Ala. Partnership Will Cite Mining To Back $45M Easement Gift
An Alabama partnership will attempt to support its deduction of a nearly $45 million conservation easement donation before the U.S. Tax Court this month by arguing that the Morgan County property could have generated at least that amount as a limestone mine.
Partnership Says Data Centers Should Not Trigger $24M In Tax
A partnership's acquisition of data centers and improvements to a damaged building should not have triggered $24 million in additional taxes, it told the U.S. Tax Court in challenging adjustments by the Internal Revenue Service.
Philly Mayor Pitches Delivery Tax, Local Tax On Remote Sales
Philadelphia would impose a retail delivery tax on goods delivered, make changes to remote sellers' local sales tax requirement, increase the city's hotel tax and make other tax changes under a $7 billion 2027 budget proposed Thursday by the city's mayor.
Ala. Partnership Will Cite Mining To Back $45M Easement Gift
An Alabama partnership will attempt to support its deduction of a nearly $45 million conservation easement donation before the U.S. Tax Court this month by arguing that the Morgan County property could have generated at least that amount as a limestone mine.
Partnership Says Data Centers Should Not Trigger $24M In Tax
A partnership's acquisition of data centers and improvements to a damaged building should not have triggered $24 million in additional taxes, it told the U.S. Tax Court in challenging adjustments by the Internal Revenue Service.
Philly Mayor Pitches Delivery Tax, Local Tax On Remote Sales
Philadelphia would impose a retail delivery tax on goods delivered, make changes to remote sellers' local sales tax requirement, increase the city's hotel tax and make other tax changes under a $7 billion 2027 budget proposed Thursday by the city's mayor.
Federal More
By imposing temporary tariffs under Section 122 of the Trade Act as a stopgap measure while it pivots to less transitory statutory authorities, the Trump administration sent a clear message that the U.S. Supre... (more story)
An attorney who led an investment partnership whose principals were criminally prosecuted for fraud is not entitled to tax deductions for theft loss related to the fallout, the Sixth Circuit ruled, saying ther... (more story)
Treasury Secretary Scott Bessent will continue to lead the Internal Revenue Service even though the time limit on his role as acting commissioner of the agency has expired, the IRS said Friday.
The Office of the U.S. Trade Representative is investigating 60 economies that it suspects failed to prohibit the importing of goods produced with forced labor under a statute that could lead to new, long-last... (more story)
The IRS did not erroneously assess interest and penalties against Meta Platforms during 2020, when the company said it was protected under a diaster-relief provision, the agency argued as it urged the U.S. Tax... (more story)
Greenberg Traurig LLP has hired a former Taft Stettinius & Hollister LLP partner, who joins the Chicago team to continue her practice focused on private wealth services, including advising individuals, familie... (more story)
In this week's Taxation With Representation, uniform maker Cintas Corp. acquires workwear company UniFirst Corp., Controlled Thermal Resources Holdings Inc. plans to go public by merging with a special purpose... (more story)
State & Local More
Minn. Sen. Panel Advances $400M Sales Tax Plan For Housing
Minnesota would boost its sales tax rate by 0.375%, with the resulting $400 million raised annually committed to housing efforts, under a ballot measure proposed in legislation approved by the state Senate Hea... (more story)
Texas Justices Uphold Tax On NuStar's Shipped Fuel
The Texas comptroller's office correctly sourced NuStar Energy's fuel sales and denied the company a $2.4 million franchise tax refund, the state's high court said Friday, upholding an appeals panel ruling.
Fla. Lawmakers OK Decoupling From New Corp. Tax Breaks
Florida would decouple from a host of corporate tax breaks in last year's federal budget reconciliation bill under legislation approved by state lawmakers, saying the cost of offering the tax benefits was too ... (more story)
NM Decouples From Parts Of Federal Tax Bill, Enacts Budget
New Mexico will spend $11.1 billion for its 2027 fiscal year and decouple from certain corporate income tax provisions of the federal tax and policy law enacted in July under a budget and omnibus tax bill sign... (more story)
Mo. House Passes Income Tax Phaseout Plan
A Missouri constitutional amendment to phase out the state's income tax and replace the lost revenue through a broader sales tax base passed the House of Representatives on Thursday and will next head to the Senate.
