Clean Energy Tax Credit Market Thrives Despite New Limits
The market for selling clean energy tax credits continues to thrive despite the 2025 budget law's stricter eligibility rules for solar and wind incentives, with more corporations embracing the ability to buy those credits as a streamlined method to shrink their tax liabilities.
Revised Millionaires' Tax Proposal Wins Wash. Gov.'s Support
An amended version of a proposed tax on Washington state residents earning more than $1 million in a single year has met criteria demanded by Democratic Gov. Bob Ferguson, and he will sign it if it reaches his desk, he said Friday.
UK's Planned Mansion Tax Starts To Shape Property Sales
The U.K. government's plan for a surcharge on properties worth more than £2 million ($2.7 million), known as the mansion tax, is beginning to influence the market for such properties ahead of the tax's rollout in two years, experts told Law360.
Clean Energy Tax Credit Market Thrives Despite New Limits
The market for selling clean energy tax credits continues to thrive despite the 2025 budget law's stricter eligibility rules for solar and wind incentives, with more corporations embracing the ability to buy those credits as a streamlined method to shrink their tax liabilities.
Revised Millionaires' Tax Proposal Wins Wash. Gov.'s Support
An amended version of a proposed tax on Washington state residents earning more than $1 million in a single year has met criteria demanded by Democratic Gov. Bob Ferguson, and he will sign it if it reaches his desk, he said Friday.
UK's Planned Mansion Tax Starts To Shape Property Sales
The U.K. government's plan for a surcharge on properties worth more than £2 million ($2.7 million), known as the mansion tax, is beginning to influence the market for such properties ahead of the tax's rollout in two years, experts told Law360.
Federal More
A Southern California securities attorney Friday was sentenced to a year and a day in prison for evading paying his personal taxes and was ordered to pay over $350,000 in restitution to the IRS.
U.S. Customs and Border Protection no longer needs to immediately refund Trump administration tariffs that were struck down by the U.S. Supreme Court after the U.S. Court of International Trade loosened a prev... (more story)
Federal prosecutors have accused a Miami real estate developer of leading an $85 million investment fraud scheme and failing to pay both his personal income taxes and payroll taxes for his employees, the U.S. ... (more story)
Two labor unions and a retirees group that claimed Department of Government Efficiency personnel were allowed to access the Treasury Department's computer systems can't proceed with their lawsuit, a D.C. feder... (more story)
The U.S. Department of the Treasury and the Internal Revenue Service proposed tax guidance Friday for people considering the government's offer to make $1,000 contributions under a new type of individual retir... (more story)
In this week's Taxation With Representation, British insurer Beazley accepts a cash takeover offer from Zurich Insurance Group, a consortium of investors led by Blackrock's Global Infrastructure Partners and t... (more story)
Revamped rules requiring taxpayers to disclose certain microcaptive insurance arrangements to the Internal Revenue Service do not violate the Administrative Procedure Act, a Tennessee federal judge found Thurs... (more story)
State & Local More
Colo. House OKs Fiscal Info Requirement For Ballot Measures
Colorado ballot measures that would increase state expenditures without identifying corresponding revenues to pay for them would be required to explain what government operations would receive reduced funding ... (more story)
A Worthy Successor: SALT In Review
From the naming of the Multistate Tax Commission's new executive director to a bidding war for the Chicago Bears, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Colo. High-Earner Tax Plans Unlawful, State Justices Told
Proposed Colorado ballot measures that would hike taxes on high earners by creating a graduated income tax and dedicate the increased revenue to specific purposes violate the state constitution, opponents told... (more story)
Ohio Lawmakers OK Updating Conformity To Fed. Tax Code
Ohio would immediately update its conformity to the federal tax code under a bill given final passage Wednesday by the state Senate that would largely follow federal tax breaks enacted last year.
Ariz. Justices OK Manufacturing Tax Break For Launderer
An Arizona company that rents and launders textiles for the healthcare industry qualifies as a manufacturing or processing operation for purposes of a use tax exemption, the state Supreme Court ruled, reversing a lower court.
