
Fortune Tellers Predict a Roller Coaster Year in State Taxes
The week in state tax news: One of the nation’s largest tax consulting services offered up a bold forecast for the coming year in state taxes. The forecast includes some safe bets, including a prediction that four states will cut rates. Among the riskier wagers is a prophecy that the Maryland Supreme Court will strike down the digital advertising tax. A proposed California wealth tax is in trouble, and New York’s governor backs keeping the expiring business income tax rate for a bit longer.
Reporting Requirement Set Aside in Land Donation Dispute
An IRS reporting requirement aimed toward combating abuse of land donation deductions must set aside because the agency didn’t follow the proper rulemaking procedures when issuing the notice, an Alabama district court said.
Amazon, Agency React to Professors’ South Carolina Sales Tax Brief
Two law professors miss the mark in their defense of the South Carolina Department of Revenue’s argument that Amazon owes the state more than $12.5 million in sales tax, the e-commerce giant told a state appeals court.
HILL TAX BRIEFING: Dems Seek IRS Probe on Tax Prep Firm Data Sharing
Read more: New Finance members discuss priorities. Schumer urges ratification of US-Chile tax treaty. Cardin and Daines introduce bill to permanently extend New Markets Tax Credit.
US Green, Housing Credits Safe Under OECD Minimum Tax
The US has scored a victory for investors in clean energy and low-income housing, who will see tax credits from both activities largely excluded from the reach of the global minimum tax.
Governors Focus on Families as Budget Rollouts Continue
Looking ahead to state budget tax proposals: With the new year, governors have started laying out their formal budget and policy agendas for upcoming legislative sessions through inaugural addresses, state of the state speeches, and other kickoff events. Notably, Florida’s governor listed a bevy of fresh tax exemptions and holidays, Maryland’s new chief executive aimed to end child poverty, and in Mississippi the governor proposed permanently eliminating the income tax.
Countries Agree to Treatment of US Minimum Tax in Global Deal
Governments have agreed on the answers to several crucial questions about the OECD’s global minimum tax, helping set the stage for countries to start applying the rules next year.
Manchin Says Yellen Is ‘Not Following the Law’ on EV Tax Credits
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Tax Your Crypto and NFTs? Yes, the IRS Wants Its Cut
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