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Amundsen Davis LLC

Missouri Eliminates Income Tax on Capital Gains for Individuals

Amundsen Davis LLC on

On July 10, 2025, Missouri Governor Mike Kehoe signed into law House Bill 594 (the “Bill”), which effectively eliminates the capital gains income tax for individuals and an income tax deduction for corporations. Capital gains...more

WilmerHale

One Big Beautiful Bill Act

WilmerHale on

On July 4, 2025, the President signed into law the “One Big Beautiful Bill Act” (the “Act”). Among other things, the Act makes permanent many provisions of the 2017 Tax Cuts and Jobs Act (the “TCJA”) that otherwise would...more

Baker Botts L.L.P.

The "One Big Beautiful Bill" Key Tax Takeaways

Baker Botts L.L.P. on

On July 4, 2025, the legislation commonly known as “The One Big Beautiful Bill Act” (the “BBBA”) was enacted. The BBBA makes permanent, extends and, in certain cases, modifies, a number of provisions from the 2017 Tax Cuts...more

Procopio, Cory, Hargreaves & Savitch LLP

Elementos clave de la “One Big Beautiful Bill”

La Cámara de Representantes de los EE.UU. aprobó hoy, con una votación de 218 a favor y 214 en contra, la versión previamente autorizada por el Senado del proyecto de ley conocido como “One Big Beautiful Bill”. Se espera que...more

Whiteford

Client Alert: The Senate’s Other Big Beautiful Bill – Notable Changes to the House Version

Whiteford on

The House of Representatives previously passed H.R. 1-119th Congress (2025-2026), titled the “One, Big, Beautiful Bill Act” (the “Act”), a budget bill that, among other things, addresses sunsetting provisions of the Tax Cuts...more

Skadden, Arps, Slate, Meagher & Flom LLP

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

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

Fox Rothschild LLP

Changes in Washington State Tax Law Will Impact Businesses

Fox Rothschild LLP on

Washington recently enacted major tax law changes that will affect many businesses operating in the state. Here’s what you need to know: Changes to the Definition of Incidental Investment Income - Washington law now...more

Baker Botts L.L.P.

"The One Big Beautiful Bill" Key Tax Takeaways

Baker Botts L.L.P. on

On May 22, 2025, the House passed the legislation entitled “The One Big Beautiful Bill” (the “BBB”). The BBB makes permanent, extends and, in certain cases, modifies, a number of provisions from the 2017 Tax Cuts and Jobs Act...more

Ropes & Gray LLP

2025 Tax Legislation Update

Ropes & Gray LLP on

On May 22, 2025, the U.S. House of Representatives passed the “One Big Beautiful Bill Act” (the “BBB”) as part of the Republican Congress’s reconciliation package. The BBB generally extends certain tax provisions of the 2017...more

Proskauer - Tax Talks

One Big Beautiful Bill Passed by the House

Proskauer - Tax Talks on

On Thursday May 22, the House of Representatives passed the One Big Beautiful Bill Act (H.R. 1, hereafter the “Bill”). The Bill will now be considered by the U.S. Senate....more

Pillsbury Winthrop Shaw Pittman LLP

The “Big, Beautiful Bill” Starts to Come into Focus: U.S. Ways & Means Committee Releases Proposed 2025 Federal Income Tax...

On May 9, 2025, the House Ways & Means Committee released its initial draft of President Trump’s “big, beautiful bill.” The bill will set the stage for extending the tax cuts enacted in 2017 as part of President Trump’s first...more

Proskauer - Tax Talks

Tax Proposals Potentially Being Considered by the U.S. House Budget Committee in Reconciliation

Proskauer - Tax Talks on

On January 17, 2025, multiple news outlets and other sources reported the existence of a memorandum circulated by the U.S. House of Representatives Budget Committee to the House Republican Caucus (the “Memorandum”) containing...more

Cadwalader, Wickersham & Taft LLP

The Tax Reform Ghost Returns for the Expiring TCJA Provisions

Many tax provisions enacted under the Tax Cuts and Jobs Act (the “TCJA”) will automatically expire on December 31, 2025, and others will expire by December 31, 2028.  As previously discussed here, the pressing need to address...more

Foster Garvey PC

A Journey Through Subchapter S / A Review of The Not So Obvious & The Many Traps That Exist For The Unwary: Part VII –...

