State & Local
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April 18, 2024
Ga. Corp., Personal Income Tax Rates Dropping To 5.39%
Domestic and foreign companies doing business in Georgia will continue to pay the same tax rate as individuals, but both corporate and personal rates will fall, according to a tax package signed Thursday by Republican Gov. Brian Kemp.
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April 18, 2024
Miss. Reenacts Income Tax Credit For Railroad Expenditures
Mississippi reenacted an income tax credit for qualified railroad reconstruction or replacement expenditures under a bill signed by the governor.
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April 18, 2024
Jury Of 12 Picked For Trump Hush Money Case In NY
A jury of 12 New Yorkers was selected Thursday for the hush money trial of former President Donald Trump on charges he falsified business records to keep news of an extramarital affair from damaging his 2016 electoral prospects.
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April 18, 2024
Mich. Treasury Dept. Clarifies Homestead Property Tax Credit
Michigan's Treasury Department clarified when a homestead property tax credit applies to property that is contiguous to a property owner's home.
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April 17, 2024
EV Tax Credit Restrictions, Trade Bills Advance In House
The House Ways and Means Committee advanced several trade bills Wednesday that would impose more restrictions for new electric vehicles to qualify for a federal tax credit, assert congressional authority in agreements with foreign governments, and renew the country's largest and oldest trade preferences program.
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April 17, 2024
Ga. Updates Guidance On Tax Credit For Education Gifts
Georgia's Department of Revenue issued updated guidance on a qualified education donation tax credit via amendments to state income tax regulations, the department said in a notice published Wednesday.
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April 17, 2024
Okla. Lawmakers OK Use Of Images For Property Inspections
Oklahoma would allow county assessors to inspect property remotely using aerial images taken from airplanes after an initial in-person inspection under a bill passed by the state House of Representatives and headed to the governor.
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April 17, 2024
Okla. Lawmakers OK Wider Tax Break For Municipal Airports
Oklahoma would expand a property and income tax exemption for municipally owned airports in the state under a bill passed by the state Senate and headed to the governor.
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April 17, 2024
Tax Challenge Viable In Court, Philip Morris Tells NC Justices
A North Carolina administrative court has the power to find a state tax law unconstitutional, tobacco company Philip Morris USA has told the state Supreme Court in its attempt to avoid a more than $300,000 franchise tax bill.
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April 17, 2024
Calif. Committee OKs Ending Local Sales Tax Agreements
California cities would no longer be permitted to enter into agreements that allow a business to designate a city as its place of sale in exchange for tax sharing agreements under a bill passed in the Senate Local Government Committee on Wednesday.
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April 17, 2024
NJ Appeals Court Backs Exemption For Adult Support Home
A New Jersey Tax Court judge was correct in finding that a residential property owned by a charity and used to house a person with intellectual and developmental disabilities was entitled to a tax exemption, a state appeals court ruled Wednesday.
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April 17, 2024
Stormy Daniels Says Trump Flubbed Subpoena At Nightclub
Stormy Daniels, the adult film star at the center of Donald Trump's hush money case, said the former president failed to properly serve her with a subpoena seeking evidence of alleged bias last month after the man dropped the papers at her feet outside a Brooklyn nightclub.
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April 17, 2024
Loeb & Loeb Adds 2 Corporate Partners From Morrison Cohen
Loeb & Loeb LLP has announced the latest in a string of corporate hires from Morrison Cohen LLP's ranks, touting two new partners with domestic and international experience with strategic transactions.
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April 17, 2024
Minn. Senate Bill Seeks Change To Property Tax Calculation
Minnesota would change the calculation of net tax capacity for properties subject to area-wide property taxes under a bill introduced in the state Senate.
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April 16, 2024
NC Justices Hint Contractor Qualifies For Tax Break
The North Carolina Supreme Court appeared ready to rule in favor of a contractor seeking a tax exemption reserved for manufacturers, with the justices concerned that hinging qualification on a sales percentage flouts the language of the applicable law.
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April 16, 2024
Calif. Assembly Committees To Consider Digital Ad Tax
California would establish a Maryland-style digital advertising tax under an amendment to a bill in the state's Assembly that was referred to two committees for consideration.
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April 16, 2024
3 Key Takeaways From The IRS' Latest Pricing Pact Snapshot
The IRS finalized a record number of advance pricing agreements in 2023, signaling the agency's increased effectiveness at completing accords at a time when its approach to transfer pricing litigation could fuel corporate taxpayers' urgency for seeking APAs. Here, Law360 breaks down three key takeaways from the agency’s latest APA report.
