State & Local
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October 25, 2024
Pa. House Advances State Bill To Protect Crypto Payments
Pennsylvania's House of Representatives advanced a bill that would codify businesses' and individuals' ability to accept digital assets as payment, maintain personal control over their digital assets and protect them from additional taxes when paying in crypto.
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October 25, 2024
NJ Bill Seeks Sales Tax Break For Energy-Saving Products
New Jersey would exempt retail sales of energy-saving products and services from sales and use tax under a bill introduced in the state Assembly.
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October 25, 2024
Wis. Tax Commission Rules Income Refund Appeal Untimely
A Wisconsin resident was correctly denied an income tax refund as it was filed outside the state's four-year statute of limitations, the state Tax Appeals Commission said in an order released Friday.
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October 25, 2024
Wis. Board OKs Cut To Couple's Capital Gains Tax Credit
Wisconsin's tax department correctly reduced an income tax credit claimed by a couple who sold properties in other states because the states tax different amounts of capital gains, the Wisconsin Tax Appeals Commission said in an order released Friday.
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October 25, 2024
Taxation With Representation: Davis Polk, Skadden, Kirkland
In this week's Taxation With Representation, Atlantic Union Bankshares Corp. absorbs Sandy Spring Bancorp, Sophos and Secureworks merge, Wendel Group takes a stake in Monroe Capital LLC, and Acuity Brands Inc. buys QSC LLC.
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October 25, 2024
Cleveland Browns Sue City To Protect Stadium Move Plan
The Cleveland Browns took their city to Ohio federal court to protect their plan to move the NFL team to an adjacent town, saying a Buckeye State law restricting how and when sports teams can move out of taxpayer-supported stadiums is unconstitutional.
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October 25, 2024
Ore. Church Rightly Denied Property Tax Break, Court Says
An Oregon religious organization was correctly denied a property tax exemption after its lease to another tax-exempt organization ended and it failed to reapply for the break before a statutory deadline, the state's tax court ruled.
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October 25, 2024
MVP: Wachtell's Tijana J. Dvornic
Wachtell Lipton Rosen & Katz's Tijana J. Dvornic led the firm's tax team in representing Lumen Technologies in the largest liability management transaction outside of bankruptcy protections, including addressing over $15 billion of existing debt, earning her a spot as one of the 2024 Law360 Tax MVPs.
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October 24, 2024
No Tax Break For Bad Debt Investors, Wash. Justices Say
The Washington State Supreme Court said Thursday that a group of funds that buy and sell distressed credit card debt can't claim a state business tax deduction on investment income because those investments were not incidental to their main business purpose.
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October 24, 2024
Wash. High Court Lets Anti-Tax Ballot Measure Show Impact
Elections officials are permitted to place financial disclosure information next to a Washington state ballot measure that would repeal the state's tax on capital gains, the Washington Supreme Court ruled Thursday, upholding a trial court.
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October 24, 2024
La. Biz Development Office Extends Industrial Tax Break Regs
An emergency rule in Louisiana extended the effectiveness of regulations implementing a recently issued gubernatorial executive order that made several adjustments to the state's industrial tax exemption program.
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October 24, 2024
NY Sales Tax Applies To Some Of Co.'s Brand Services
A Delaware company owes New York sales tax on services it offered that constitute taxable information services, but other services it offered were personal and individual in nature and therefore excluded from tax, an administrative law judge for the state Division of Tax Appeals ruled.
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October 24, 2024
Ohio Board Frees W.Va. Car Dealership From Biz Tax
A Nissan dealership in West Virginia doesn't owe Ohio commercial activity tax despite claims by Ohio's tax department that residents were buying cars there to bring back to the neighboring state, the Ohio Board of Tax Appeals said.
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October 24, 2024
Nationwide Asks Mich. Justices To Skip Unitary Tax Case
Nationwide asked the Michigan Supreme Court to deny the state tax agency's application for review of an appellate court's decision that said the insurance company's entities should file their taxes as a unitary group, saying that ruling was consistent with a plain reading of the state's laws.
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October 24, 2024
Conn. High Court Snapshot: $13M Tax Appeals, Will Dispute
The Connecticut Supreme Court's second term of the 2024-2025 season will commence Monday with a dispute over whether an attorney bungled a will that sought to divide a $845,368 TD Ameritrade account among five beneficiaries, only one of whom received any cash.
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October 24, 2024
Utah Revenue Collection In Fiscal Year 2024 Falls $31M
Utah general revenue collection through fiscal 2024 fell $31 million from fiscal year 2023, according to the Utah State Tax Commission.
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October 24, 2024
Indiana Dept. Clarifies Sales Tax Rules For Charity Auctions
Indiana charity auctions that are conducted by auctioneers are exempt from sales tax if the retail merchant at the auction is a qualified nonprofit, according to an updated bulletin by the state Department of Revenue.
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October 24, 2024
RI Revenue Collection Beat Budget Estimates By $76M
Rhode Island general revenue collection from July through September outpaced forecasts by $76 million, according to the state Department of Revenue.
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October 24, 2024
ND General Revenue Up $369M From Estimate
North Dakota general revenue collection surpassed a forecast by $369 million through the first 15 months of the state's biennium, according to the state Legislative Council.
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October 24, 2024
MVP: Sidley's Rachel D. Kleinberg
Rachel D. Kleinberg, a co-leader of the global tax practice at Sidley Austin LLP, headed up a tax team to represent investors in a consortium that led to the $6.05 billion sale of the NFL's Washington Commanders, earning her a spot as one of the 2024 Law360 Tax MVPs.
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October 24, 2024
Minn. Tax Court Won't Cut Value Of $1M Home
A residential property in Minnesota was correctly valued by a local assessor at about $1 million, the state tax court ruled, saying the owners' sales comparison analysis of the value was insufficient to cast doubt on the county's determination.
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October 23, 2024
Behind The Scenes Of NYC's Film Studio Real Estate Boom
Film and streaming production facilities in New York City are blossoming, spurred on by an explosion in demand for production space from streamers and $7.7 billion in state film tax credits, and attorneys are busy advising on all aspects of financing and developing studios.
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October 23, 2024
COST Urges Justices To Hear IBM, Disney Appeals Of NY Tax
New York's method of taxing IBM and The Walt Disney Co.'s royalties received from foreign affiliates resulted in an unconstitutional discrimination against interstate commerce that warrants U.S. Supreme Court scrutiny, the Council on State Taxation told the justices Wednesday.
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October 23, 2024
Ariz. Court Orders Changes To City Tax Measure Language
Language on a ballot measure in an Arizona city to replace an expiring local sales tax with a new one with a lower rate was misleading, an appeals court said, rejecting the city's statement that the measure would reduce taxes.
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October 23, 2024
Tenn. Revenue Through Sept. Beats Estimate By $103M
Tennessee's revenue collection in August and September totaled $103 million more than a state estimate for that period, the state Department of Finance and Administration reported.
Expert Analysis
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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.
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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.