Daily Tax Report ®

Lawmakers Look Next to Tax Changes to Woo Voters on Housing

House GOP Aims to Jumpstart Third Party-Line Bill This Week

Pennsylvania Governor Josh Shapiro Launches Re-election Campaign
Josh Shapiro, governor of Pennsylvania, during a re-election campaign kickoff event in Philadelphia, Pennsylvania, US, on Thursday, Jan. 8, 2026. Democrats pulled off a series of significant victories in off-year 2025 elections in which worries about affordability were front and center, as the country heads into the 2026 midterm election season. Photographer: Rachel Wisniewski/Bloomberg via Getty Images

Pennsylvania Weighs New Taxes, SALT Workaround in Budget Talks

Pennsylvania budget talks are generating fresh momentum for a skill games tax, a state and local tax deduction cap workaround, and the creation of a whistleblower law that would target tax fraud, as both political parties race to reach a deal.

UK Tax Gap Tops £59 Billion, Wealthy Individuals’ Share Rises

Solar Operator Convinces Texas Justices to Review Tax Break Suit

Former IRS, DOJ Officials Decry Trump’s ‘Collusive’ Tax Deal

KPMG Australia Chair, Partners to Exit in Reset From Scandal

Virginia Approves First-of-Its-Kind Energy Tax on Data Centers

Virginia lawmakers passed budget legislation (HB 30) Monday that imposes an unprecedented tax on data centers’ electricity consumption, resolving an issue—for now—that sharply divided Democratic leaders in the state.

PODCASTS

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Corporate Tax Disclosures Let Investors Peer Into the Black Box

Accounting Firms Navigate Compensation as AI Tools Upend Work

IRS Pivots to Fill Holes in Tax Filing Season After DOGE Cuts

How Tax Administration Reforms Could Pass Congress This Year

Columns + Commentary

Danny Werfel By All Accounts
Pentagon Anthropic Deadlock Demands Thorough Checks on AI Use
Andrew Leahey Technically Speaking
Georgia Gas Tax Holiday Is Affordability Theater That Delays Harm
Andrew Leahey Technically Speaking
Mamdani’s NY Estate Tax Exemption Should Target Dynastic Wealth
Danny Werfel By All Accounts
Trump’s IRS Lawsuit Offers Lessons on Privacy and Legal Process

Practitioner Insights

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Business Must Prepare Now for Mandatory E-Invoicing Challenges

Philip Munn

RSM UK

Texas Property Owners Should Prep for Single-Year Tax Increase

Lee Winston

Gray Winston

Tax Data Centers for Their Use of the Grid, Not Their Location

Adhum Carter Wolde-Lule

Prism Power Group

Bloomberg Tax Journals

Does Flash, Momentary Ownership Matter for Private Equity Funds?

Morrison Cohen’s Isaac Grossman writes that momentary ownership by a private equity holding partnership creates an unresolved tension between the need to respect that ownership for tax-free rollover purposes and the need to disregard it to protect tax sensitive investors.

OBBBA Restores R&E Expensing, Alters Multinational Tax Strategy

OBBBA restores immediate domestic R&E expensing while reshaping CAMT, BEAT, FDDEI, and R&D credit planning, KPMG practitioners, Natalie Tucker, Kate Abdoo, Seevun Dunckzar, Hogan Humphries, and Alexander Fox state.

South Africa and Nigeria Drive AI-Enabled Transfer Pricing Audits

Robust taxpayer protection policies, transparent AI governance, strong data integrity practices, and meaningful human oversight are essential to ensuring that digital transformation enhances rather than undermines fairness, KPMG practitioners, Christian Wiesener, Barbara Mbaebie, and Akaoma Osele, say.

Tax Developments

IRS Issues News Release Announcing Final 2026 Saturday Taxpayer Assistance Centers Hours

The IRS issued a news release announcing that select Taxpayer Assistance Centers (TACs) will be open Saturday, June 27, for the final Saturday service event of the year. Participating TACs ...

