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Virginia Budget Keeps Data Center Break But Adds Energy Tax
Virginia lawmakers, representing the state with the country's largest number of data centers, sent a budget Monday to Gov. Abigail Spanberger that includes a first-in-the-nation electricity tax on the centers.
US Has 'Strong Interest' In Ongoing Pillar 2 Work, Official Says
A U.S. Treasury Department official signaled plans Monday to keep participating in technical talks for implementing a worldwide corporate 15% minimum tax agreement known as Pillar Two, saying the regime will still impact U.S. companies despite a side-by-side safe harbor.
Justices Won't Review Dispute Over Tax Fraud Deadline
The U.S. Supreme Court declined on Monday to review a woman's challenge against the Internal Revenue Service over the period in which the agency can assess taxes on a taxpayer when a fraudulent third party triggers the liability.
Virginia Budget Keeps Data Center Break But Adds Energy Tax
Virginia lawmakers, representing the state with the country's largest number of data centers, sent a budget Monday to Gov. Abigail Spanberger that includes a first-in-the-nation electricity tax on the centers.
US Has 'Strong Interest' In Ongoing Pillar 2 Work, Official Says
A U.S. Treasury Department official signaled plans Monday to keep participating in technical talks for implementing a worldwide corporate 15% minimum tax agreement known as Pillar Two, saying the regime will still impact U.S. companies despite a side-by-side safe harbor.
Justices Won't Review Dispute Over Tax Fraud Deadline
The U.S. Supreme Court declined on Monday to review a woman's challenge against the Internal Revenue Service over the period in which the agency can assess taxes on a taxpayer when a fraudulent third party triggers the liability.
Federal More
A World Trade Organization committee held a meeting Monday to exchange views on President Donald Trump's temporary global tariff set to expire in July, according to a news release.
The U.S. Supreme Court won't consider whether the Internal Revenue Service violated several taxpayers' rights to jury trials when it imposed $30 million in tax fraud-related penalties, the justices said Monday... (more story)
Ireland's payments to the U.S. for intellectual property showed a dramatic increase between 2020 and 2026, indicating that IP development returned to the U.S. after the implementation of the 2017 Tax Cuts and ... (more story)
The U.S. Department of Justice refused to file a declaration stating it won't create a $1.8 billion settlement fund as part of the deal to close President Donald Trump's tax leak suit against the Internal Reve... (more story)
The U.S. Supreme Court on Monday turned down a Minnesota teachers union local's bid for review of an Eighth Circuit decision that revived a taxpayer challenge to a collective bargaining agreement's policy lett... (more story)
Comedian Carlos Mencia is facing felony tax evasion charges after California prosecutors say he failed to report $8.7 million in personal and corporate income, the Los Angeles County District Attorney's Office... (more story)
The IRS released transitional guidance Thursday for tax benefits tied to opportunity zone investments, providing rules such as when to defer the tax on the capital gains, while the agency works on formal propo... (more story)
State & Local More
Oil In Cos.' Tanks Is Taxable, County Tells Texas Justices
A Texas county asked the state Supreme Court to overturn an appeals court's ruling that oil stored by two companies wasn't taxable, saying a substantial amount of the oil wasn't bound for foreign markets.
Dunkin' Franchise Prevails In Challenge To NJ Food Tax Rule
The New Jersey Tax Court struck down a state rule that established a formula for taxing sales of prepared food, siding with a Dunkin' Donuts franchise in ruling that the regulation exceeded the scope of the st... (more story)
DOJ's Pot Shift Leaves Key Questions For Cannabis Industry
The Trump administration's recent moves to relax federal restrictions on marijuana through the administrative process will have unclear ramifications for all industry players unless Congress steps in to rewrit... (more story)
Pa. Land Trust's Exemption Must Be Revisited, Court Rules
A Pennsylvania trial court must reconsider the charitable use of land owned by a trust under an analysis provided by the appellate Commonwealth Court and reevaluate whether the land is eligible for a charitabl... (more story)
Va. Budget Deal Sets 2027 Launch For Retail Cannabis
Virginia's governor and lawmakers on Tuesday announced an agreement to tax and regulate the sale of adult-use cannabis with sales beginning in July 2027.
Fla. Decouples From 2025 Fed. Law's Corporate Tax Breaks
Florida, citing what legislators identified as the negative revenue impacts of corporate tax breaks in last year's federal budget bill, will decouple from many of those breaks under legislation signed by Repub... (more story)
Building's $108M Taxable Value Too High, Minn. Justices Told
A Minnesota office building was overvalued at $108 million, its owner told the state Supreme Court, challenging the state tax court's reconciliation of competing appraisers' conclusions and other matters.
