In two cases, the Minnesota Tax Court clarified the extent to which the Minnesota research and development (R&D) credit is calculated based on the Internal Revenue Code’s defined terms. Minnesota law incorporates the Internal Revenue Code’s definition... Read More
The North Carolina Supreme Court recently held that the presence in the state of a trust’s beneficiary is not sufficient to establish income tax nexus for the trust. In the Kimberly Rice Kaestner 1992 Family Trust case, the trust’s beneficiaries were... Read More
In a last-minute deal to avert a government shutdown, New Jersey Governor Phil Murphy and the New Jersey Legislature cobbled together a budget with numerous amendments to New Jersey’s tax law. View the full legal alert. Read More
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... Read More
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... Read More
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… Read More
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... Read More
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... Read More
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… Read More
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... Read More
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... Read More
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... Read More
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... Read More
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... Read More
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... Read More