IRS Issues Notice Providing 2026 Renewable Electricity Production Credit Rates

The IRS issued a notice providing the inflation adjustment factor and reference price used to calculate the renewable electricity production credit under I.R.C. §45 for calendar year 2026. The notice ...

U.S. Tax Court Upholds Deficiency Determination Against Taxpayer, Imposes Failure-to-File Penalties

The U.S. Tax Court, in a memorandum decision, held that a sole proprietor operating a care facility was required to use married filing separate status and was liable for deficiencies ...

AI's Billion Dollar Tax Breaks: Data Center Incentives Fuel Backlash

States have been competing to attract AI data centers, offering tax breaks to companies like Meta, Amazon, and Google. Now Georgia is at the center of a growing debate over whether those incentives are still worth the cost.

Latest Stories

US Official Says AI Has No Place in OECD Digital Tax Talks

Artificial intelligence doesn’t belong in the OECD-led discussions about taxing the digital economy, the top US delegate to the organization said Tuesday.

By Lauren Vella

Disney, Hulu, Netflix Win Texas Distribution Fee Challenge

TV streaming giants Hulu LLC , Netflix Inc., and Disney Platform Distribution Inc. aren’t on the hook to pay Texas municipalities to distribute content, a state appeals court said.

UK Moves to Close Online VAT Loophole Targeting Domestic Sellers

The UK is proposing to allow online marketplaces to collect value-added taxes from UK-based businesses to close a loophole costing the government hundreds of millions of pounds annually.

UK Proposes New Offense for Recklessness in Filing Direct Taxes

The UK tax authority wants to press criminal charges on individuals making reckless, untrue statements about direct tax matters, without having to prove dishonesty.

FROM ACROSS BLOOMBERG TAX

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The Exchange: Tax Insights & Commentary

Daily Tax Report International
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Transfer Pricing Report
The Exchange: Tax Insights & Commentary

Mexico Gazettes Agreement Setting Amounts, Rates of Tax Incentives for Fuel Production, Related Services

The Mexican Official Gazette June 19 published Agreement No. 95/2026, setting the amounts and rates of the tax incentives for automotive fuel production and related services, from June 20 to ...

Saudi Arabia Tax Agency Announces VAT Return Filing Deadline for May 2026

The Saudi General Authority of Zakat and Tax June 21 announced the June 30 deadline for businesses subject to VAT with annual supplies of goods and services exceeding 40 million ...

Mexico Gazettes Agreements Setting Tax Incentives for Gasoline Sale, Production in U.S., Guatemala Border Regions

The Mexican Official Gazette June 19 published Agreement Nos. 96/2026 and 97/2026, setting tax incentives for companies engaging in the production and sale of gasoline products: 1) within an area ...

Moldova Gazettes Laws, Decrees Ratifying SSAs With Canada, Ukraine

The Moldovan Official Gazette June 18 published Law Nos. 99 and 100, and their promulgating Decree Nos. 649 and 650, ratifying the social security agreements (SSAs) with: 1) Canada, signed ...

OECD Updates List of Signatories, Parties to MLI

The Organization for Economic Cooperation and Development (OECD) June 18 posted online an updated list of signatories and parties to the Multilateral Convention to Implement Tax Treaty Related Measures to ...

Argentina Gazettes Entry Into Force Date of DTA, Protocol With Austria

The Argentine Official Gazette June 19 announced that the DTA and protocol with Austria, signed Dec. 6, 2019, entered into force June 12, 2026. [Argentina, Official Gazette, 06/19/26]

Louisiana Economic Development Office Adopts Amendments to Restoration Tax Abatement Program Rules

The Louisiana Office of Economic Development adopted amendments to the rules governing the Restoration Tax Abatement Program. The regulation includes detailed definitions, filing deadlines, documentation standards, and approval procedures for ...

