LexisNexis® Legal Newsroom
State Net
State Net Capitol Journal – March 14, 2016; New York Lawmakers Seek to Close ‘Carried Interest Loophole’

Budget & Taxes NY Lawmakers Seek to Close ‘Carried Interest Loophole’ A pair of Democratic New York state assemblymen - Sean Ryan and Jeffrion L. Aubry - introduced a bill this month (AB 9459) that would raise state income taxes...

Elaine Hightower Gagliardi
Consistent Basis Reporting Requirements

Executors of decedents' estates required to file federal estate tax return must also file a form reporting estate tax value of assets distributed to beneficiaries. Certain beneficiaries must use a consistent value for purposes of determining income...

State Net
State Net Capitol Journal – March 7, 2016; Brownback Makes Big Cuts to Kansas University System

Budget & Taxes Brownback Makes Big Cuts to KS University System Kansas Gov. Sam Brownback (R) announced plans for a 3 percent immediate cut to the state university system after tax collections came in well below projections last month. The...

LexisNexis Tax Law Community Staff
Avoiding Net Investment Income Tax on Sale of S-Corporation Stock

by Matthew Cavitch, J.D. * An S corporation can save certain shareholders—shareholders who are treated as non-passive under Section 469—the 3.8% net investment income tax. The 3.8% net investment income tax is imposed to the extent the...

State Net
State Net Capitol Journal – February 22, 2016; Oil Price Collapse Pressures State Budgets

Budget & Taxes Oil Price Collapse Pressures State Budgets The collapse of oil prices is taking a toll on energy-producing states. As job losses mount in the nation’s oil patch, depressed oil and commodity prices are having a ripple effect...

State Net
State Net Capitol Journal – February 15, 2016; Snyder Proposes $195 Million for Flint

Budget & Taxes Snyder Proposes $195 Million for Flint Amidst a chorus of boos from protestors, Michigan Gov. Rick Snyder (R) unveiled his $54.9 billion FY 2017 budget proposal to lawmakers, a plan that includes $195 million to address the ongoing...