Mo. House Panel Advances Income Tax Phaseout Plan
A proposed constitutional amendment that would phase out Missouri's personal income tax in exchange for a broader sales tax base moved a step closer to going before voters Wednesday when a state House committe... (more story)
RI Budget Director Pitches New Top Income Tax Bracket
Rhode Island should create a new tax bracket on income over $1 million in its next budget and decouple from the federal tax code's research and development expense deduction, the state's budget director said i... (more story)
Colorado ballot measures that would increase state expenditures without identifying corresponding revenues to pay for them would be required to explain what government operations would receive reduced funding ... (more story)
From the naming of the Multistate Tax Commission's new executive director to a bidding war for the Chicago Bears, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Proposed Colorado ballot measures that would hike taxes on high earners by creating a graduated income tax and dedicate the increased revenue to specific purposes violate the state constitution, opponents told... (more story)
Ohio would immediately update its conformity to the federal tax code under a bill given final passage Wednesday by the state Senate that would largely follow federal tax breaks enacted last year.
An Arizona company that rents and launders textiles for the healthcare industry qualifies as a manufacturing or processing operation for purposes of a use tax exemption, the state Supreme Court ruled, reversing a lower court.
A proposed constitutional amendment that would phase out Missouri's personal income tax in exchange for a broader sales tax base moved a step closer to going before voters Wednesday when a state House committe... (more story)
Rhode Island should create a new tax bracket on income over $1 million in its next budget and decouple from the federal tax code's research and development expense deduction, the state's budget director said i... (more story)
International More
Italian Police Seize €2M In EU Tax Fraud Probe
Italian police seized almost €2 million ($2.3 million) in assets as part of an investigation into 12 people suspected of claiming European tax credits for fake energy projects, the European Public Prosecutor's... (more story)
Feds Can't Repatriate Trusts In $28M Tax Suit, Court Told
The U.S. government cannot force a Floridian facing a $28 million tax bill to repatriate assets from his trusts because they're governed by Bahamian law and thus the trustee, a Bahamian trust provider, has sol... (more story)
How Banks Can Apply FinCEN Beneficial Ownership Relief
A recent Financial Crimes Enforcement Unit order limiting the circumstances under which banks should identify and verify beneficial owners may allow banks to tailor their approach to verification compliance, b... (more story)
EU Top Court Says In-Game Gold Trade Not Exempt From VAT
A Lithuanian business' proceeds from the trading of virtual gold in an online video game are not exempt from value-added tax, the European Union's top court ruled Thursday, supporting efforts from the Lithuani... (more story)
Fla. Court Urged To Toss $19M Tax Fine Decided With No Jury
A U.S.-German citizen asked a Florida federal court to toss a nearly $19.6 million tax penalty assessed by the IRS for failing to report foreign bank account information, telling a judge on Wednesday that he w... (more story)
11th Circ. Shouldn't Apply 3M Ruling To Coke, Gov't Says
The Eleventh Circuit should not apply the reasoning used by the Eighth Circuit in its October ruling for 3M Co. to allow Coca-Cola to indefinitely defer taxes it owes under IRS transfer pricing regulations, th... (more story)
Firm's Suit Against GILTI Regs Fails On Details, DC Court Told
A law firm failed to articulate the costs it incurred for complying with tax regulations for overseas income, the U.S. told a D.C. federal court, urging it to toss the firm's suit alleging the rules disproport... (more story)
Italian police seized almost €2 million ($2.3 million) in assets as part of an investigation into 12 people suspected of claiming European tax credits for fake energy projects, the European Public Prosecutor's... (more story)
The U.S. government cannot force a Floridian facing a $28 million tax bill to repatriate assets from his trusts because they're governed by Bahamian law and thus the trustee, a Bahamian trust provider, has sol... (more story)
A recent Financial Crimes Enforcement Unit order limiting the circumstances under which banks should identify and verify beneficial owners may allow banks to tailor their approach to verification compliance, b... (more story)
A Lithuanian business' proceeds from the trading of virtual gold in an online video game are not exempt from value-added tax, the European Union's top court ruled Thursday, supporting efforts from the Lithuani... (more story)
A U.S.-German citizen asked a Florida federal court to toss a nearly $19.6 million tax penalty assessed by the IRS for failing to report foreign bank account information, telling a judge on Wednesday that he w... (more story)
The Eleventh Circuit should not apply the reasoning used by the Eighth Circuit in its October ruling for 3M Co. to allow Coca-Cola to indefinitely defer taxes it owes under IRS transfer pricing regulations, th... (more story)
A law firm failed to articulate the costs it incurred for complying with tax regulations for overseas income, the U.S. told a D.C. federal court, urging it to toss the firm's suit alleging the rules disproport... (more story)