A Texas county asked the state Supreme Court to overturn an appeals court's ruling that oil stored by two companies wasn't taxable, saying a substantial amount of the oil wasn't bound for foreign markets.
The New Jersey Tax Court struck down a state rule that established a formula for taxing sales of prepared food, siding with a Dunkin' Donuts franchise in ruling that the regulation exceeded the scope of the st... (more story)
The Trump administration's recent moves to relax federal restrictions on marijuana through the administrative process will have unclear ramifications for all industry players unless Congress steps in to rewrit... (more story)
A Pennsylvania trial court must reconsider the charitable use of land owned by a trust under an analysis provided by the appellate Commonwealth Court and reevaluate whether the land is eligible for a charitabl... (more story)
Virginia's governor and lawmakers on Tuesday announced an agreement to tax and regulate the sale of adult-use cannabis with sales beginning in July 2027.
Florida, citing what legislators identified as the negative revenue impacts of corporate tax breaks in last year's federal budget bill, will decouple from many of those breaks under legislation signed by Repub... (more story)
A Minnesota office building was overvalued at $108 million, its owner told the state Supreme Court, challenging the state tax court's reconciliation of competing appraisers' conclusions and other matters.
International More
UK Inheritance Tax Revenue Growth Slows
Inheritance tax receipts for April and May reached £1.4 billion ($1.8 billion) in a slight dip in tax revenue compared with the 2025 tax take, despite frozen tax thresholds, according to official data published Friday.
Securitization Cos. Can Duck EU Interest Limits, Adviser Says
Luxembourg correctly exempted securitization companies from the interest limitation rule under the European Union's anti-tax avoidance directive because they are comparable to financial undertakings that are e... (more story)
Medtronic Ruling Supports IRS In Amgen Case, Tax Court Told
The IRS urged the U.S. Tax Court to back the agency's decision to allocate drugmaker Amgen's profits from the company's Puerto Rican subsidiary, arguing that the Eighth Circuit's ruling in Medtronic's case sup... (more story)
Indian Court Sides With US Gem Co. In Transfer Pricing Row
A U.S. gem grading organization didn't have a taxable permanent establishment in India, and the government cannot tax royalties that the company refunded to its Indian counterpart, the Bombay High Court said in a judgment.
Danish Financier Denied Tax Appeal For Missing Deadline
A Danish financier and his company can't appeal a decision over a tax bill of over £866,000 ($1.2 million) despite his claim that they face a 200% tax rate, a London tribunal ruled, saying he had no good reaso... (more story)
Insurance Co.'s $1.35B Tax Fight Sent To Nova Scotia Court
The Tax Court of Canada declined to hear Canadian revenue authorities' bid to include over CA$1.9 billion ($1.35 billion) worth of shares in a life insurance company's taxable capital, holding that jurisdictio... (more story)
VAT Break For Credit Management Has Limits, EU Court Says
The European Union's value-added tax exemption for managing credit doesn't apply to management services provided by an entity that granted, transferred and continued managing the credit, an EU court said Wedne... (more story)
Inheritance tax receipts for April and May reached £1.4 billion ($1.8 billion) in a slight dip in tax revenue compared with the 2025 tax take, despite frozen tax thresholds, according to official data published Friday.
Luxembourg correctly exempted securitization companies from the interest limitation rule under the European Union's anti-tax avoidance directive because they are comparable to financial undertakings that are e... (more story)
The IRS urged the U.S. Tax Court to back the agency's decision to allocate drugmaker Amgen's profits from the company's Puerto Rican subsidiary, arguing that the Eighth Circuit's ruling in Medtronic's case sup... (more story)
A U.S. gem grading organization didn't have a taxable permanent establishment in India, and the government cannot tax royalties that the company refunded to its Indian counterpart, the Bombay High Court said in a judgment.
A Danish financier and his company can't appeal a decision over a tax bill of over £866,000 ($1.2 million) despite his claim that they face a 200% tax rate, a London tribunal ruled, saying he had no good reaso... (more story)
The Tax Court of Canada declined to hear Canadian revenue authorities' bid to include over CA$1.9 billion ($1.35 billion) worth of shares in a life insurance company's taxable capital, holding that jurisdictio... (more story)
The European Union's value-added tax exemption for managing credit doesn't apply to management services provided by an entity that granted, transferred and continued managing the credit, an EU court said Wedne... (more story)