Daily Tax Report: State

Murphy Hints at New Jersey Tax Increases for Next Year’s Budget

Supreme Court Backs N.Y. Access to Trump Taxes, Blocks House

Latest Stories

Appeals Court Allows Electronic Signatures in Idaho Initiative

A federal appellate panel on Thursday said it would allow an Idaho ballot measure campaign extra time to gather signatures electronically because of the coronavirus pandemic.

New Jersey Panel Again Rips Tax Break Programs

A task force appointed by New Jersey Gov. Phil Murphy ended its 18-month probe of the state’s economic development tax incentives Thursday with warnings that professional consultants had tainted the program’s application process.

Murphy Hints at New Jersey Tax Increases for Next Year’s Budget

New Jersey Governor Phil Murphy hinted at tax increases for next fiscal year, saying the state will need “revenue raisers” to balance the budget and recover from the pandemic.

IRS Wins $20 Million in Georgia Conservation Easement Disputes

The U.S. Tax Court sided with the IRS on four conservation easement disputes, allowing the agency to reject more than $20 million in deductions. Reason: The properties weren’t being protected in perpetuity.

Wall Street Is Loving That a Bank-Bailout Critic Tapped PPP Loan

The Washington advocacy group Better Markets has spent a decade fighting big banks and railing against the government’s 2008 financial industry bailout. Now it has taken one of its own.

Trump Tax Returns Could Be ‘Treasure Trove’ for Prosecutors (1)

President Donald Trump’s refusal to release his tax returns has long fed a belief among his critics that they must contain politically damaging financial information or even evidence of criminal conduct.

Trump Scorns Court on Tax Rulings While Records Stay Private (1)

Donald Trump scored a tactical victory from the Supreme Court that will likely keep his personal financial records out of public view through the November election, but he framed Thursday’s two rulings as a loss imposed by his enemies.

Supreme Court Backs N.Y. Access to Trump Taxes, Blocks House (2)

The U.S. Supreme Court backed a New York grand jury’s bid for President Donald Trump’s financial records while blocking for now House subpoenas that might have led to their public release before the election.

Featured Topics

credits and incentives

New Jersey Panel Again Rips Tax Break Programs

Breaking Up is Hard to Do: Taxes a Tricky Part of Divorce

Mississippi Extends Tax Credits for Historic Restorations

individual income tax

Trump Tax Returns Could Be ‘Treasure Trove’ for Prosecutors (1)

Trump Scorns Court on Tax Rulings While Records Stay Private (1)

Supreme Court Says N.Y. Grand Jury Can Get Trump’s Tax Returns

sales and use tax

Michigan Tax Deferrals Approved by Lawmakers Get Governor’s Ax

TAX VIRUS BRIEFING: Small-Time Fireworks a Win for State Coffers

Tennessee Eyes Sales Tax Surge Under New Compliance Scheme

Washington Governor Issues Proclamation Extending Temporary Suspension of Public Records Act Requirements

The Washington Governor July 8 issued a proclamation extending the temporary suspension of certain Public Records Act requirements during COVID-19 for sales and use tax, excise, and estate tax purposes. The suspended requirements provide that agencies should respond to public record requests within five business days of receipt and maintain business hours for public inspection and the copying of records. The proclamation recognizes the extension of statutory waivers and suspensions until the earlier of termination of the COVID-19 state of emergency or Aug. 1. [Washington Governor’s Office, Proclamation 20-28.7, 07/08/20]

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New York Tax and Finance Department Determines Sales Tax Treatment of Graphic Design Services

The New York Department of Taxation and Finance May 26 determined in an advisory opinion the sales and use tax treatment of receipts from sales of certain graphic design services. Taxpayer offered graphic arts packaging, including packaging solutions, press runs, and sample packaging designs for retailers. The department noted that receipts from the sales of comps, designs, and/or prototypes delivered in tangible form to customers within the state, including its design costs and other expenses, were subject to the state and local sales taxes, regardless of whether those charges were separately stated, unless the sales of the tangible personal property were otherwise exempt. The department concluded that Taxpayer’s sales receipts weren’t subject to the taxes if the designs, comps, or prototypes were delivered to customers outside of the state or if they were delivered in electronic form to customers within the state. [N.Y. Dep’t of Tax’n & Fin., /NY\Ruling\TSB-A-20(8)S///, 05/26/20]

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South Carolina Court of Appeals Decides Granting Property Tax Credits to Dormitories Didn’t Violate Constitution

The South Carolina Court of Appeals July 8 found that granting special source revenue credits to multi-story student dormitories didn’t violate the state constitution. Two counties entered into an agreement to develop the I-77 Corridor Regional Industrial Park, which received tax incentives. The city of Columbia allowed the dormitories to be constructed as part of the park. The South Carolina Public Interest Foundation contended that the inclusion of the dormitories in a multicounty business and industrial park violated the constitution. The circuit court dismissed the foundation’s motion. The foundation appealed, contending that the dormitories were residential and didn’t fall within the definition of “industrial or business.” The appeals court noted: 1) business refers to commercial enterprises or activities; and 2) the dormitories engaged in continuous commercial activity, weren’t owner-occupied, and were zoned commercially. Thus, the appeals court determined that the inclusion didn’t violate the constitution. [S.C. Pub. Interest Found. v. The City of Columbia, S.C. Ct. App., No. 2017-000617, 07/08/20]