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Finishing SALT: Inside SALT’s Monthly Recap

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 Crucial, Complex Connection for State Tax Professionals June 6, 2017: Substitute Alert – Delaware Technical Corrections Bill June 8, 2017: Inside SALT Event in McDermott Will & Emery’s New York Office New York, NY: The annual Inside SALT event took place on Thursday, June 8, 2017 in McDermott’s New York office. Tax lawyers Peter Faber, Todd Harrison, Stephen Kranz, Alysse McLoughlin, Art Rosen, Diann Smith and Mark Yopp presented a substantive half-day program highlighting many State and Local Tax updates, including recent changes specific to the New York area, Nexus developments in digital taxation, and news related to apportionment, transfer pricing and...

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Update on Illinois Legislative Session

On May 31, the Illinois General Assembly closed its regular legislative session, without a budget agreement. Senate Bill 9 As we previously reported, the Senate passed a modified version of Senate Bill 9 (Bill), a tax proposal that is part of the Illinois “Grand Bargain” that we described in a previous post. The version of Senate Bill 9 that passed out of the Senate passed the House Revenue Committee on May 29 on a partisan vote. The House has extended the Bill’s final action deadline to June 30. The current version of the Bill is similar but not identical to the version that we have previously described. Some of the more significant amendments include the following: Two New Taxes. The Bill now proposes to create two new taxes. The “Video Service Tax Modernization Act” purports to impose a tax on satellite television and streaming television services at a rate of 5 percent of the gross revenues that a provider earns from its Illinois customers. The Bill also...

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Tax Highlights of Proposed Illinois “Grand Bargain”

In an effort to resolve Illinois’ 20-month budget impasse, the Illinois Senate leadership (Senate Majority Leader John Cullerton and Senate Minority Leader Christine Rodogno) have jointly proposed a series of bills to increase revenue, reduce spending, and respond to the Illinois Governor’s concerns regarding pension reforms, workers compensation reform and property tax relief.  A series of twelve bills have been introduced, all of which are interlinked for passage.  The bills are termed the Illinois “Grand Bargain.”  Most of the tax-related changes are found in Senate Bill 9.  The current version of the Senate Bill 9 (Amendment 3) (“Bill”) was submitted on March 3 and includes the following proposed changes:  Income Tax.  The Bill proposes to increase income tax rates, effective January 1, 2017 to 4.99% for individuals, trusts and estates, and 7% for corporations.  Other income tax-related features of the Bill include the elimination of the non-combination...

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