State & Local
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July 15, 2024
Pa. Property Owner's Tax Appeal Meritless, Court Says
A Philadelphia property owner properly had its appeal of a tax assessment dismissed by a trial court because its complaints were meritless, the Pennsylvania Commonwealth Court affirmed.
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July 15, 2024
IBM Taps Jones Day To Take NY Royalty Tax Fight To Justices
IBM asked the U.S. Supreme Court for more time to submit a petition for review of a New York high court decision that upheld tax on royalties received from foreign affiliates, saying it recently retained Jones Day to handle the case.
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July 15, 2024
Akerman Brings On Chamberlain Hrdlicka Tax Pros In Atlanta
Akerman LLP announced Monday that it picked up a pair of new partners for its tax practice group in Atlanta who were previously with Chamberlain Hrdlicka White Williams & Aughtry.
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July 15, 2024
W.Va. Income Tax Phaseout Triggered By Revenue
West Virginia will continue phasing out the state's income tax after the state met the tax cut revenue triggers, Gov. Jim Justice announced.
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July 15, 2024
Neb. Receipts Trail Estimate By $11M For Fiscal 2024
Nebraska's net general fund receipts for the 2024 fiscal year came in $11 million below a budget projection, the state Department of Revenue said Monday.
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July 15, 2024
Top State & Local Tax Cases To Watch In 2024's 2nd Half
From a potential U.S. Supreme Court weigh-in on a Philadelphia resident's wage tax claim to cases addressing the scope of taxable information services and whether unapportioned use tax is constitutional, the second half of 2024 promises to pore over state and local tax law. Here, Law360 examines cases to watch in the rest of the year.
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July 15, 2024
Rising Star: Davis Polk's Dominic Foulkes
Dominic Foulkes of Davis Polk & Wardwell LLP has advised companies on several multibillion-dollar transactions, including a technology-maker's $4.9 billion initial public offering, the largest in the United States in the last three years, earning him a spot among the tax law practitioners under age 40 honored by Law360 as Rising Stars.
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July 15, 2024
Pa. Lawmakers OK EV Fee, End Of Tax On At-Home Charging
Pennsylvania would impose an annual fee on electric vehicles and plug-in hybrid electric vehicles and eliminate a tax on electricity used to charge vehicles at private residences under a bill passed by state lawmakers and sent to Democratic Gov. Josh Shapiro for consideration.
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July 12, 2024
Rising Star: Quinn Emanuel's Emily Au
Emily Au of Quinn Emanuel Urquhart & Sullivan LLP has been the lead attorney on several high-profile cases, including a key case across the U.K. construction industry in terms of HMRC's Value-Added Tax policy, earning her a spot among the tax law practitioners under age 40 honored by Law360 as Rising Stars.
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July 12, 2024
Law360 Names 2024's Top Attorneys Under 40
Law360 is pleased to announce the Rising Stars of 2024, our list of 158 attorneys under 40 whose legal accomplishments belie their age.
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July 12, 2024
Paychex Says NY Apportionment Reg Conflicts With Tax Law
Paychex asked a New York state court Friday to invalidate a state regulation that requires professional employer organizations to exclude certain expense reimbursements from their apportionable income, arguing the rule illegally narrows state law's meaning of business receipts.
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July 12, 2024
Conn. Justices Say Town Can Tax Hospital's Property
Personal property of a Connecticut hospital owned by Hartford HealthCare is taxable, the state Supreme Court said Friday, reversing a trial court opinion and ruling that Hartford's acquisition of the hospital negated a tax exemption for charitable entities.
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July 12, 2024
Mo. Says IRS 'Stonewalling' On Worker Credit Freeze Records
The Internal Revenue Service violated public records law in failing to release documents related to its decision to stop processing new employee retention credit claims, the state of Missouri said Friday in a complaint that accuses the agency of "stonewalling."
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July 12, 2024
Va. Tax Head Upholds Assessment Based On Fed. Adjustment
A Virginia woman challenging the IRS' determination to increase her taxable income can't seek a correction from the state's Department of Revenue unless the IRS' original audit findings are adjusted, the state tax commissioner said in a letter ruling.
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July 12, 2024
DC To Offer 15-Year Tax Freeze For Office Conversion Projects
Washington, D.C., plans to offer a 15-year property tax freeze for projects that aim to reposition an office building for a different commercial use, building on the city's larger effort to enliven its downtown, according to an announcement by Mayor Muriel Bowser.
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July 12, 2024
Va. Tax Head Backs Biz's Penalty For Misclassifying Workers
A civil penalty was correctly imposed on a Virginia landscaping business for misclassifying workers, the state tax commissioner said, rejecting the business' argument that multiple worker misclassifications within a 72-hour period should merit only a single penalty.
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July 12, 2024
Va. Tax Head Upholds Denial Of Resident's Subtraction
Virginia residents were properly denied an income tax subtraction that they claimed because of recaptured depreciation that came from the sale of a rental property, the state tax commissioner ruled.
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July 12, 2024
Ky. General Revenue In Fiscal Year Tops Estimate By $17M
Kentucky's general revenue collection from July 2023 through June beat budget estimates by $17 million, according to a monthly report from the Office of State Budget Director.
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July 12, 2024
NH General Revenue Beats Fiscal Year Projections By $147M
New Hampshire's general fund receipts through the 2024 fiscal year were $147 million higher than budget estimates, according to the state Department of Administrative Services.
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July 12, 2024
Ohio Warehouse Sale Too Old To Boost Value, Tax Panel Says
A county board in Ohio was wrong to rely on the $27 million sale price of a warehouse property to raise its tax valuation because that sale occurred more than two years before the applicable tax lien date, the state Board of Tax Appeals ruled.
