Latest COST Conscious

ISSUE 22-09; May 6, 2022

Balanced Revenue Systems Part I – As states have experienced record budget surpluses over the past year, a recent trend has re-emerged across several states of proposals to reduce or eliminate the personal income tax. Business taxpayers have advanced concerns that ultimately, these personal income tax rate reductions could cause an increase on business taxes in later years when state revenue pictu

Latest Practitioner Connection

ISSUE 22-10; May 13, 2022

State False Claims Acts: “Knowing” Why They Matter for Tax Professionals – Like the federal government, many states have adopted False Claims Act (FCA) provisions that exclude tax matters from coverage. The federal model makes clear that matters under the Internal Revenue Service are not covered by the law, and in the vast majority of cases, states also explicitly exclude tax from coverage. Howeve

BLOOMBERG TAX

Japan Ruling Coalition Mulls Raising Corporate Tax Rate: Jiji

May 18, 2022

Japan ruling coalition lawmakers are considering pushing for raising the corporate tax rate while giving greater tax cuts to companies for capital spending, Jiji reports without attribution.

Sunak Warns Extra Cost-of-Living Help Risks Stoking UK Inflation

May 18, 2022

Chancellor of the Exchequer Rishi Sunak said that extra government spending to help ease Britain’s cost-of-living crisis risks further stoking inflation, as he warned of tough months ahead for the UK economy.

Watchdog Report Urges Demographic Data Sharing on Tax Outcomes

May 18, 2022

The Government Accountability Office, in a report requested by Senate Finance Committee Chairman Ron Wyden (D-Ore.), estimated that tax disparities exist across gender, race, and ethnicity, but that government agencies do not share enough data between themselves to determine that conclusively.

Minnesota Promises $4 Billion in Tax Cuts Over Three Years

May 18, 2022

Minnesota Gov. Tim Walz inked an agreement with legislative leaders aimed at a final budget deal that will include $4 billion in tax relief and $4 billion in new spending over the next three years.

Colorado Offers Tax Relief to Partnerships and Property Owners

May 18, 2022

Colorado Gov. Jared Polis signed tax relief legislation expanding a workaround to the federal $10,000 cap on deductions for state and local taxes, and a separate bill granting homeowners $700 million in property tax relief over the next two years.

’Think Creatively’ About Earned Income Tax Credit, Lawmaker Says

May 18, 2022

The IRS and Congress need to fix the underlying issues with the earned income tax credit, Rep. Tom Rice (R-S.C.) said Wednesday.

Last-Ditch SALT Relief Pushed by ‘Front-Line’ Democrats (2)

May 18, 2022

Five House Democrats from high-tax states are pushing their colleagues to protect state-level moves to make the state and local tax deduction more generous.

New York’s April Sales Tax Collections Jump 16% Year-Over-Year

May 18, 2022

New York's April sales tax collections were up nearly 16% over last April due to inflation that has increased the cost of food, gasoline, and household items for consumers, according to figures released Wednesday by the state comptroller.

Delaware High Court Turns Down Fee Issue in School Tax Case

May 18, 2022

The Delaware Supreme Court turned down an immediate appeal of an order allowing attorneys' fees in a case over how counties collect school-related taxes.

Abbott Faces Senate Probe Tying Formula Woe to Stock Buyback (1)

May 18, 2022

Senate Finance Committee Chairman Ron Wyden is investigating embattled drugmaker and formula producer Abbott Laboratories’ low tax rates and alleging the company’s investments in stock buybacks may have driven the nationwide baby formula shortage.