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Tax Planning State and Local Government Business Taxes

Kilpatrick

5 Key Takeaways: Business and Nonbusiness Income

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Kilpatrick’s Jordan Goodman recently co-presented the session “Income Subject to Allocation” at the Institute for Professionals in Taxation’s “2025 State Income Tax School” in Atlanta. Jordan addressed the distinction between...more

Eversheds Sutherland (US) LLP

New York State releases Fiscal Year 2026 Executive Budget

On January 21, 2025, New York Governor Hochul released her Fiscal Year 2026 Executive Budget and accompanying legislation (the Budget Bill). The Budget Bill includes a middle-class tax cut, a temporary personal income tax...more

Coblentz Patch Duffy & Bass

San Francisco Voters Enact Business Tax Changes

With support from nearly 70% of voters in the November 2024 election, Proposition M will substantially modify the San Francisco Business and Tax Regulations Code (the “SF Tax Code”), which imposes a number of taxes on...more

Verrill

2023 Massachusetts Tax Update

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Massachusetts Estate Tax: For decedents dying on or after January 1, 2023, there is no Massachusetts estate tax for an estate under $2,000,000. The law does not adjust the filing threshold so state tax returns may still be...more

Sullivan & Worcester

Massachusetts And Maine Receive Hurricane Related Tax Relief

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The Internal Revenue Service delivered an unexpected surprise to taxpayers in Massachusetts and Maine this week by postponing to February 15, 2024 the deadline for various individual and business tax returns and tax payments...more

Foster Garvey PC

The Oregon SALT Cap Workaround for Pass-Through Entities Is Finally Here – Governor Kate Brown Has Signed Senate Bill 727 Into Law

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Last fall, the IRS announced, with respect to pass-through entities (LLCs or other entities taxed as partnerships or S corporations), that, if state law allows or requires the entity itself to pay state and local taxes (which...more

Shumaker, Loop & Kendrick, LLP

South Carolina Enacts SALT Cap Workaround

South Carolina recently joined the growing number of states to enact legislation that provides a state workaround to the $10,000 State and Local Tax (SALT) federal income tax deduction cap imposed on individual taxpayers by...more

Cozen O'Connor

LEGISLATIVE UPDATE: Proposal to Reduce Taxes Introduced in Philadelphia City Council

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Philadelphia City Councilmember Allan Domb introduced three bills that would lower certain business taxes in Philadelphia. The bills would make the following changes to the city’s tax structure: Councilmember Domb believes...more

BakerHostetler

The Other Elections: State & Local Tax Ballot Results

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Everyone has been fixated on the presidential and congressional elections. But this election was chock full of state and local tax ballot measures. Some passed, some didn't - Matt Hunsaker breaks down the results in Arizona,...more

Burr & Forman

South Carolina Business License Tax Standardization Act Will Simplify Compliance

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Each municipality and county in South Carolina (a taxing jurisdiction) is authorized to impose a business license tax based on the gross income of a business that operates within its borders. Businesses operating in South...more

Farrell Fritz, P.C.

Think Before You Gift, But Don’t Take Too Long

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Optimal Timing? During the last twenty years, there have been a number of times during which the owners of closely held business entities have been encouraged – “urged” might be a better word, at least in some cases – by...more

Morgan Lewis

NJ Enacts Elective Pass-Through Business Tax to Limit Federal Cap Impact on SALT Deduction

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New Jersey recently enacted the “Pass-Through Business Alternative Income Tax Act,” which allows pass-through businesses with at least one member liable for the New Jersey gross income tax to make an election to pay income...more

McDermott Will & Schulte

Weekly IRS Roundup December 9 – 13, 2019

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 9 – 13, 2019. December 10, 2019: The IRS issued a notice providing that the requirement...more

McDermott Will & Schulte

[Event] West Coast Tax Forum: California & Beyond: The Impact Of State, Federal And International Tax Developments On Golden State...

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Tax professionals are on the frontlines, responding to state, federal and international tax developments that significantly impact business objectives. California taxpayers face particularly unique challenges. Join members...more

McDermott Will & Schulte

Gross Receipts Taxes Face Policy and Legal Challenges

As the economy shifts to a digital one, we are finding that states are turning toward unconventional revenue options. One trend we’re seeing is the surprising comeback of the gross receipts tax (GRT): • Oregon’s new...more

Nossaman LLP

Don't You (Forget About Sales and Use Tax)

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Some recent California Office of Tax Appeals (“OTA”) decisions highlight the importance of being, simply, mindful of sales and use tax requirements. Businesses often plan to reduce income taxes or avoid a Proposition 13...more

Foster Garvey PC

Oregon’s New Corporate Activity Tax

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We are taking a break from our multi-post coverage of Opportunity Zones to address a recent, significant piece of Oregon tax legislation. On May 16, 2019, Governor Kate Brown signed into law legislation imposing a new...more

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