May Vote On $4B Oregon Transit Plan Gets Court's OK
An Oregon judge rejected an effort to prevent the state from moving a referendum on most of a $4 billion transportation funding package from November to May, saying lawmakers had authority under the state cons... (more story)
Congestion Pricing Fight In 2nd Circ. Turns On Jurisdiction
The Second Circuit asked Thursday whether New York City congestion pricing is a tax or a toll, with one judge suggesting that a challenge to the program from two Empire State counties could land in state court... (more story)
Minnesota would boost its sales tax rate by 0.375%, with the resulting $400 million raised annually committed to housing efforts, under a ballot measure proposed in legislation approved by the state Senate Hea... (more story)
The Texas comptroller's office correctly sourced NuStar Energy's fuel sales and denied the company a $2.4 million franchise tax refund, the state's high court said Friday, upholding an appeals panel ruling.
Florida would decouple from a host of corporate tax breaks in last year's federal budget reconciliation bill under legislation approved by state lawmakers, saying the cost of offering the tax benefits was too ... (more story)
New Mexico will spend $11.1 billion for its 2027 fiscal year and decouple from certain corporate income tax provisions of the federal tax and policy law enacted in July under a budget and omnibus tax bill sign... (more story)
A Missouri constitutional amendment to phase out the state's income tax and replace the lost revenue through a broader sales tax base passed the House of Representatives on Thursday and will next head to the Senate.
An Oregon judge rejected an effort to prevent the state from moving a referendum on most of a $4 billion transportation funding package from November to May, saying lawmakers had authority under the state cons... (more story)
The Second Circuit asked Thursday whether New York City congestion pricing is a tax or a toll, with one judge suggesting that a challenge to the program from two Empire State counties could land in state court... (more story)
International More
HMRC Set To Fully Absorb Valuation Office By April
The U.K.'s Valuation Office Agency will become fully integrated into HM Revenue & Customs next month, the office said Thursday, bringing property valuations into the remit of fiscal administration for the firs... (more story)
Tariff Refund System Taking Shape, US Customs Tells CIT
U.S. Customs and Border Protection is making progress developing a system for importers to claim refunds for the global tariff regime struck down by the U.S. Supreme Court, an official told the U.S. Court of I... (more story)
IRS Allows 15% Of KFC Parent's Domestic Production Claim
The IRS and the parent of Pizza Hut, KFC and Taco Bell agreed that the company's total deductions for domestic production activities during 2013-2015 were $1.6 million — roughly 15% of the $10.7 million the co... (more story)
Reeves Says Energy Windfall Tax May Not Apply By Late 2027
The U.K.'s energy profits levy is expected to no longer apply to oil and gas operations in the North Sea in the last quarter of 2027, especially if the current Middle East crisis de-escalates and energy prices... (more story)
Alleged IRS Errors Don't Merit Injunction, Judge Advises
A Puerto Rico magistrate judge recommended denying a taxpayer's bid to block the IRS from assessing her tax liabilities while the agency's clerical errors that she alleges remain unresolved, holding that she f... (more story)
Costco Owes Shoppers Refunds For Voided Tariffs, Suit Says
Costco shoppers are owed back the higher costs they paid as a result of President Donald Trump's global tariffs that the nation's highest court has since declared unlawful, according to a putative consumer cla... (more story)
Cos. Ask Court To Toss Trump's Revamped Global Tariffs
Two companies are challenging President Donald Trump's revamped global tariff regime, telling the U.S. Court of International Trade that the circumstances required to justify the regime cannot exist.
The U.K.'s Valuation Office Agency will become fully integrated into HM Revenue & Customs next month, the office said Thursday, bringing property valuations into the remit of fiscal administration for the firs... (more story)
U.S. Customs and Border Protection is making progress developing a system for importers to claim refunds for the global tariff regime struck down by the U.S. Supreme Court, an official told the U.S. Court of I... (more story)
The IRS and the parent of Pizza Hut, KFC and Taco Bell agreed that the company's total deductions for domestic production activities during 2013-2015 were $1.6 million — roughly 15% of the $10.7 million the co... (more story)
The U.K.'s energy profits levy is expected to no longer apply to oil and gas operations in the North Sea in the last quarter of 2027, especially if the current Middle East crisis de-escalates and energy prices... (more story)
A Puerto Rico magistrate judge recommended denying a taxpayer's bid to block the IRS from assessing her tax liabilities while the agency's clerical errors that she alleges remain unresolved, holding that she f... (more story)
Costco shoppers are owed back the higher costs they paid as a result of President Donald Trump's global tariffs that the nation's highest court has since declared unlawful, according to a putative consumer cla... (more story)
Two companies are challenging President Donald Trump's revamped global tariff regime, telling the U.S. Court of International Trade that the circumstances required to justify the regime cannot exist.