Tax

  • April 19, 2013

    TIF Suit Over $1B Project Full Of Holes, RE Trust Says

    CenterPoint Properties Trust asked an Illinois state judge on Friday to toss a local village's lawsuit, contending the Chicago suburb has its facts wrong in attempting to unwind a more than decade-old tax increment financing deal for a $1 billion industrial and transportation project.

  • April 18, 2013

    Banking Groups Sue Treasury Over Tax-Info Sharing

    The Florida Bankers Association and the Texas Bankers Association hit the U.S. Department of Treasury with a suit in Washington, D.C., federal court on Thursday, challenging the agency’s new regulations requiring commercial banks and savings associations to share nonresident aliens depositors’ personal information with the Internal Revenue Service, saying the change would pose significant security concerns.

  • April 18, 2013

    Fla. Senate Panel Votes To Cut $230M Insurers Tax Credit

    The Florida Senate Appropriations Committee approved a bill Thursday that would eliminate a tax rebate for insurers worth $230 million annually in order to offset the bill's reduction in state vehicle registration fees, despite industry representatives' claims that the rebate is an important incentive and job creator.

  • April 18, 2013

    Miami Dolphins' Stadium Bill Heads To Fla. Senate Floor

    The Florida Senate Appropriations Committee on Thursday passed a bill essential to the Miami Dolphins football franchise's efforts to modernize Sun Life Stadium, sending it to the Senate floor after tacking on a major amendment that would establish a system for all stadium funding requests in the state.

  • April 18, 2013

    Texas Appeals Court OKs Realtor Group's Property Tax Break

    A Texas appeals court on Thursday rejected a constitutional challenge to a state law that exempts economic development organizations from paying property taxes, saying a Realtors group is entitled to a tax break because it provides a benefit to its community.

  • April 18, 2013

    Senators Rip IRS For Warrantless Email Collection

    A bipartisan cohort of senators pressed the Internal Revenue Service on Tuesday to bring its data collection policy in line with the nation's modern electronic communication habits, faulting the agency for acquiring old emails and other digital correspondence from taxpayers without a warrant.

  • April 17, 2013

    Houston To File $23M Suit Against BP Over Lost Tax Revenue

    Leadership in the city of Houston voted Wednesday to move forward with a $23 million lawsuit against BP PLC over tax losses the city sustained as a result of the Deepwater Horizon disaster.

  • April 17, 2013

    Swiss Lawyer, Banker Indicted In Offshore Tax Scheme

    A New York grand jury on Thursday indicted a Swiss bank executive and an attorney on charges of conspiracy for allegedly helping U.S. taxpayers hide millions in undeclared income in offshore bank accounts at Bank Frey & Co. AG.

  • April 16, 2013

    Wind Projects May Get Jump Start From Updated Tax Credit

    The Internal Revenue Service on Monday clarified when it will consider a renewable energy project to have started and thus be eligible for certain tax credits that can span a decade, offering wind power developers a significant helping hand along with incentives to start construction now, experts say.

  • April 16, 2013

    Fla. Appeals Court Sends Hotel Tax Fight To High Court

    A Florida appeals court on Tuesday refused to reconsider its ruling in favor of a group of online travel companies in their battle against Florida counties over how to apply the state's bed tax, but sent the issue to the state's high court.

  • April 16, 2013

    NY Solar Program Extension Bill OK'd By State Senate Panel

    A New York State Senate panel on Tuesday approved a Cuomo administration-backed bill to extend through 2023 a program that seeks to foster the growth of solar power use in the Empire State and gives tax credits to solar and energy storage manufacturing facilities.

  • April 15, 2013

    Texas Gov. Rick Perry Wants $1.6B In Business Tax Cuts

    Texas Gov. Rick Perry on Monday upped the ante in his effort to make the state even more business-friendly, pushing lawmakers to adopt nearly $1.6 billion in tax relief for all Texas businesses subject to the state's franchise tax.

  • April 15, 2013

    Justices Debate Limits On Judges' Role In Plea Talks

    The justices of the U.S. Supreme Court on Monday wrestled with the question of whether a defendant's guilty plea should always be tossed when a judge participates in plea talks, noting that while such participation may prejudice defendants, a blanket rule could unduly rein in judges.

  • April 15, 2013

    BNY Mellon, NYC Beat Class Action Over Tax Liens

    A New York federal judge on Monday threw out two suits, one a proposed class action alleging the City of New York, The Bank of New York Mellon and others violated the U.S. Constitution with the method the city used to assert tax liens and foreclose on properties.

  • April 15, 2013

    House Bill Would Bar Contractors With Tax Debts

    The U.S. House of Representatives unanimously passed a bill Monday that would prevent the U.S. government from contracting with companies that owe unpaid taxes.

  • April 15, 2013

    Don't Fear The REIT Conversion Boom

    Investors are increasingly voicing concerns about the growing number of nontraditional real estate companies converting to real estate investment trusts, but legal experts say that while regulators have their eyes on the trend, they'll likely keep their hands off the well-established REIT code for the foreseeable future.

  • April 15, 2013

    NJ Tax Lien Schemer Gets Probation, Fine

    A New Jersey company snared last year in a broad federal probe into the rigging of municipal tax lien auctions will shoulder a $15,000 fine and two years of probation for its part in the conspiracy, sources said Monday.

  • April 12, 2013

    Rep. Demands Info On IRS' Email, Social Media Snooping

    The chairman of a House oversight subcommittee on Thursday pushed the Internal Revenue Service to detail its policy on searching taxpayer emails and social media profiles during criminal investigations, following claims that the agency is routinely accessing electronic communications without a warrant.

  • April 12, 2013

    Houston May Extend Tax Zone For $556M Transit, Park Plans

    Houston is considering expanding a tax reinvestment zone to fund a $556 million plan to create new rapid bus transit lanes and to reforest a local park devastated by local droughts, according to a funding proposal unveiled by the city’s mayor on Thursday.

  • April 12, 2013

    H&R Block Beats Wrongful Firing Suit In Pa. Appeals Court

    A Pennsylvania appeals court on Thursday rejected a former H&R Block employee’s countersuit alleging the tax services giant wrongfully fired her and denied her bonuses, commissions and overtime, saying H&R Block properly enforced its employment agreement.