News & Analysis as of

Tax Reform Tax Planning State Taxes

Venable LLP

SALT Alert: Final OBBBA Temporarily Expands SALT Cap and Revises AMT Phaseout

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The One Big Beautiful Bill Act (OBBBA or the Act), enacted in July 2025, introduces significant changes to the treatment of state and local tax (SALT) deduction and the alternative minimum tax (AMT). ...more

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

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

Holland & Knight LLP

Washington State Budget Triggers Higher Business, Capital Gains and Estate Taxes in 2025

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Thanks to three primary revenue bills that were signed into law earlier this year, taxes are going up in the state of Washington, in particular for large service businesses, estates and individuals earning capital gains. ...more

Stinson LLP

Missouri Eliminates Capital Gains Tax

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On July 10, 2025, Missouri Gov. Mike Kehoe signed House Bill 594, which will exclude both short- and long-term capital gains from Missouri individual income tax and, in certain circumstances, corporate income tax....more

Cole Schotz

Salt Provisions In The One Big Beautiful Bill Act: A Mirage Rather Than A Panacea Of Relief For High-Income Earners

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On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law ushering in sweeping federal tax changes. The legislation notably expands the Qualified Business Income (QBI) deduction for professionals...more

Cadwalader, Wickersham & Taft LLP

Taxpayers Worked Up About PTET Workarounds

The Senate’s version of the One Big Beautiful Bill Act (the “Act”) was released on June 16th, following the House’s passing of its version of the bill in late May. Among the many tax-related changes in both versions of the...more

Baker Donelson

SALT Select Developments - June 2025

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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

Flaster Greenberg PC

NJ Tax Break for Small Businesses

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On March 20, 2025, New Jersey lawmakers advanced a measure that would bring the New Jersey Gross Income Tax into closer conformity with federal law regarding the income tax treatment of “qualified small business stock,” or...more

Eversheds Sutherland (US) LLP

San Francisco’s proposed regulation imitates California’s proposed regulation

In November 2024, voters approved Proposition M which provided for an overhaul of San Francisco’s gross receipts tax. Proposition M changed the allocation and apportionment rules for most industries, generally requiring that...more

Amundsen Davis LLC

No Tax on Tips Act: How Taxpayers Can Prepare

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Tipping has been part of the modern-day American restaurant experience for decades. Like most forms of income, these tips are taxable and subject to income tax. But what if this income was free from income tax liability?...more

Mayer Brown

STF Establishes Non-Incidence of ISS on Commissioned Manufacturing Activities

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The Brazilian Supreme Court (STF) decided that the Tax on Services’ (ISS) non-levy on toll commissioned manufacturing activities, whenever these activities refer to the intermediary activities of a production cycle. The...more

McCarter & English, LLP

Proposed Corporation Business Tax Regulations, Proposing Sweeping Changes, Published in ‘New Jersey Register’

On February 18, the New Jersey Division of Taxation published proposed corporation business tax (CBT) regulations that incorporate changes associated with 2023 reform legislation, as well as additional changes intended to...more

K&L Gates LLP

The Inside Basis: Post-Wayfair Sales Tax Compliance and Exposure

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K&L Gates Tax partner Will LeDoux joins Randy Clark for a discussion of the 2018 Supreme Court case South Dakota v. Wayfair and its impact on sales tax nexus and subsequent transaction considerations....more

Holland & Hart LLP

the buzz: Cannabis News & Policy Update | February 2025

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Welcome back to the buzz, our monthly cannabis news and policy update. Your at-a-glance source for regulatory developments, agency announcements, and trends impacting the cannabis industry. In this edition of the buzz,...more

Freeman Law

Texas 89th Legislative Regular Session Features Several Tax Proposals

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On January 14, 2025, the 89th Regular Session of the Texas Legislature began. In just under one month, various Texas representatives have made a number of proposals to amend the Texas Tax Code that could have a significant...more

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report - Legislative Day 16 - February 2025

Wednesday was a rainy day outside the Georgia State Capitol, but the inside of the building was brightened considerably by a few glowing golden retrievers trotting through the halls. Several pups from Children’s Healthcare of...more

DLA Piper

United States - VAT: States Searching for Uniform Solution to Tax Digital Products - Monthly Indirect Tax Alert – January 2025

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Digital goods are currently taxed in 31 states. The large market states where such products and services are generally not subject to tax, include California, Florida, Illinois, Massachusetts, New York and Virginia....more

Bradley Arant Boult Cummings LLP

Guest notebook: Bradley partners offer predictions for spring 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

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

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

Offit Kurman

Maryland’s 2025 Budget Proposal: Changes to Estate Taxes and What They Mean for Estate Planning

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Recent Maryland proposed budget cause for close estate planning review before the sunset of the federal Tax Cuts and Jobs Act. This week, Maryland Governor Wes Moore released his proposed 2025 budget to the public and...more

Seward & Kissel LLP

State Taxes: What to Expect in 2025

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A changing tax landscape is on the horizon for the new year. Many of the provisions of the 2017 Tax Cuts and Jobs Act (“TCJA”) are scheduled to expire at the end of the year. President-elect Trump has also proposed a variety...more

Kilpatrick

4 Key Takeaways | New York Tax Developments

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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....more

Goulston & Storrs PC

Further Updates to the Massachusetts Estate Tax

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On October 4, 2023, the Massachusetts estate tax was updated for the first time in seventeen years (the “2023 Act”). Primarily, the 2023 Act created a $2,000,000 exemption from the estate tax for all decedents who died on or...more

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