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State Net Capitol Journal – May 7, 2012

SNCJ Spotlight With Congress stalled, states work their own "Amazon tax" deals Like millions of Americans these days, Dena Davidson buys a lot of products online. From birthday gifts to home furnishings, she eschews crowded malls at every opportunity, preferring the comfort of shopping...

State Net Capitol Journal – May 14, 2012

Budget & Taxes STATES' FISCAL HEALTH CONTINUING TO IMPROVE: State fiscal conditions are continuing their slow and mostly steady improvement, according to the National Conference of State Legislatures' Spring 2012 budget update. For the first time since the start of the Great Recession...

State Net Capitol Journal – May 14, 2012

Budget & Taxes STATES' FISCAL HEALTH CONTINUING TO IMPROVE: State fiscal conditions are continuing their slow and mostly steady improvement, according to the National Conference of State Legislatures' Spring 2012 budget update. For the first time since the start of the Great Recession...

Repatriation Tax Holidays and IRC Section 965

By Mary Riley * The debate over corporate tax reform has largely centered on lowering the corporate tax rate and, more radically, transitioning from a worldwide to a territorial system of international taxation. [Donald J. Marples and Jane G. Gravelle, CONG. RESEARCH SERVE, R40178, TAX CUTS ON REPATRIATION...

President Romney's Tax Reform

If elected president, Mitt Romney will have to make some adjustments to his tax plan. For now he is saying that he wants to lower rates across the board by 20 percent and entirely offset the cost by scaling back tax expenditures unrelated to investment income. He wants his plan to be distributionally...

Capital Gains: The Missing Link to Tax Reform?

The big stir about Romney's tax plan --that if you fill in the blanks with likely revenue raisers the plan will result in tax increase for the middle class--all stems from the fact that tax breaks are not evenly spread over income categories . Proportionately, the poor benefits most from the EITC...

State Net Capitol Journal – April 22, 2013

Budget & Taxes KS TAX REFORM WORST IN NATION: Joe Henchman of the conservative Tax Foundation and Nick Johnson of the left-leaning Center on Budget and Policy Priorities rarely agree on anything having to do with taxes. But when Governing magazine recently asked the two tax policy experts to...

Let's Stop With the Revenue Neutrality

For decades, most people have believed that the success of tax reform is dependent on the reform being revenue neutral. That is, whatever happens, the tax system has to raise approximately as much revenue after as it did before. Proponents of reform want to seem pure in thought. They profess to care...

When Tax Reform Means Soaking the Rich

Tax reform has evolved into one of the emptier platitudes of U.S. politics. Politicians support "tax reform" in the same way that they support "a strong national defense," "fiscal responsibility," and "pro-growth economic policies." It's a brave statement in...

Fast Track to Nowhere

Although the formal expiration of the debt limit is May 19, the ability of the Treasury Department to juggle some internal accounts is likely to extend the effective deadline until late summer . Nothing is certain, but the real deadline is likely to crop up in September or even October. This sets the...

Go Big or Go Home - Tax Reform in Maine

The big idea of the last week was a dramatic tax reform proposal in Maine . The idea is big and bold. Big and bold usually means a measure has no chance of passage. State legislators from both parties are not exactly profiles in courage. The proposal would change all of the state's primary taxes...

State Net Capitol Journal – June 3, 2013

Budget & Taxes CA RELEASES HEALTH EXCHANGE RATES: Last month, California released details about the insurers that will offer plans through the state's newly created health exchange and the premiums that millions of residents can expect to pay for that coverage. Thirteen companies will...

It's Time to Stop Talking About Tax Reform

Enough already: it's time to stop talking about tax reform. Not about necessary and useful changes to the tax code - by all means, let's talk about them. But let's do away with anodyne invocations of "tax reform" as a useful shorthand for this debate. The phrase probably meant something...

Are Republicans Throwing in the Towel on Tax Reform?

... [I]n the modern era of divided government, tax reform is almost certainly going to be a bipartisan enterprise - or no enterprise at all. Which makes it all the more illuminating that House Republicans have floated the idea of passing a tax reform bill without help from Democrats... ... ......

Estate Tax Repeal Movement Intensifying

Questions surrounding the future of the estate tax seem to be a constant in recent years. On June 19 th , Senator John Thune of South Dakota and Representative Kevin Brady of Texas resurrected the issues surrounding the estate tax by expressing their hope that a repeal of the estate tax would be included...

State Net Capitol Journal – December 23, 2013; Tax Reform Trend Taking Hold In States

TAX REFORM TREND TAKING HOLD IN STATES: Five states — Alaska, Minnesota, North Carolina, Ohio and Virginia — enacted major tax reforms this year, and several others approved smaller tax changes, according to the National Conference of State Legislatures. And it looks like more states intend...

State Net Capitol Journal – March 10, 2014; 2013 (Sort Of) 'Year Of Tax Reform'

Budget & Taxes 2013 (SORT OF) 'YEAR OF TAX REFORM': Early last year many predicted 2013 would be "the year of tax reform" in the states, due to the unusually high number of tax measures that had been proposed, a number of which included major reforms. But according to the results...

International Tax Reform and the Patent Box

Patent or innovation boxes have been a part of the United Kingdom’s tax system since 2013. [1] With Congress focused on international and business tax reform, the concept of a patent or innovation box has emerged as a possible addition to the United States’ tax regime. While there has been...

Real Estate Gazette: A Focus on the Hospitality and Leisure Sector In Some of the World’s Key Jurisdictions

By Dr. Olaf Schmidt In this issue, we turn the spotlight on the hospitality and leisure sector in some of the world’s key jurisdictions, focusing on topics that are intricately linked with real estate. Also discussed in this issue are recent changes to the tax regime in Australia, which are...

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...

What are the State Tax Implications of International Tax Reform?

What are the State Tax Implications of International Tax Reform? Jeff Friedman and others outline the key points at the COST 2018 Spring Audit Session/Income Tax Conference in snowy Boston, Massachusetts. These issues were also addressed in a recent article, “Waiting for the Other Shoe to Drop: State...

Rhode Island: Section 965 Income Is not Deferrable for State Tax Purposes

The Rhode Island Department of Revenue recently released Advisory #2018-21 (PDF), which deals with “Section 965” income. The advisory states that the repatriation transition tax is not deferrable for Rhode Island state tax purposes. Section 965 Background On December 22, 2017, President Donald Trump...

New York City: Penalty Relief Available for Certain Section 965 Underpayments

The New York City Department of Finance recently announced the availability of penalty abatements for certain taxpayers that have underpaid business taxes due to the inclusion of Section 965 income. NYC Finance Memorandum No. 18-4 (PDF) describes tax considerations and late payment penalty relief for...

Indiana Enacts IRC Conformity Bill, Decouples from Certain Federal Tax Reform Provisions

On May 14, 2018, Indiana Governor Eric Holcomb signed into law H.B 1316 (the Bill). The Bill provides a number of changes to Indiana’s tax laws, including responding to provisions of the federal Tax Cuts and Jobs Act. Some notable provisions of the Bill include: updating Indiana’s conformity to the Internal...