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Tax Exemptions New Legislation Income Taxes

Frost Brown Todd

Section 1202 and QSBS: A Survey of States That Don’t Conform to the Federal Treatment

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Section 1202 of the Internal Revenue Code provides a capital gains exclusion for certain qualified small business stock (QSBS) when a stockholder sells the same. This gain exclusion impacts venture-backed startups, angel...more

McGuireWoods LLP

One Big Beautiful Bill Act Provides Expanded Tax Benefit Opportunities for Qualified Small Business Stock Investors

McGuireWoods LLP on

The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, made a number of changes to the Internal Revenue Code of 1986, as amended (the Code), including certain notable changes to the provisions of Code Section 1202 for...more

Cole Schotz

One Big Beautiful Bill (OBBB) Results in Major Estate and Income Tax Changes

Cole Schotz on

After months of intense negotiations, on July 4, 2025, the One Big Beautiful Bill (OBBB) was signed into law making various changes to the tax code that impacts estate, gift and income tax planning. Increased Estate, Gift...more

Paul Hastings LLP

Qualified Small Business Stock Tax Benefits Expanded for Early-Stage Companies and Investors

Paul Hastings LLP on

The recently signed One Big Beautiful Bill Act (OBBBA) implements significant changes under Section 1202 of the Internal Revenue Code of 1986 (Code), applicable to qualified small business stock (QSBS) issued on or after July...more

Morrison & Foerster LLP

One Big Beautiful Bill Expands Qualified Small Business Stock Exemptions

President Trump signed into law the One Big Beautiful Bill Act (the “Act”) on July 4, 2025 (the “Signing Date”). Among the Act’s significant tax extensions and changes to tax law are several taxpayer-favorable revisions to...more

Kelley Drye & Warren LLP

What’s in the Newly Enacted One Big Beautiful Bill Act

On July 4, 2025, President Trump signed into law the ​“One Big Beautiful Bill Act” (the ​“2025 Act”). The Act makes permanent some provisions originally enacted in 2017 as part of the Tax Cuts and Jobs Act (the ​“2017 Act”),...more

Foster Garvey PC

One Big Beautiful Bill Act, H.R. 1 – 119th Congress (2025-2026): Part II – Estate and Gift Tax

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In this second installment of our multi-part series on the One Big Beautiful Bill Act (the “Act”), my colleague David Knutson and I discuss the changes made by the Act to the federal estate and gift tax regime....more

Ruder Ware

One Big Beautiful Bill Act: Stay Tuned for Our Client Alert Series

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As you may be aware, on July 4, 2025, a landmark piece of tax legislation – commonly referred to as “One Big Beautiful Bill Act” – was signed into law, ushering in some of the most significant changes to the tax code in...more

Husch Blackwell LLP

Alabama Enacts 30-Day Exemption to Imposition of Individual Income Tax

Husch Blackwell LLP on

In the wake of the COVID-19 pandemic and increased remote work, multistate income tax and payroll tax withholding responsibilities have received heightened consideration nationwide. Employers keen on retaining and attracting...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

Fisher Phillips

Employer Cheat Sheet for Workplace Laws Taking Effect July 1

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Most employers are prepared for new laws at the start of each year – but did you know that a heap of new workplace laws take effect at the halfway point? Here’s your employer cheat sheet to prepare for July 1 effective dates…...more

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

Husch Blackwell LLP

Indiana Legislation Impacts Mobile Workforces and Asset Acquisitions

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On May 4, 2023, Indiana Governor Eric Holcomb signed legislation (Laws 2023, SB419) that, among other tax changes, included provisions to exempt from income tax nonresidents receiving compensation for employment duties...more

A&O Shearman

Inflation Reduction Act of 2022: New Corporate Book Minimum Tax and Changes for Carried Interests

A&O Shearman on

On July 27, 2022, Senators Manchin and Schumer announced that they agreed to a proposed reconciliation package, the Inflation Reduction Act of 2022, H.R. 5376 (the “Bill”). If enacted, the Bill would finance climate programs,...more

Perkins Coie

Real Estate Excise Tax Exemption Encourages Affordable Housing

Perkins Coie on

Transfers of real property to certain qualifying entities will no longer be subject to real estate excise tax in Washington State, effective on January 1, 2023. The Washington State Legislature passed Engrossed House Bill...more

Perkins Coie

Washington’s New 7% Capital Gains Tax Questions Answered

Perkins Coie on

The Washington Legislature passed Senate Bill 5096 on April 25, 2021, the last day of the 2021 Washington legislative session. SB 5096 is a state capital gains tax on individual residents of the State of Washington. The state...more

Foster Garvey PC

Maryland Takes a Beat on Its New Digital Advertising Tax

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Last week, we reported on Maryland’s new gross receipts tax on revenues derived from digital advertising services (the “Tax”), the first of its kind in the nation. Affected taxpayers and tax practitioners alike can breathe a...more

Mintz

Favorable Changes to Estate, Gift and GST Tax Laws Under the Tax Cuts and Jobs Act

Mintz on

The Tax Cuts and Jobs Act (the “Act”), signed into law on December 22, 2017, significantly increased the exemption amounts for the federal estate, gift, and generation-skipping transfer taxes. These increases may present...more

Ruder Ware

The New Tax Law Provides Estate Planning Opportunities

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Shortly before Christmas, Congress approved and President Trump signed into law the Tax Cut and Jobs Act. The new law increases the federal estate, gift, and generation-skipping transfer tax exemptions from $5 million to $10...more

Schwabe, Williamson & Wyatt PC

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Healthcare Industry?

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Schwabe, Williamson & Wyatt PC

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Technology Industry?

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Akin Gump Strauss Hauer & Feld LLP

President Trump Signs Tax Reform Bill into Law

On December 15, 2017, the House and Senate conference committee agreed on the terms of the final tax reform bill, previously referred to as the “Tax Cuts and Jobs Act” (the “Act”), which was subsequently approved by both...more

Stinson LLP

Changes in the Tax Cuts and Jobs Act of 2017 that Impact Individual Taxpayers for Non-Business Items

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The Tax Cuts and Jobs Act of 2017 makes substantial changes to the income taxes of individuals. The Act's individual changes noted in the attached chart generally expire on January 1, 2026, and the speculation will...more

Stinson LLP

What You Should Know About Estate and Gift Tax Reform

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The tax bill recently passed by the U.S. Congress and signed by President Trump retains the gift and estate tax, but substantially curtails its reach. The new tax legislation represents a dramatic change to our transfer tax...more

Ballard Spahr LLP

Impact on Gift, Estate, and GST Taxes Under the Tax Cuts and Jobs Act (H.R. 1)

Ballard Spahr LLP on

The tax law known as the Tax Cuts and Jobs Act (H.R. 1), signed by President Trump on December 22, 2017, contains important changes to provisions governing gift, estate, and generation-skipping transfer (GST) taxes...more

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