax-related proposals contained in the OBBBA would extend or make permanent select corporate, international and individual tax...more

A&O Shearman

Summary of key provisions in House reconciliation bill

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On May 22, 2025, the U.S. House of Representatives narrowly passed the House budget reconciliation bill (H.R. 1) (the “House Bill”) by a party-line vote of 215 – 214. The House Bill, which includes significant tax law...more

Freeman Law

“One Beautiful Bill Act” | Tax-Related Provisions

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President Donald Trump’s “One Big Beautiful Bill Act” recently passed the House. Below are some, but not all, of the tax-related provisions included in the bill. It is worth noting that many of the items below are temporary...more

Stoel Rives LLP

2025 Washington Tax Legislation Wrap-up

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Faced with a projected $16 billion deficit over the next four years, Washington Governor Bob Ferguson formally signed into law on May 20, 2025, a $78 billion 2025-2027 state biennial operating budget and a final tax package...more

Cadwalader, Wickersham & Taft LLP

House Passes Major Tax Cuts in Budget Bill

On May 22, 2025, the House passed its FY 2025 budget bill, which includes substantial tax cuts. Following extensive negotiations in the House, legislators included last-minute amendments to the budget bill, which, among other...more

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