State & Local
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May 30, 2024
Mass. Foreclosure Law May Be Unconstitutional, Judge Says
A Massachusetts law blocking towns and cities from returning excess funds from foreclosure sales may be an unconstitutional taking, a federal judge has said.
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May 30, 2024
NY To Provide Sales Tax Break For Energy Storage Equipment
New York will exempt receipts for retail sales of residential energy storage systems equipment from state and local sales and use taxes, effective Saturday, the state Department of Taxation and Finance said Thursday.
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May 30, 2024
Mich. Total Revenue Through April Falls $590M From Last Year
Michigan's total general revenue from October through April was down $590 million compared with the same period last fiscal year, the state Budget Office said Thursday.
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May 30, 2024
Ex-KPMG Manager Joins Davis+Gilbert As Tax Partner
A former managing director at KPMG has joined New York law firm Davis+Gilbert LLP as a tax partner in its corporate and transactions practice, Davis+Gilbert announced.
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May 30, 2024
Colo. To Offer Freight Rail, Rail Operator Tax Credits
Colorado will offer two new tax credits for use of freight rails that start or end in coal transition communities and for the cost of improving or maintaining a rail line at risk of abandonment under a bill signed by the governor.
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May 30, 2024
Black Business Owners Sue Over Impact Of Transparency Act
The Corporate Transparency Act creates unique burdens on businesses owned by people of color, immigrants and other marginalized groups, the Black Economic Council of Massachusetts and several company owners said in the latest legal challenge to the anti-money laundering law.
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May 29, 2024
Iowa Offers Tax Penalty Relief For Counties Hit By Storms
Iowa will consider requests for tax penalty relief from people in several counties who missed state tax filing and payment deadlines because their records were destroyed by recent storms, the state Department of Revenue said Wednesday.
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May 29, 2024
NJ Tax Chief Urges Cos. To Respond To Nexus Questionnaires
The New Jersey Division of Taxation's top official encouraged businesses Wednesday not to ignore questionnaires from the agency regarding whether they had filing obligations before the state switched to combined reporting, warning that failure to respond could lead to high estimated assessments.
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May 29, 2024
Tenn. Orders Study Of State, Local Tax Collection Costs
Tennessee will require a study on the cost to businesses of collecting and remitting state and local taxes and the cost to the state of remuneration to businesses for sales tax collection, under a bill signed by the governor.
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May 29, 2024
La. Lawmakers OK Deadline Discretion In Awarding Incentives
Louisiana would give the state's economic development agency discretion in awarding tax incentives to businesses that miss a deadline for reasons beyond their control as part of a bill passed in the state Senate.
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May 29, 2024
Kansas Gov. Sets June Special Session On Taxes
The Republican-led Kansas Legislature will meet in a special session June 18 to consider tax relief legislation, the state's governor said Wednesday, calling for compromise following her veto of a bill to reduce income tax rates.
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May 29, 2024
Ind. Tax Court Says Hotel In Construction Was Fairly Assessed
An Indiana hotel that was under construction in 2010 was properly assessed despite claims that the county assessor had not assessed all unfinished commercial properties equally, the state tax court ruled.
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May 29, 2024
NC Total Revenue Through April Dips $23M From Last Year
North Carolina's total revenue for July through April fell $23 million from last year, the Office of the State Comptroller said.
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May 29, 2024
Colo. Creates Tax Credit For Creative Industries Infrastructure
Colorado established a state income tax credit for capital improvement projects that support creative industries, under legislation signed by Gov. Jared Polis.
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May 29, 2024
Colo. Extends, Expands Film Production Tax Credit
Colorado extended its film production tax credit, previously set to end this year, and increased the amount of qualifying expenses that may be claimed for the credit under legislation signed by Democratic Gov. Jared Polis.
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May 29, 2024
Colo. Creates Quantum Tech Investment Credits
Colorado authorized a pair of tax credits to promote investment in quantum technology development facilities by entities that are also receiving certain federal grants under legislation signed into law by Gov. Jared Polis.
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May 29, 2024
Treasury Details Which Tech Would Get Clean Energy Credits
Treasury released proposed rules Wednesday outlining which technologies would qualify for new zero-emission energy tax credits, saying wind, solar and geothermal are among those that would make the cut.
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May 28, 2024
Minn. To Raise Coming Payroll Tax For Family Leave Program
Minnesota will raise the payroll premium for its upcoming family and medical leave program under legislation signed by the governor over the objections of Republican lawmakers who said the package was rushed through during the Legislature's final hours.
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May 28, 2024
Ex-NRA CFO Settles NY AG Suit Before Phase-Two Trial
The National Rifle Association's former chief financial officer has reached a settlement with the New York attorney general's office ahead of the second phase of a trial over claims the group and its executives misused donor money, among other alleged misconduct.
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May 28, 2024
Ill. Lawmakers OK System To ID Taxpayer Financial Accounts
Illinois would authorize the state tax department to enter agreements with financial institutions to identify accounts of people and businesses who are delinquent in the payment of taxes using a data-match system under a bill passed by state lawmakers and headed to Democratic Gov. J.B. Pritzker.