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July 12, 2024
Pennsylvania Will Increase NOL Cap, Clarify Bank Shares Tax
Pennsylvania will increase its cap on net operating losses, clarify goodwill exclusions from bank shares tax, make a technical change impacting affiliated entities and create new income tax deductions under a tax omnibus bill passed in a budget signed by Democratic Gov. Josh Shapiro.
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July 12, 2024
Ga. General Fund Receipts Through Fiscal Year Down $182M
Georgia's general fund receipts at the end of the 2024 fiscal year decreased $182 million from 2023, the state's Department of Revenue reported Friday.
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July 12, 2024
European Tax Policy To Watch In The Second Half Of 2024
Observers of European Union tax policy expect the EU to devote more attention to problems with existing tax legislation in the coming months as the introduction of major policy proposals takes a pause. Specialists also will be watching for progress on EU tax laws that remain stuck, and the bloc is likely to fill roles including tax commissioner. Here, Law360 examines key tax issues to watch for the remaining six months of the year.
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July 12, 2024
Taxation With Representation: Ropes & Gray, Cravath, Latham
In this Week's Taxation with Representation, Paramount Global merges with Skydance Media, Devon Energy acquires Grayson Mill Energy's Williston Basin oil and gas business, Ryan acquires Altus Group Ltd.'s property tax business, and Bain Capital buys Envestnet Inc.
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July 11, 2024
Fire Fee Reversal Risks 'Chaos' For Cities, Detroit Says
The city of Detroit urged Michigan Supreme Court justices to leave in place a decision that said its fire inspection fees are not a disguised unlawful tax because reversing it could send municipalities into "chaos" over their permit and license fee practices.
Expert Analysis
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Holding These Truths Incontrovertible: SALT In Review
RSM's David Brunori offers his thoughts on noteworthy state and local tax news, beginning with "almost irrefutable" observations delivered at a recent tax seminar.
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LA's High-Value Real Estate Transfer Tax Should Be Scrapped
Los Angeles’ recently implemented high-value property transfer tax has chilled the real estate market, is failing to meet revenue expectations and raises significant constitutional concerns, making it a flawed piece of legislation that should be invalidated, says attorney Paul Weinberg.
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Avoiding Negative Tax Consequences In Loan Modifications
Borrowers who may be caught in the dramatic uptick in nonperforming commercial real estate loans should consider strategies to avoid income and capital gains tax that may be triggered by loan modifications, says Aman Badyal at Glaser Weil.
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Chapter 100 Incentives Can Offer Relief For Mo. Solar Projects
Although the Missouri Supreme Court's decision last year in Johnson v. Springfield Solar 1 overturned the state's tax exemption for solar energy systems, solar developers may still be able to use other mechanisms, like Chapter 100 incentives, to offset project costs, say Lizzy McEntire and Anna Kimbrell at Husch Blackwell.
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Now Is The Time For State And Local Sales Tax Simplification
In the five years since the U.S. Supreme Court’s landmark decision in South Dakota v. Wayfair, state and local governments increasingly rely on sales tax, but simple changes are needed to make compliance more manageable for taxpayers, wherever located, without unduly burdening interstate commerce, says Charles Maniace at Sovos.
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Connecticut Tax Cuts And Missouri Movies: SALT In Review
From income tax cuts in Connecticut to film tax credits in Missouri, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
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What To Make Of IRS' New Advance Pricing Guidance
Recent guidance on the IRS' goals for its advance pricing agreement system provides helpful insight into review and decision-making procedures for advance pricing agreement requests, but it also raises questions about the IRS' objectives, say Richard Slowinski and Stefanie Kavanagh at Alston & Bird.
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For NY Wind And Solar Projects, Some Tax Assessment Clarity
Recent legislation, which moots a challenge to New York’s discounted cash flow method for assessing solar and wind project real property taxes, lifts a cloud of uncertainty and brings new considerations for developers, investors and lenders, say attorneys at Hodgson Russ.
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The Reciprocal Tax Bill Is A Warning Shot At Pillar 2
A bill recently introduced in the House of Representatives to reciprocally tax countries deemed to have imposed discriminatory taxes on U.S. citizens and businesses takes aim at countries implementing the global minimum tax treaty known as Pillar Two, with which the U.S. has not complied, says Alan Cole at the Tax Foundation.
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Cost To Gov't Means Justices Must Review NC Sales Tax Case
The U.S. Supreme Court should review and overrule the North Carolina high court’s decision in Quad Graphics v. North Carolina Department of Revenue — an anticipatory overruling of precedent that expands the state sales tax base and imposes a stealth tax on the federal government, says Richard Pomp at the University of Connecticut Law School.
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Potential Risks And Benefits Of NY Cannabis Crop Rescue Act
Though proposed legislation in New York would help struggling cannabis farmers by allowing them to sell their crops directly to consumers, it poses numerous challenges for retailers and the state’s regulatory framework — and striking the right balance here will be crucial to shaping a sustainable, equitable industry, say Meaghan Feenan and William Wolfe at Harris Beach.
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La. Franchise Tax, Minn. Home Seizure: SALT In Review
From a proposal to phase out Louisiana's corporate franchise tax to the U.S. Supreme Court's ruling that a Minnesota county had no right to sell a woman's home for more than she owed, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
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How New York State Budget Will Affect Business Taxpayers
The comprehensive state budget legislation recently finalized by New York Gov. Kathy Hochul and the state Legislature did not include some especially concerning tax proposals, but it will subject some state taxpayers to increased tax liability and lengthier appeals, say attorneys at McDermott.