State & Local
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May 24, 2024
Pa. Tax Dept. Floats Reg Outlining Business Income Treatment
The Pennsylvania Department of Revenue proposed a regulation Friday outlining when income is considered apportionable business income or nonbusiness income that isn't apportionable, and how the unitary business principle affects those determinations.
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May 24, 2024
Lists Of State Laws That Satisfy Charitable Org. Regs Invalid
The Internal Revenue Service rendered obsolete two lists of state laws and circumstances that allowed for charitable organizations to satisfy certain federal requirements, as a number of the relevant laws have since changed, the agency announced Friday.
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May 24, 2024
Taxation With Representation: Davis Polk, Wachtell, Latham
In this week's Taxation With Representation, SouthState Corp. buys Independent Bank Group Inc., CyberArk acquires Venafi, Carlyle clinches its fifth Japanese buyout fund, and AuditBoard Inc. agrees to be bought by Hg Capital.
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May 24, 2024
La. Requires Tax Withholding For Certain Gambling Winnings
Louisiana will require businesses that pay gambling winnings to individuals to withhold and remit state income taxes on those winnings if federal income taxes are also required to be withheld, under a bill the state's governor signed.
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May 24, 2024
Mich. Bills Would Change Tax Rules On Delivery Sales
Michigan would amend its sales and use tax regime to include language clarifying that vendors who use online delivery platforms are responsible for collecting and remitting the taxes as part of two bills introduced in the state House of Representatives.
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May 23, 2024
NC Justices Back Manufacturer Tax Break For Contractor
The North Carolina Supreme Court on Thursday backed a $130,000 tax break for an asphalt maker, upholding a lower court's decision that the company qualified for an exemption reserved for manufacturers even though it sold just a small portion of its product.
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May 23, 2024
Ill. Justices OK $28M Tax Value Appeal Without Payment
A power company's property in Illinois was not required to pay disputed property taxes before appealing a valuation, the Illinois Supreme Court affirmed Thursday, upholding a reduction in the assessment of about $28 million.
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May 23, 2024
Tenn. Broadens Ag Land Eligible For Lower Tax Assessments
Tennessee will double the amount of land within a property tax jurisdiction that may be classified as agricultural, forest or open-space land and subject to a lower tax assessment under a bill signed by the governor.
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May 23, 2024
Ohio Bill Seeks Refundable Credit For Property Taxes, Rent
Households in Ohio with $60,000 or less in annual income would be able to claim a refundable income tax credit for the cost of their property taxes or for 15% of their rent under a bill introduced in the Senate.
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May 23, 2024
Conn. Requires Study Of Uniform Tax On Solar Facilities
Connecticut will have the state's Department of Energy and Environmental Protection study whether it should create a uniform capacity tax on solar facilities as part of a bill signed by the governor.
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May 23, 2024
Corp. Tax Rate Should Hold, GOP Former Panel Chair Says
Lawmakers should preserve the Tax Cuts and Jobs Act's nonexpiring provisions, specifically the 21% corporate tax rate, when debating the extension of the law's expiring provisions in 2025, former House Ways and Means Committee Chairman Kevin Brady said Thursday.
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May 23, 2024
NY Panel OKs Allowing Anyone To Rep Clients At Tax Tribunal
New York would allow taxpayers to choose anyone age 18 and older to represent them in the state Tax Appeals Tribunal, including a registered tax preparer, under a bill passed in the Assembly Ways and Means Committee.
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May 23, 2024
Colo. To Allow Fire, Ambulance Districts To Levy Sales Taxes
Colorado fire and ambulance districts will be able to levy local sales taxes, with voter approval, and impose impact fees on new construction under legislation signed by Democratic Gov. Jared Polis.
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May 23, 2024
Idaho Revenue Through April Up $89M Over Forecasts
Idaho general revenue collection from July through April was up $89 million over budget forecasts, the state Division of Financial Management reported.
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May 23, 2024
Akerman Brings On Kilpatrick Tax Ace In LA
Akerman LLP is boosting its tax team, bringing in a Kilpatrick Townsend & Stockton LLP corporate tax and energy tax credit expert as a partner in its Los Angeles office.
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May 22, 2024
Justices' CFPB Alliance May Save SEC Courts, Not Chevron
A four-justice concurrence to the U.S. Supreme Court's decision upholding the Consumer Financial Protection Bureau's unique funding scheme last week carries implications for other cases pending before the court that challenge the so-called administrative state, or the permanent cadre of regulatory agencies and career government enforcers who hold sway over vast swaths of American economic life.
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May 22, 2024
Tenn. To Align With Tax Pact For Sales And Use Tax Sourcing
Tennessee will implement several state sales and use tax changes starting July 1, including adopting sourcing provisions in line with the Streamlined Sales and Use Tax Agreement, as part of legislation enacted last year, the state Department of Revenue said in a notice published Wednesday.
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May 22, 2024
SC Increases, Expands Tax Credit For Employing Apprentices
South Carolina increased an individual and corporate income tax credit available to taxpayers that employ apprentices and expanded when credits may be claimed, under legislation signed by the governor.
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May 22, 2024
Colo. Gambling Tax Refund Question Heading To Ballot
Colorado will allow voters to decide if the state should keep and spend sports betting tax revenue or refund it back to casinos as part of a bill signed into law by Democratic Gov. Jared Polis.
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May 22, 2024
DC Empty Building Not Eligible For Tax Exemption, Court Says
The owner of a vacant building in Washington, D.C., can't claim an exemption from the district's vacant building property tax rate because the owner claimed the exemption outside the allowed two-year period, the district's highest court ruled.
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May 22, 2024
Fla. Dept. Owes Biz $1.2M In Interest, Fuel Supplier Tells Court
The Florida Department of Revenue owes a 7-Eleven fuel supplier $1.2 million in interest on a refund of a duplicate tax assessment the department was ordered to pay, the supplier told a state court.
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May 22, 2024
Minn. Lawmakers OK Family Leave Payroll Tax Boost
Minnesota would raise the payroll premium for its yet-to-begin paid family and medical leave program under a bill passed by state lawmakers in the final hours of their session.
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May 22, 2024
SC Expands Abandoned Building Credit, Adds Railroad Credit
South Carolina expanded its tax credit for the revitalization of abandoned buildings and provided an income tax credit for railroad reconstruction under a bill signed by the governor.
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May 22, 2024
SC General Revenue Through April Up $333M From Last Year
South Carolina's general revenue collection from July through April was up $333 million from last year, the state Board of Economic Advisors reported.
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May 22, 2024
ND General Fund Revenue Up $264M From Forecast
North Dakota general revenue collection from July through April was up $264 million from budget estimates, the state's Legislative Council reported.
Expert Analysis
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Newman Suspension Shows Need For Judicial Reform
The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.
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How And Why Your Firm Should Implement Fixed-Fee Billing
Amid rising burnout in the legal industry and client efforts to curtail spending, pivoting to a fixed-fee billing model may improve client-attorney relationships and offer lawyers financial, logistical and stress relief — while still maintaining profit margins, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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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.