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May 28, 2024
Pa. Lawmakers Want End To 40% NOL Cap To Attract Biz
A bipartisan group of Pennsylvania lawmakers voiced support Tuesday to ditch the state's 40% cap on net operating loss deductions and either match the federal standard or eliminate the limit altogether.
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May 28, 2024
Mo. Panel Affirms Nixes Of St. Louis Teleworker Tax, Class Bid
St. Louis must issue earnings tax refunds to six nonresidents for days they worked outside the city after the COVID-19 pandemic began, but those employees can't seek a class action on behalf of other remote workers, the Missouri Court of Appeals ruled Tuesday.
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May 28, 2024
Tax Lawyer Rejoins Mayer Brown In DC From Latham
Mayer Brown LLP has rehired a tax partner from Latham & Watkins LLP, who joins the firm in Washington, D.C., to continue working with clients to best utilize renewable energy tax credits, the firm announced Tuesday.
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May 28, 2024
Mich. Offers Tax Deadline Relief In Counties Hit By Storms
Taxpayers in four Michigan counties that were impacted by severe storms and tornadoes can request additional time to file returns and make payments, according to a notice Tuesday from the state Treasury Department.
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May 28, 2024
Colo. Extends Tax Credit For Rehab Of Historic Structures
Colorado's tax credit for rehabilitation of historic structures will run through 2036 and apply to work on structures as new as 30 years old under legislation signed by Democratic Gov. Jared Polis.
Expert Analysis
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Digital Biz Purchases And Tax Cuts In Texas: SALT In Review
From the taxing of digital business purchases to proposed tax cuts in Texas, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
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3 Principles Should Guide MTC's Digital Products Tax Work
As the Multistate Tax Commission's project to harmonize sales tax on digital products moves forward, three key principles will help the commission's work group arrive at unambiguous definitions and help states avoid unintended costs, say Charles Kearns and Jeffrey Friedman at Eversheds Sutherland.
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OECD Treatment Of Purchased Ga. Film Credits Isn't Peachy
Producers considering Georgia as a prospective location for filming may already be concerned that the Organization for Economic Cooperation and Development's July decision will hamper the eventual 2026 or later sale of their Georgia film tax credits, says Alan Lederman at Gunster.
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A Milestone For Offshore Wind In Maine
Recently signed legislation directing Maine to procure up to 3 gigawatts of offshore wind by 2040 offers indisputable promise that the state will soon welcome commercial-scale offshore wind development off its shores, says Joshua Rosen at Foley Hoag.
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Mallory Ruling Doesn't Undermine NC Sales Tax Holding
Contrary to the conclusion reached in a recent Law360 guest article, the U.S. Supreme Court’s recent Mallory ruling shouldn't be read as implicitly repudiating the North Carolina Supreme Court’s sales tax ruling in Quad Graphics v. North Carolina Department of Revenue — the U.S. Supreme Court could have rejected Quad by directly overturning it, says Jonathan Entin at Case Western Reserve.
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Calif. Policymakers Should Aid Crashing Cannabis Market
As California’s cannabis sector nears the brink of financial collapse, it may be time for the state government to seriously consider potential bailout programs for the embattled industry — though the crisis also presents strategic buying opportunities for those with a high tolerance for uncertainty, says Michelle Mabugat at Greenberg Glusker.
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What Came Of Texas Legislature's Long-Promised Tax Relief
Following promises of historic tax relief made possible by a record budget surplus, the Texas legislative session as a whole was one in which taxpayers that are large businesses could have done somewhat better, but the new legislation is clearly still a positive, say attorneys at Baker Botts.
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Looking Behind The Curtain Of Residential Transition Loans
As residential transition loans and securitizations of such loans grow increasingly popular, real estate stakeholders should take care to understand both the unique features and potential challenges offered by this novel asset class, say attorneys at Mayer Brown.
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Where Tax Policies Go Wrong: SALT In Review
RSM's David Brunori reviews the worst tax policies employed by state and local governments, then critiques recent tax developments in Oregon, New York and Boston.
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Mallory Opinion Implicitly Overturned NC Sales Tax Ruling
The U.S. Supreme Court recently declined to review Quad Graphics v. North Carolina Department of Revenue, but importantly kicked the legs from under Quad's outcome a week later, stating in its Mallory decision that the high court has the prerogative to overrule its own decisions, says Richard Pomp at the University of Connecticut.
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Delicious In Conn., Less Tasty In La.: SALT In Review
From Connecticut reducing its beer tax to Louisiana retaining its franchise tax, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
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Review Of Repatriation Tax Sets Justices On Slippery Slope
The U.S. Supreme Court’s recent decision to review the constitutionality of the repatriation tax in Moore v. U.S. has implications for many tax rules involving unrealized amounts and could leave the court on the brink of invalidating large swaths of the Internal Revenue Code, say attorneys at Eversheds Sutherland.
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How To Avoid A Zombie Office Building Apocalypse
With national office vacancy rates approaching 20%, policymakers, investors and developers will need to come together in order to prevent this troubling trend from sucking the life out of business districts or contaminating the broader real estate market, say Ryan Sommers and Robyn Minter Smyers at Thompson Hine.