More States Stepping Up with Relief Programs

Although they may not be offering immunity, a number of other states are offering additional business assistance programs and loosening their purse strings with more funds for business relief. In that vein, New Jersey governor Phil Murphy signed legislation last week that provides up to $14 billion in corporate tax relief to businesses in the…

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Missouri Cuts, Colorado Hikes Stimulus Tax Issues

The states of Missouri and Colorado this week took very different actions relative to the impact of federal stimulus payments for the coronavirus pandemic will have on the state’s taxpayers. In the Show Me State, republican Governor Mike Parson signed a bipartisan tax bill that excludes stimulus payments authorized by the CARES Act from being…

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IRS Moves to Block SALT Cap Workarounds

The Internal Revenue Service (IRS) has issued a proposed new rule that will serve to block state efforts to circumvent the $10,000 state and local tax (SALT) deductions limit that was established by the Tax Cuts and Jobs Act last December. A number of high-tax states – New York, New Jersey and Connecticut, in particular…

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Maryland Passes Tax Credits As Session Ends

The Maryland legislature adjourned the current session on Monday of this week, but not before passing Governor Larry Hogan’s sick leave tax credit program. Governor Hogan vetoed Maryland Healthy Working Families Act (mandated sick leave) passed at the end of last session, but his veto was quickly overridden by the democrat-dominated legislature at the beginning…

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Miscellaneous

This past weekend, the much discussed Philadelphia soda tax went into effect with significant but predictable sticker shock for most consumers. In fact, the new tax has added considerably to the cost of many sugary drinks, ranging anywhere from 20% to as much as 77%!  Speaking of state taxes, we often advise on state actions…

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