News & Analysis as of

Tax Planning State and Local Government Income Taxes

Jackson Walker

One Big Beautiful Bill Act Increases Deduction for State and Local Tax but Fails to Address Nexus Concerns

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In welcome news for individual taxpayers, the One Big Beautiful Bill Act temporarily increases the “SALT cap” – the limit on the amount of the income tax deduction for state and local income, sales, and property taxes – from...more

Kilpatrick

5 Key Takeaways: Business and Nonbusiness Income

Kilpatrick on

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

Kilpatrick

5 Key Takeaways | The Latest Twists and Challenges in Sales Tax, Use Tax, and Income Tax Laws

Kilpatrick on

Kilpatrick’s Jordan Goodman recently joined other thought leaders at the ABA-IPT Advanced State Income, Advanced Sales/Use, and Advanced Property Tax Seminar in New Orleans where he co-presented on the latest twists in sales...more

Eversheds Sutherland (US) LLP

SALT Scoreboard - Quarter 4, 2024

This is the fourth edition of the Eversheds Sutherland SALT Scoreboard for 2024. Since 2016, we have tallied the results of what we deem to be significant taxpayer wins and losses and analyzed those results. Our entire SALT...more

Eversheds Sutherland (US) LLP

California’s proposed market sourcing reg raises questions

The California Franchise Tax Board (FTB) has proposed amendments to its regulations that govern how sales of services and intangibles are sourced for income tax purposes. The changes to this income tax apportionment...more

Proskauer - Proskauer For Good

Tax-Advantaged ABLE Accounts for Individuals with Disabilities

According to a National Disability Institute report (available here), adults living with disabilities need 28% more income on average to achieve the same standard of living as those without disabilities. There are some tools...more

Husch Blackwell LLP

New Jersey Tax Court Rules Undistributed Foreign Earnings of CFC Are Not Taxable Dividends

Husch Blackwell LLP on

A recent decision by the New Jersey Tax Court held that while taxpayers were required to report undistributed income from “deemed repatriation dividends” on their federal tax returns, they were not required to report that...more

Kilpatrick

4 Key Takeaways | New York Tax Developments

Kilpatrick on

On January 16th, Kilpatrick tax partner Jeff Reed presented during a New Jersey Society of CPAs, Bergen County seminar. Jeff discussed recent New York tax developments. * The opinions expressed are those of the attorneys and...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

Bodman

Michigan Enacts Research and Development Tax Credit

Bodman on

On January 13, 2025, Michigan Governor Gretchen Whitmer signed legislation (Michigan House Bill No. 5100) establishing a research and development tax credit (the “Michigan R&D Tax Credit”) in Michigan effective for tax years...more

Bradley Arant Boult Cummings LLP

Some Unofficial Predictions for Spring 2025 Alabama Tax Legislation

Each year we are asked to predict the business tax-related bills that died in the last legislative session but will likely be re-introduced in one form or another, as well as the tax issues that we expect to see addressed for...more

Kilpatrick

5 Key Takeaways | Income Tax Jeopardy! A Potpourri of Hot Topics

Kilpatrick on

Kilpatrick’s David Hughes recently participated in a panel discussion at the Taxpayers’ Federation of Illinois annual state and local tax conference in Rolling Meadows, Illinois. David’s session, “Income Tax Jeopardy! A...more

Kilpatrick

5 Key Takeaways | National State Tax Cases, Issues, and Policy Matters to Watch

Kilpatrick on

Members of Kilpatrick’s prominent State and Local Tax Team (SALT) Sam Breslow, David Hughes, and Kylan Memminger recently spoke at the Chicago Tax Club Winter Meeting about “National State Tax Cases, Issues, and Policy...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

Freeman Law

Is Your Business Subject to the Texas Franchise Tax?

Freeman Law on

As noted in a prior post, the Texas franchise tax is a tax imposed on any “taxable entity” that does business in Texas or that is chartered or organized in Texas. This begs the question – “Which entities are taxable, and...more

Baker Donelson

SALT Select Developments - July 2024

Baker Donelson on

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Baker Donelson

SALT Select Developments - May 2024

Baker Donelson on

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Baker Donelson

SALT Select Developments - February 2024

Baker Donelson on

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Baker Donelson

SALT Select Developments - January 2024

Baker Donelson on

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Baker Donelson

SALT Select Developments - November 2023

Baker Donelson on

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Baker Donelson

SALT Select Developments - October 2023

Baker Donelson on

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...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

Baker Donelson

SALT Select Developments – June 2023

Baker Donelson on

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. In this newsletter edition, we will briefly summarize certain state and local tax (SALT)...more

Baker Donelson

SALT Select Developments - March 2023

Baker Donelson on

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. In this newsletter edition, we will briefly summarize certain state and local tax (SALT)...more

Verrill

2023 Estate Planning Update

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This alert from Verrill’s Private Clients & Fiduciary Services Group highlights the latest changes to the income tax and transfer tax landscape. The alert addresses the SECURE ACT 2.0, federal and state transfer tax updates...more

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