State & Local
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August 20, 2024
Mass. Parcels Were Properly Valued Despite Construction
Two parcels of land in a Massachusetts town were properly valued and should not have their value decreased based on construction on a nearby property, the state Appellate Tax Board said in a decision released Tuesday.
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August 20, 2024
Allen Matkins Tax Group Leader Jumps To Covington In LA
Covington & Burling LLP has added to its Los Angeles office a partner with more than 20 years of experience who most recently led Allen Matkins Leck Gamble Mallory & Natsis LLP's tax group, describing the new hire as "one of the country's leading authorities on partnership tax."
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August 20, 2024
Fla. School Board Can Put Property Tax Increase On Ballot
A Florida school board was within its rights to place a millage increase referendum on the 2024 ballot despite the county's attempt to push the referendum to 2026, a state appeals court ruled.
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August 20, 2024
NJ Adopts Tax Rule On Allocating Nonresident Stock Options
New Jersey created a formula for calculating a nonresident's state tax liability on compensation from stock options under an adopted rule.
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August 20, 2024
A Deep Dive Into Law360 Pulse's 2024 Women In Law Report
The legal industry continues to see incremental gains for female lawyers in private practice in the U.S., according to a Law360 Pulse analysis, with women now representing 40.6% of all attorneys and 51% of all associates.
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August 20, 2024
These Firms Have The Most Women In Equity Partnerships
The legal industry still has a long way to go before it can achieve gender parity at its upper levels. But these law firms are performing better than others in breaking the proverbial glass ceiling that prevents women from attaining leadership roles.
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August 19, 2024
Mont. Tax Board Restores $1M Value To Commercial Property
A commercial property in Montana was correctly valued at about $1 million, the state's tax appeals board said, reversing a county tax board and upholding the income approach to the valuation used by the state revenue department.
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August 19, 2024
Uber Pushes For Arbitration In Fla. Delivery Tax Case
Uber told a Florida federal court that a proposed class action over its collection of sales taxes on food delivery fees in the state must be heard by an arbitrator, not a court, under the terms of use accepted by its customers.
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August 19, 2024
Treasury Floats Timing Shift For Foreign Currency Accounting
The U.S. Treasury Department proposed regulations Monday that would adjust the timing for when companies could opt to use the so-called mark-to-market accounting method for gains or losses that arise from foreign currency transactions.
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August 16, 2024
Neb. Gov. Says He'll Veto Watered-Down Property Tax Cut Bill
Nebraska's governor said in a statement Friday that he would veto any bill passed during the Legislature's special session on property tax relief that weakens proposed caps on property tax increases.
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August 16, 2024
Harris Proposes Tax Break For Homebuilders
Vice President Kamala Harris, the presumptive Democratic nominee for president, proposed several housing-related tax proposals, including creating a tax incentive for homebuilders that sell to first-time homebuyers, during a campaign speech Friday.
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August 16, 2024
Ohio Collects $3.8B At Start Of Fiscal Year
Ohio collected $3.83 billion in revenue in July, the start of fiscal year 2025, in line with budget estimates, according to the state's Office of Budget and Management.
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August 16, 2024
Pa. Resident Owes NY Tax While Teleworking During COVID
A Pennsylvania resident owes New York tax on days he worked from home in 2020 while his employer's office in the Empire State was closed during the COVID-19 pandemic, a New York administrative law judge determined.
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August 16, 2024
Association Sues Over Calif. Law Targeting Microsoft Tax Win
A second taxpayers' group has challenged as unconstitutional a portion of California's new tax law written to prevent more wins like the one Microsoft secured when the state Office of Tax Appeals ruled it could include 100% of the dividends from foreign affiliates in its California sales factor denominator.
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August 16, 2024
NY Tax Doesn't Apply To Nonresident's Dividend Income
A New York nonresident is not liable for tax on dividend income, because the dividends weren't earned as a product of work done in the state, a state administrative law judge ruled.
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August 16, 2024
North Carolina Joins Direct File, Maine Plans To Follow
The Internal Revenue Service's free electronic filing tax program, Direct File, will be available in North Carolina for the 2025 tax filing season, the IRS and U.S. Department of the Treasury announced Friday, and Maine is also planning to join.
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August 16, 2024
Ch. 7 Trustee Can't Recover Tax Payment, States Tell Justices
A group of roughly two dozen states threw their support behind the federal government in asking the U.S. Supreme Court to overturn a ruling that forced the IRS to return a tax payment after a bankruptcy trustee argued it was a fraudulent transfer and recoverable under state law.
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August 16, 2024
NJ's 13-Month Revenue Up $98M From FY 2023
New Jersey collected $98 million more revenue over the past 13 months than in the previous fiscal year, according to a report by the state's Department of the Treasury.
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August 16, 2024
IRS, State Agencies, Tax Industry Create Anti-Scam Task Force
The Internal Revenue Service announced Friday that it is teaming with state tax agencies and tax industry representatives to create a task force to combat a growing number of scams and schemes targeting taxpayers.
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August 16, 2024
Taxation With Representation: Cleary, Kirkland, Skadden
In this week's Taxation with Representation, Mars Inc. sets a 2024 record with its $36 billion acquisition of Kellanova, Carlyle inks a $3.8 billion purchase with Baxter International Inc., and Performance Food Group Co. agrees to a $2.1 billion cash deal with Cheney Bros. Inc.
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August 19, 2024
New Jersey Legislation To Watch: A Midyear Report
New Jersey proposals for a corporate transit tax and mandatory business showdowns during sweltering weather have generated concerns from industry sectors fatigued by rising costs, while the rise of artifical intelligence and corresponding legislation appears to have united those fearing the digital-age hazard of "deepfakes."
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August 15, 2024
Group Challenges Calif. Law Targeting Microsoft's Tax Win
A portion of California's new tax law written to prevent more wins such as Microsoft secured when the state's Office of Tax Appeals ruled it could include 100% of the dividends from foreign affiliates in its California sales factor denominator is unconstitutional, a national taxpayers group said.
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August 15, 2024
Skechers Appeals Wis.' Nix Of Royalty Fees Deduction
A Skechers USA subsidiary had economic substance and an additional finding of a business purpose is unnecessary for related companies to engage in transactions resulting in the company claiming nearly a half-billion dollars in deductions in Wisconsin, Skechers said in an appeal obtained Thursday by Law360.
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August 15, 2024
Pa. District's Appeal Method Is Constitutional, Court Affirms
A Pennsylvania Court of Common Pleas correctly ruled that a school district did not violate the state's uniformity clause when using a monetary threshold to decide which property tax assessments to appeal, the state Commonwealth Court affirmed Thursday.
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August 15, 2024
Tax Pros Navigate Chaos, Rewards In Climate Law's 2nd Year
Energy tax attorneys have been knee-deep in project finance deals for the past year since the Inflation Reduction Act of 2022 triggered a flurry of clean energy investments, but the work, they say, has been fulfilling as part of broader efforts to save the environment.
Expert Analysis
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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.
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How To Avoid A Zombie Office Building Apocalypse
With national office vacancy rates approaching 20%, policymakers, investors and developers will need to come together in order to prevent this troubling trend from sucking the life out of business districts or contaminating the broader real estate market, say Ryan Sommers and Robyn Minter Smyers at Thompson Hine.
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Ohio Tax Talk: Building On Federal Affordable Housing Credit
Ohio's soon-to-be-implemented low-income housing tax credit could significantly affect the state's affordable housing landscape and influence tax-credit deal financing for these projects, though Senate changes may have dampened the new credit's immense potential, say Raghav Agnihotri and Rachael Chamberlain at Frost Brown.
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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.