The North Carolina privilege tax on mill machinery is repealed and replaced by a sales and use tax exemption, a sales and use tax exemption is enacted for large fulfillment facilities, and an annual refund of sales and use taxes paid is allowed for transformative projects. Mill Machinery Exemption Effective July 1, 2018, the North […]

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The North Carolina General Assembly has overridden Gov. Roy Cooper’s veto of the biennium budget bill (TAXDAY, 2017/06/28, S.22), which will reduce corporate income tax rates from 3% to 2.5% and the personal income tax rate from 5.499% to 5.25% for taxable years beginning on or after January 1, 2019. The legislation will also lower […]

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Louisiana Gov. John Bel Edwards as signed legislation that terminates corporate income, personal income, and corporate franchise tax credits for the following effective January 1, 2020: — Accessible and barrier-free building design; — Bone marrow donation programs; — Bulletproof vests for law enforcement officers; — Citizens Property Insurance Corporation assessments; — Contributions to family responsibility […]

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The Legislature finds and declares that the transactions and use tax (i.e., district tax) approved by Los Angeles County voters on the March 7, 2017, ballot as “Measure H” is valid and authorized and conforms to the California Transactions and Use Tax Law. The California State Board of Equalization (BOE) is required to enter into […]

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The Senate GOP, on June 22, released a proposed bill to repeal and replace the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148). The bill is similar in scope to the American Health Care Act (HR 1638) passed by the House on May 4, but does contain some changes to the tax provisions. The […]

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Temporary and proposed regulations issued in 2014 authorized the IRS to create a streamlined process for eligible organizations to use in applying for tax exempt status under Code Sec. 510(c)(3), and those proposed regulations have now been adopted with minor, insubstantial revisions that authorize the continued use of the streamlined process for applying and meeting […]

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