State & Local
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April 12, 2024
NJ Tax Collections Through March Dip $681M
New Jersey's general revenue collection for July through March was down $681 million compared with the same period last fiscal year, according to a monthly report by the state Department of the Treasury published Friday.
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April 12, 2024
SC General Revenue Down $23M From Last Year, Board Says
South Carolina's general revenue collection was $9.2 billion from July to March, down by $23 million from the collection during the same period the previous year, the state Board of Economic Advisors reported.
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April 12, 2024
Colo. House Plan Seeks Ballot Question On Property Tax Caps
Colorado voters would decide whether to limit property tax revenue growth in a jurisdiction under a ballot measure to amend the state constitution proposed in a House resolution.
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April 12, 2024
Colo. House Panel OKs Affordable Housing Credit Expansion
Colorado would increase the amount of money allocated to the state's affordable housing tax credit under a bill approved by the state House Finance Committee.
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April 12, 2024
Taxation With Representation: Freshfields, Kirkland & Ellis
In this week's Taxation with Representation, eBay acquires Collectors' Goldin auction house, Vertex Pharmaceuticals buys Alpine Immune Sciences, Vista Equity Partners purchases Model N and Tradeweb Markets buys Institutional Cash Distributors.
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April 12, 2024
Trump Voir Dire Aims To Keep Ballot Box Out Of The Jury Box
As jury selection begins Monday in the first-ever criminal trial against a former president, experts say both the Manhattan District Attorney's Office and lawyers for Donald Trump will rely on voir dire questioning and social media sleuthing to keep out jurors who'd use their civic duty to "have a stronger vote in the next presidential election."
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April 11, 2024
Biz Owners Tell House Panel Extending Tax Cuts Is Crucial
It is essential that Congress extends provisions of the 2017 tax law that are set to expire in 2025, especially the law's pass-through deduction, business leaders told the House Ways and Means Committee on Thursday.
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April 11, 2024
Mich. Justices Wade Into Due Process Fight Over Tax Appeal
The Michigan Supreme Court will review a dispute over whether a packaging company's tax exemption appeal can be heard by the state's Tax Tribunal, the court said in an order.
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April 11, 2024
Minn. Bill Aims To Expand Sales Tax Break For Baby Products
Minnesota would expand an existing sales and use tax exemption for certain baby products to include all baby products under a bill introduced Thursday in the state Senate.
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April 11, 2024
Maine Eliminates Municipal Property Tax Levy Limits
Maine will no longer set limits on the amount that local municipalities can increase property taxes by each year as part of a law signed by the state's governor.
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April 11, 2024
Minn. Senate Bill Seeks Sales Tax Break For School Supplies
Minnesota would exempt all school supplies from sales and use tax under a bill introduced Thursday in the state Senate.
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April 11, 2024
Proskauer Adds Kirkland Partner For Tax, Estate Issues
Proskauer Rose LLP has added to its private client services department a partner from Kirkland & Ellis LLP who specializes in developing domestic and international tax and estate plans for clients with very high net worth, the firm announced.
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April 11, 2024
NY ALJ Denies Tax Refund For Leased Car Moved To Pa.
A New York resident was correctly denied a partial sales and use tax refund on a leased vehicle for a period after he moved to Pennsylvania, a New York administrative law judge determined Thursday.
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April 11, 2024
Calif. Panel OKs Requiring Disclosure Of Sales Tax Rebates
California would require local jurisdictions to publish agreements that result in direct or indirect payment, diversion or rebate of local sales tax revenue and to disclose information to the state under a bill advanced by the state Assembly's tax panel.
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April 11, 2024
Tenn. Senate Rejects Less Costly Corp. Tax Break Plan
The Tennessee Senate rejected Thursday a less costly House of Representatives version of legislation to reform the state's corporate franchise tax and refund some past payments, sending it back to the House.
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April 11, 2024
Neb. Lawmakers Advance Digital Ad Tax, Property Tax Relief
A proposal by Nebraska's Republican governor to enact a tax on digital advertising and nix some sales tax exemptions to fund property tax relief advanced in the state Legislature, despite calls to postpone the bill.
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April 11, 2024
Ariz. To Create Certification Of 3rd-Party Sales Tax Sourcing
The Arizona Department of Revenue will create a certification process for third-party providers of sales tax sourcing services under legislation signed into law.
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April 11, 2024
Minn. Senate Bill Would Cut Corp. Franchise Tax Rate
Minnesota would cut its corporate franchise tax rate starting in the current tax year under legislation introduced Thursday in the state Senate.
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April 10, 2024
Iowa Lawmakers OK Lowering Captive Insurer Premium Taxes
Iowa would lower the rate of tax imposed on some captive insurance companies' reinsurance premiums under a bill unanimously approved by the state Senate and headed to the governor.
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April 10, 2024
Ky. Gov. Rejects Tax Amnesty Program, Bullion Tax Break
Kentucky's governor vetoed provisions in an omnibus tax bill that would have offered a tax amnesty program and created a sales tax exemption for metal bullion.
