McDermott Will & Emery
Subscribe to McDermott Will & Emery's PostsNew York State Department Intends to Finalize Corporate Tax Regulations This Fall
By Michael J. Hilkin, Richard C. Call and McDermott Will & Emery on May 2, 2022
Posted In Allocation/Appointment, Federal Tax, Local Tax, Nationwide Importance, New York
Almost seven years after it started releasing draft regulations concerning sweeping corporate tax reforms that went into effect back in 2015, the New York State Department of Taxation and Finance (Department) has issued guidance, stating that “the Department intends to begin the State Administrative Procedure Act (SAPA) process to formally propose and adopt” its draft...
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US Treasury Issues Guidance on the ARPA Claw-Back Provision
By Stephen P. Kranz, Mark Nebergall and McDermott Will & Emery on May 12, 2021
Posted In Constitutional Issues, Franchise Tax, Income Tax, Insurance Tax, Local Tax, Nationwide Importance, Property Tax, Sales Tax, Tax Base, Transaction Taxes
Earlier this week, the US Department of the Treasury (Treasury) issued formal guidance regarding the administration of the American Rescue Plan Act of 2021 (ARPA) claw-back provision. The guidance (Interim Final Rule) provides that the claw-back provision is triggered when there is a reduction in net tax revenue caused by changes in law, regulation or...
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Kansas Decouples from GILTI and 163j
By Stephen P. Kranz and McDermott Will & Emery on May 4, 2021
Posted In Federal Tax, Income Tax, Kansas, Tax Base
Yesterday afternoon the Kansas legislature overrode Governor Laura Kelly’s veto of Senate Bill (SB) 50, effectively enacting the provisions of the bill into law. Among those are provisions decoupling from certain Tax Cuts and Jobs Act (TCJA) provisions that taxpayers have been advocating for since 2018. Under the new law, for tax years beginning after...
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Washington Surtax on “Big Banks” Struck Down as Unconstitutional
By Stephen P. Kranz, McDermott Will & Emery and McDermott Will & Emery on May 18, 2020
Posted In Local Tax, Maryland, Oregon, Washington
On May 8, Washington’s 1.2% surtax on “specified financial institutions” (banks with at least $1 billion a year in net revenue) was struck down by a King County Superior Court judge. Judge Marshall Ferguson ruled that the tax, which is imposed on top of all other taxes, violates the Commerce Clause of the US Constitution...
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Cities Providing Local Tax Relief Efforts for Small Businesses Impacted by COVID-19
By Elle Kaiser and McDermott Will & Emery on Mar 20, 2020
Posted In California, Income Tax, Local Tax, Nationwide Importance, New York, Sales Tax
From coast to coast, both state and local tax authorities are rapidly responding to the Coronavirus (COVID-19). And while many of the relief efforts are appropriately aimed at supporting individuals who have been impacted by COVID-19, recent pronouncements from local leaders demonstrate that cities are also eager to implement measures supporting small businesses within their...
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New Mexico Administrative Hearings Office Issues Timely Opinion Regarding State Taxation of Subpart F Income and Dividends from Foreign Affiliates
By McDermott Will & Emery and McDermott Will & Emery on Apr 19, 2018
Posted In Federal Tax, Income Tax, Nationwide Importance, New Mexico, Tax Base
Earlier this month, the New Mexico Administrative Hearings Office issued an opinion that addressed the questions on the minds of many state tax professionals in the wake of federal tax reform: under what circumstances can a state constitutionally impose tax on a domestic company’s income from foreign subsidiaries, including Subpart F income, and when is...
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Finishing SALT: Inside SALT’s Monthly Recap
By McDermott Will & Emery on Jul 11, 2017
Posted In Uncategorized
Wrapping Up June Our June 2017 blog posts are available on insidesalt.com, or read each article by clicking on the titles below. To receive the latest on state and local tax news and commentary directly in your inbox as they are posted, click here to subscribe to our email list. June 5, 2017: Nexus is...
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Finishing SALT: InsideSALT’s Monthly Recap
By McDermott Will & Emery on May 31, 2017
Posted In Uncategorized
Wrapping Up May – and Looking Forward to June Our May 2017 blog posts are available on our Inside SALT blog, or read each article by clicking on the titles below. To receive the latest on state and local tax news and commentary directly in your inbox as they are posted, fill out the form...
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New York State FY 2018 Budget Bill: Sales Tax Highlights
By McDermott Will & Emery and McDermott Will & Emery on Jan 31, 2017
Posted In Audits, Constitutional Issues, New York, Nexus, Procedure, Transaction Taxes
On January 16, Governor Cuomo introduced the 2018 New York State Executive Budget Legislation. The bill proposes a number of changes to the New York State sales tax law. Below is a summary of the highlights. Sales and Use Tax “Marketplace Providers” The governor’s bill proposes to impose sales tax registration and collection requirements, traditionally...
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Indiana Department of Revenue Rules Forced Disposition is Nonbusiness Income
By McDermott Will & Emery on Jan 21, 2015
Posted In Allocation/Apportionment, Income Tax, Indiana, UDITPA
In Letter of Finding No. 02-20140306 (Dec. 31, 2014), the Indiana Department of Revenue (Department) determined that income from the sale of two operating divisions of a business pursuant to an order of the Federal Trade Commission (FTC) was non-business income under Indiana law. Following the reasoning of the Indiana Tax Court in May Department...
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