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April 16, 2024
NY Budget Deal Revives 421a Credit In Housing Supply Push
New York Gov. Kathy Hochul said state lawmakers have agreed to the terms of a state budget reviving an expired affordable housing tax credit, backing office-to-residential conversions and taking other steps to combat New York City's housing affordability crisis.
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April 16, 2024
Va. Gov. Youngkin Appoints Atty As State Tax Commissioner
Virginia's newly appointed tax commissioner is an attorney who previously worked for the U.S. Treasury Department, Republican Gov. Glenn Youngkin has announced.
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April 16, 2024
Iowa Lawmakers OK Two-Thirds Approval For Tax Bills
Iowa would require corporate or income tax increases or the creation of new taxes on income to be passed with a two-thirds legislative vote under a proposed constitutional amendment sent to the governor for approval.
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April 16, 2024
Maine Updates State Tax Law Conformity To Federal Code
Maine conformed state tax law to the Internal Revenue Code as amended through Dec. 31, 2023, under a bill signed by the governor.
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April 16, 2024
Kansas Tax Omnibus, Income Rate Changes Head To Gov.
Kansas would alter its income tax brackets, decrease its bank privilege tax, exempt the first $100,000 of a residential property's appraised value and exempt Social Security income from tax under a bill sent to the governor.
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April 16, 2024
BigLaw Attys Among First 7 Jurors Picked In Trump's NY Trial
Two BigLaw attorneys on Tuesday were among seven people sworn in as jurors in Donald Trump's Manhattan hush money trial, which could proceed to opening statements as soon as Monday.
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April 16, 2024
Ind. Property Owner Denied Tax Break For Charities
The owner of an Indiana building was correctly denied a property tax exemption as his application for the tax break was filed late and he failed to show the building was used for a charitable purpose, the state Board of Tax Review said.
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April 16, 2024
Pa. House OKs Tax-Free Rollovers From Education Savings
Pennsylvania would provide for tax-free rollovers from eligible tax-advantaged education savings accounts to some individual retirement accounts under a bill passed by the state House of Representatives.
Expert Analysis
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How Law Firms Can Use Account-Based Marketing Strategies
Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.
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Strategic Succession Planning At Law Firms Is Crucial
Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.
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Potential Calamities, Greatly Exaggerated: SALT In Review
From fears of judicial upheaval to a tax break for space travel, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
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Maximizing Law Firm Profitability In Uncertain Times
As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.
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Preparing Your Legal Department For Pillar 2 Compliance
Multinational entities should familiarize themselves with Pillar Two of the Organization for Economic Cooperation and Development’s BEPs 2.0 project and prepare their internal legal tracking systems for related reporting requirements that may go into effect as early as January, says Daniel Robyn at Ernst & Young.
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What Large Language Models Mean For Document Review
Courts often subject parties using technology assisted review to greater scrutiny than parties conducting linear, manual document review, so parties using large language models for document review should expect even more attention, along with a corresponding need for quality control and validation, say attorneys at Sidley.
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Participating In Living History Makes Me A Better Lawyer
My role as a baron in a living history group, and my work as volunteer corporate counsel for a book series fan association, has provided me several opportunities to practice in unexpected areas of law — opening doors to experiences that have nurtured invaluable personal and professional skills, says Matthew Parker at the Nebraska Department of Health and Human Services.
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Another Ark. Tax Cut And Chicago Transit: SALT In Review
From yet another income tax cut in Arkansas to proposed extra funding for Chicago transit, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
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Private Equity Owners Can Remedy Law Firms' Agency Issues
Nonlawyer, private-equity ownership of law firms can benefit shareholders and others vulnerable to governance issues such as disparate interests, and can in turn help resolve agency problems, says Michael Di Gennaro at The Law Practice Exchange.
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Kentucky Tax Talk: Taking Up The Dormant Commerce Clause
Attorneys at Frost Brown examine whether the U.S. Supreme Court is likely to review Foresight Coal Sales v. Kent Chandler to consider whether a Kentucky utility rate law discriminates against interstate commerce, and how the decision may affect dormant commerce clause jurisprudence.
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TCJA Workarounds And A Misstep In Va.: SALT In Review
From federal SALT deduction workarounds to Virginia's missed opportunity, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
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How Taxpayers Can Prep As Justices Weigh Repatriation Tax
The U.S. Supreme Court might strike down the 2017 federal tax overhaul's corporate repatriation tax in Moore v. U.S., so taxpayers should file protective tax refund claims before the case is decided and repatriate previously taxed earnings that could become entangled in dubious potential Section 965 refunds, say Jenny Austin and Gary Wilcox at Mayer Brown.
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Digital Services And Asphalt Production: SALT In Review
From Massachusetts' proposed gross receipts tax on digital providers to a dispute over equipment used to make asphalt in North Carolina, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.