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April 10, 2024
Pa. House Bill Seeks Remote Worker Corp. Tax Exemption
Any corporation based outside Pennsylvania would not be required to remit corporate net income tax in the state if the corporation's remote workers worked from the commonwealth less than 50% of the time under a bill introduced in the House Appropriations Committee.
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April 10, 2024
Trump Fails Again To Halt NY Trial Over Claim Judge Is Biased
Donald Trump on Wednesday tried and failed for the third time in as many days to delay his upcoming hush-money trial, after arguing the judge should be removed for supposed bias and that the judge's rules were preventing him from defending himself.
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April 10, 2024
Rhode Island Extends Filing, Payment Deadlines After Storms
Rhode Island will extend some state tax filing and payment deadlines from April to July for people and businesses affected by storms and flooding, the state Division of Taxation said Wednesday.
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April 10, 2024
Pa. House Committee To Consider SALT Cap Workaround
Pennsylvania would allow pass-through entities to elect to be taxed at the entity level as a workaround to the $10,000 federal cap on state and local tax deductions under a bill referred to the House Appropriations Committee.
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April 10, 2024
NC Tax Revenue Collection Through Feb. Down $187M
North Carolina's total revenue from July through February was roughly $187 million below last year's figure, according to a monthly report released by the state controller office.
Expert Analysis
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Parsing Tax Implications Of NYC Office Leasing Transactions
Though New York City's tax laws generally do not require negotiated contractual risk allocation in the case of sublease and early lease termination transactions, it is still helpful for counsel to both landlords and tenants to understand the laws' nuances, say attorneys at Lowenstein Sandler.
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Digital Biz Purchases And Tax Cuts In Texas: SALT In Review
From the taxing of digital business purchases to proposed tax cuts in Texas, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
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3 Principles Should Guide MTC's Digital Products Tax Work
As the Multistate Tax Commission's project to harmonize sales tax on digital products moves forward, three key principles will help the commission's work group arrive at unambiguous definitions and help states avoid unintended costs, say Charles Kearns and Jeffrey Friedman at Eversheds Sutherland.
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OECD Treatment Of Purchased Ga. Film Credits Isn't Peachy
Producers considering Georgia as a prospective location for filming may already be concerned that the Organization for Economic Cooperation and Development's July decision will hamper the eventual 2026 or later sale of their Georgia film tax credits, says Alan Lederman at Gunster.
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A Milestone For Offshore Wind In Maine
Recently signed legislation directing Maine to procure up to 3 gigawatts of offshore wind by 2040 offers indisputable promise that the state will soon welcome commercial-scale offshore wind development off its shores, says Joshua Rosen at Foley Hoag.
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Mallory Ruling Doesn't Undermine NC Sales Tax Holding
Contrary to the conclusion reached in a recent Law360 guest article, the U.S. Supreme Court’s recent Mallory ruling shouldn't be read as implicitly repudiating the North Carolina Supreme Court’s sales tax ruling in Quad Graphics v. North Carolina Department of Revenue — the U.S. Supreme Court could have rejected Quad by directly overturning it, says Jonathan Entin at Case Western Reserve.
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Calif. Policymakers Should Aid Crashing Cannabis Market
As California’s cannabis sector nears the brink of financial collapse, it may be time for the state government to seriously consider potential bailout programs for the embattled industry — though the crisis also presents strategic buying opportunities for those with a high tolerance for uncertainty, says Michelle Mabugat at Greenberg Glusker.
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What Came Of Texas Legislature's Long-Promised Tax Relief
Following promises of historic tax relief made possible by a record budget surplus, the Texas legislative session as a whole was one in which taxpayers that are large businesses could have done somewhat better, but the new legislation is clearly still a positive, say attorneys at Baker Botts.
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Looking Behind The Curtain Of Residential Transition Loans
As residential transition loans and securitizations of such loans grow increasingly popular, real estate stakeholders should take care to understand both the unique features and potential challenges offered by this novel asset class, say attorneys at Mayer Brown.
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Where Tax Policies Go Wrong: SALT In Review
RSM's David Brunori reviews the worst tax policies employed by state and local governments, then critiques recent tax developments in Oregon, New York and Boston.
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Mallory Opinion Implicitly Overturned NC Sales Tax Ruling
The U.S. Supreme Court recently declined to review Quad Graphics v. North Carolina Department of Revenue, but importantly kicked the legs from under Quad's outcome a week later, stating in its Mallory decision that the high court has the prerogative to overrule its own decisions, says Richard Pomp at the University of Connecticut.
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Delicious In Conn., Less Tasty In La.: SALT In Review
From Connecticut reducing its beer tax to Louisiana retaining its franchise tax, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
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Review Of Repatriation Tax Sets Justices On Slippery Slope
The U.S. Supreme Court’s recent decision to review the constitutionality of the repatriation tax in Moore v. U.S. has implications for many tax rules involving unrealized amounts and could leave the court on the brink of invalidating large swaths of the Internal Revenue Code, say attorneys at Eversheds Sutherland.