Virginia Tax Department Updates Q3 2026 Interest Rates

The Virginia Department of Taxation announced updated underpayment and overpayment interest rates for the period July 1 through Sept. 30, following changes in federal interest rates. Virginia’s interest rates, which ...

Disney, Hulu, Netflix Win Texas Distribution Fee Challenge

TV streaming giants Hulu LLC , Netflix Inc., and Disney Platform Distribution Inc. aren’t on the hook to pay Texas municipalities to distribute content, a state appeals court said.

Louisiana DOR Proposes Amendment to Annual Retirement Income Exemption Rule

The Louisiana Department of Revenue (DOR) proposed amendments to the annual retirement income exemption rule. The proposal: 1) reflects statutory changes which increase the amount of the exemption for annual ...

Mississippi DOR Raises NSM Fee Rate for Cigarettes

The Mississippi Department of Revenue (DOR) published a notice announcing an increase in the non-settling manufacturer (NSM) fee rate for cigarettes. The notice states that the NSM fee rate will ...

Michigan: U.S. Supreme Court Rules Just Compensation in Property Tax Sale is Auction Price

The United States Supreme Court ruled that just compensation to a former homeowner after a property tax sale is based on the auction price, not the property’s fair market value. ...

OpenAI’s Call for Modernized R&D Credit Rule Makes Perfect Sense

The research and development credit is still using antiquated frameworks to determine credit eligibility, and absent an overhaul, the regulations may completely exclude AI technology research from R&D tax benefits, writes Andrew Leahey.

Palm Oil Declines as Weak Exports Point to Low Seasonal Demand

Palm oil prices fell from a two-week high as traders weighed weak demand for exports from the world’s two biggest producers, Indonesia and Malaysia.

KPMG Australia Chair, Partners to Exit in Reset From Scandal (2)

KPMG Australia said chair Martin Sheppard and two other audit partners will leave as part of a broad restructuring, following whistleblower allegations the firm used confidential client information to help win business.

OECD Aims to Finalize New Intragroup Services Guidance by 2027

The OECD aims to finalize an amendment to its transfer pricing guidelines by 2027, a top official for the organization said Monday.

UK Plans to Assess Competitiveness Concerns in Global Tax Review

The UK intends to evaluate concerns about how the global minimum tax affects competitiveness and whether countries will keep the levy on their books when its reevaluated in 2029.

Italy’s High Court Reaffirms Benefit Rules on Intragroup Fees

Italian fastening products manufacturer Friulsider SpA lost a Supreme Court appeal over the tax deductibility of management fees paid to its then-French parent under an intragroup service agreement.

Beware the Hidden Risks Lurking in Property Tax Cuts: Editorial

A home that gains value is part of the American dream — except for the taxes. In the past two years, 17 states have lowered or limited property taxes as politicians respond to escalating prices.

Business Must Prepare Now for Mandatory E-Invoicing Challenges

As mandatory e-invoicing spreads worldwide, businesses need to build flexible, central compliance architectures that can scale globally rather than react to each new mandate individually, say RSM practitioners Philip Munn and Christian Balk.

OpenAI’s Call for Modernized R&D Credit Rule Makes Perfect Sense

State Tax Law Brings Benjamin Bacon to Firm as SALT Partner

Benjamin Bacon joined State Tax Law as a partner, the firm announced Monday.

Holland & Knight Gains Thomas Geraghty as Tax Partner in Chicago

Thomas Geraghty joined Holland & Knight as a partner in its tax, executive compensation, and benefits practice group in Chicago, the firm announced Monday.

Burnham’s Finance Friends Are a Reassuring Bunch: Martin Ivens (1)

After a spectacular by-election victory in Makerfield that exceeded the pollsters’ most optimistic forecasts, Andy Burnham returns to London this week as the ruling Labour Party’s conquering hero. He has shown he can vanquish the threat from the right-wing populists of Reform UK, whereas other party candidates have failed to slow Nigel Farage’s momentum. The self-styled King of the North now moves to take Keir Starmer’s crown.