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Estate, Capital Gains and Other Taxes in 2011: What Will Happen Now?

The people have spoken and the end is drawing near. The people are all of us who exercised our right to vote earlier this month and the end is the end of the tax cuts passed in 2001. If Congress does nothing, here is what happens. Income Taxes will increase January 1, 2011 by 3% for individuals earning...

CCA Applies Anti-Abuse Rule for Transactions between a Consolidated Group and a Non-Member where a Partnership Is Interposed

By Todd B. Reinstein Most transactions between members of the same consolidated group generally do not result in current recognition of federal income tax. Treasury Regulations require that "intercompany" items of income, gain, deduction, and loss that result from intercompany...

Pepper Hamilton LLP: Congress Seeks to Simplify Multistate Income Tax Withholding Requirements for Employees

By Lance S. Jacobs and Callie Perkins Recently introduced legislation aims to simplify global income tax reporting by establishing a national standard for filing and withholding income taxes for nonresident workers. Currently 43 states and the District of Columbia assess a personal...

Caplin & Drysdale: District of Columbia Alters Treatment of Municipal Bond Interest

By Beth Kaufman , Lucy Lee and Michael Pfeifer Effective January 1, 2012, the District of Columbia will no longer exempt the income on municipal bonds issued by all municipalities. Income from the following bonds will continue to be tax exempt for D.C. tax purposes: Bonds issued by the...

Caplin & Drysdale: District of Columbia Alters Treatment of Municipal Bond Interest

By Beth Kaufman , Lucy Lee and Michael Pfeifer Effective January 1, 2012, the District of Columbia will no longer exempt the income on municipal bonds issued by all municipalities. Income from the following bonds will continue to be tax exempt for D.C. tax purposes: Bonds issued by the District...

2012 ALEC-Laffer Report Strikes Familiar Theme

The just-released 5 th edition of Rich States, Poor States , the American Legislative Exchange Council's (ALEC) report on economic competitiveness of the states, reaches familiar conclusions shadowing those set forth in preceding editions: How the 50 states, described in the report as "laboratories...

Tax Protestors Alive and Well and Living in Canada

The tax protestor movement is alive and well in Canada and getting some publicity just in time to serve as a warning to Canadian taxpayers readying their annual returns.* I read with interest the recent case of Russell Porisky and his wife Elaine Gould , who ran a tax evasion counseling scheme out of...

Tax Treatment of Gift, Dividends, or Loans to Employees

by Mary Howley * Although gifts are generally excluded from income, gifts from employers to employees are generally included in income. Achievement awards given to employees from employers may be excluded from income in certain cases. Holiday gifts of food or other merchandise of nominal value are...

State Net Capitol Journal – March 4, 2013

Budget & Taxes VA PASSES TRANSPORTATION FUNDING OVERHAUL: On the final day of their legislative session, Virginia lawmakers approved a plan overhauling the way the state will pay for its roads, highways and mass transit. Under the plan, the state's 17.5 cents-per-gallon tax on gasoline...

State Net Capitol Journal – May 13, 2013

Budget & Taxes TAX REVENUE SURGE YIELDS SURPLUS IN CA: On April 17 California received nearly $2.8 billion in personal income tax payments, the third-largest amount collected on a single day in the state's history. That haul - combined with a sizeable bump in business tax revenues - means...

State Net Capitol Journal – July 21, 2014; Philadelphia Cigarette Tax In Limbo

Budget & Taxes PHILADELPHIA CIGARETTE TAX IN LIMBO: The cash-strapped school district and city of Philadelphia have been pushing for a bill imposing a $2 surcharge on every pack of cigarettes sold in the city to provide enough funding to avert 1,300 layoffs and the ballooning of class sizes to...

State Net Capitol Journal – November 3, 2014; Massachusetts Casino Study At Odds With Experience Of Other States

MA CASINO STUDY AT ODDS WITH EXPERIENCE OF OTHER STATES: Supporters of a November ballot measure in Massachusetts (Question 3) aimed at repealing the 2011 law authorizing as many as three resort casinos and a slots parlor in the state issued a press release last month predicting the law would reduce...

State Net Capitol Journal – March 9, 2015; Louisiana Governor Proposes Tax-Credit Changes

Budget & Taxes LA GOV PROPOSES TAX-CREDIT CHANGES: Louisiana Gov. Bobby Jindal's (R) administration proposed a 2016 budget last month that included deep cuts that would close community health clinics and historic sites, as well as force more belt-tightening at the state's colleges and...

State Net Capitol Journal – June 15, 2015; California Considering Prop 13 Reform

Budget & Taxes CA Considering Prop 13 Reform A bill introduced last week in California would overhaul Proposition 13 -- the landmark property tax limit initiative approved by the state’s voters in 1978 -- to allow regular reassessments of commercial and industrial properties. Currently...

Georgia Legislature Enacts Significant Income, Sales, and Property Tax Legislation

The Georgia legislative session concluded on March 29, 2018. In addition to two major bills relating to federal tax reform, Georgia enacted several other pieces of notable tax legislation. View the full Legal Alert. Continue Reading…

Oregon Legislature Passes IRC Conformity Legislation, But Decouples from Certain Federal Tax Reform Provisions

On April 10, 2018, and April 13, 2018, Oregon Governor Kate Brown signed into law S.B. 1529 and S.B. 1528 (the Bills), respectively, which provide a series of changes to Oregon’s income tax laws in response to recent federal tax changes as part of the federal Tax Cuts and Jobs Act. Most notably, the...

New Mexico Finds No Obstacle to Inclusion of Foreign Dividends and Subpart F Income in Consolidated Return Base

The New Mexico Administrative Hearings Office affirmed the Taxation and Revenue Department’s assessment based on General Electric’s exclusion of foreign dividend and Subpart F income from its base income in its New Mexico consolidated return. In this case of first impression, the Hearings Office held...

Oregon Deems Amendments to Statutory State Apportionment Formulas to Be Constitutional

In another of the so-called “Compact” cases, the Oregon Supreme Court affirmed the decision of the Oregon Tax Court and held that: (1) the 1967 Oregon Legislature, in enacting Oregon Statute Section 305.655, did not clearly and unmistakably intend for Oregon to enter into a binding contract that would...

IRS to Crackdown on SALT Deduction Cap Workarounds

The IRS intends to issue regulations pertaining to states’ attempts to subvert the state and local tax deduction cap. The Tax Cuts and Jobs Act imposed a $10,000 ($5,000 for married individuals filing separately) limit on state and local tax deductions for federal income tax purposes. Certain states...

New York Bill Introduced to Exempt GILTI

On June 11, 2018, Senate Bill 8991 was introduced by New York Senate Majority Leader John Flanagan. The Bill would decouple from the federal treatment of Global Intangible Low-Taxed Income (GILTI). View the full legal alert. Continue Reading…