Foster Garvey PC on

In the S corporation arena, tax advisors generally do not focus much attention on unreasonable compensation. As we delve into the issue in this Part VII of my multi-part series on Subchapter S, it will become apparent that...more

Wilson Sonsini Goodrich & Rosati

California Senate and Assembly Budget Agreement Includes Temporary Suspension on Use of California NOLs and Limitations on Use of...

On May 10, 2024, California Governor Gavin Newsom released a revised budget for 2024-2025 that includes, among other changes, a temporary suspension on the use of net operating losses (NOLs) for businesses with California...more

Allen Barron, Inc.

How Does the TCJA Sunset Affect Business Taxation Going Forward

Allen Barron, Inc. on

The 2017 Tax Cuts and Jobs Act or TCJA has a number of important segments presently scheduled to expire on December 31, 2025. How does the TCJA sunset affect business taxation going forward? What planning could be...more

Rivkin Radler LLP

“C’mon Man! Tax the Rich!” Business Owners Face Tax Increases*

Rivkin Radler LLP on

Last week, Sen. Warren reintroduced her “Ultra-Millionaires” wealth tax proposal to the Senate. Query her timing. The measure has the proverbial snowball’s chance in Hell of being enacted by this Congress.Perhaps the Senator...more

White & Case LLP

Bill Amending the Corporate Tax Law and Value Added Tax Law and Introducing Additional Motor Vehicle Tax are submitted to the...

White & Case LLP on

After February 6, 2023, in order to meet the financing needs arising from the earthquake in Kahramanmaraş, a legislative proposal was submitted to the parliament which establishes an Additional Motor Vehicle Tax for 2023 and...more

Brownstein Hyatt Farber Schreck

Taxation & Representation. Feb. 15, 2023

TAX TIDBIT - Progress on Werfel and Blatchford Appointments, Other Nominations Delayed. Following the retirement of former IRS Commissioner Chuck Rettig in early November 2022, the tax-administration agency has been...more

Burr & Forman

Changes in Tax Rates for 2023

Burr & Forman on

The IRS has issued Revenue Procedure 2022-38, which sets forth inflation-adjusted items for various provisions of the Internal Revenue Code which will be applicable in 2023. Here are some of the highlights...more

Herbert Smith Freehills Kramer

Proposed Legislation Would Impose New Corporate Minimum and Excise Taxes

On Aug. 7, the Senate passed H.R. 5376, the Inflation Reduction Act of 2022 (the Act). If approved by the House of Representatives, as expected, the bill will be sent to President Joe Biden for signature. The bill passed by...more

Brownstein Hyatt Farber Schreck

Taxation and Representation, July 12, 2022

Reconciliation Revival? Ever since Sen. Joe Manchin (D-WV) publicly renounced his support of the House-passed Build Back Better Act (BBBA) in December of last year, the prospects of a reconciliation bill have appeared grim...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, April 26, 2022

SCOTUS Denies New York v. Yellen. The U.S. Supreme Court announced on Tax Day it would not hear a constitutional challenge to the $10,000 deduction limit on state and local taxes (SALT) enacted under the Tax Cuts and Jobs Act...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, December 14, 2021

Senate Finance Committee Democrats Update Build Back Better. On Saturday afternoon, Senate Finance Committee Chair Ron Wyden (D-OR) released legislative text for the committee’s portion of the Build Back Better Act. The text...more

Foster Garvey PC

The Build Back Better Act Was Passed in the House and Is Now in the Senate

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On November 19, 2021, HR 5376, the 2,476-page bill, commonly known as the Build Back Better Act, was passed by the U.S. House of Representatives by a vote of 220-213. The House’s vote on HR 5376 was held after the...more

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