International Taxation. Legal news and articles for May 19 - 23, 2017

Gov. Doug Ducey signs 27 laws including aid for needy, biz tax creditsLegislative Task Force to Overhaul Arkansas Tax SystemRetroactive Tax Laws Muddying Businesses' Future DecisionsOn 5th anniversary of Brownback tax cuts, lawmakers fight over rolling them backSupreme Court Won't Hear Retroactive Tax Increase CasesWith online sales booming, states struggle to capture sales taxSupreme Court rejects businesses' challenge to Michigan taxBREAKING: Justices Nix Challenge To Backdated Mich. Tax Law ...Tax reform could slash charitable giving by up to $13 billion per yearBrazil Retains Tax Break for Some Payments to 'Privileged' RegimesU.K. Conservative Party Tight-Lipped on Tax Adviser CrackdownIndia's New Tax Is Too ComplicatedTax relief? South Carolina OKs new break for manufacturers, but few will qualifyHealth care law changes would reduce tax creditsReforming a Will for Tax Savings

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NYC's property tax assessment system is unconstitutional: suit
New York PostApril 26, 2017

A group that includes Related and the Durst Organization has sued in State Supreme Court to get the city's cockamamie property tax assessment scheme kicked to the curb. Tax Equity Now New York (TENNY) claims the current law and its implementation ...more »

Seattle City Council votes to pursue income tax on 'high-end households'
The Seattle TimesMay 2, 2017

Proponents of Seattle's enacting an income tax say today's state Supreme Court could interpret the constitution differently, and the city may attempt to sidestep the 1984 law by taxing a type of income other than net income. The resolution acknowledges ...more »

International Taxation. News and Stories

Gov. Doug Ducey signs 27 laws including aid for needy, biz tax credits
Arizona Daily StarMay 23, 2017

But this measure was built on a 2014 federal law allowing state agriculture departments to begin cultivating industrial hemp in certain circumstances, including for research. Ducey said his only reason for the veto was the failure of the legislation to ...more »

Legislative Task Force to Overhaul Arkansas Tax System
KARKMay 23, 2017

The Arkansas Tax Reform and Relief Task Force, part of the governor's new law that established a $50 million income tax cut for low-income taxpayers, met for the first time Monday morning. Sen. Jim Hendren, R-Gravette, and Rep. Lane Jean, R-Magnolia, ...more »

Retroactive Tax Laws Muddying Businesses' Future Decisions
Law360 (subscription)May 23, 2017

Law360, New York (May 22, 2017, 9:36 PM EDT) -- The U.S. Supreme Court's refusal to review seven cases challenging the backdated application of amended state tax laws leaves businesses in the precarious position of not being able to confidently ...more »

On 5th anniversary of Brownback tax cuts, lawmakers fight over rolling them back
Wichita EagleMay 23, 2017

Together, the anniversary and the looming 100th day show the difficulties opponents of Brownback's tax policy have had in changing the law, and the success proponents – including Brownback – have had up until now in holding the line. It has taken ...more »

Supreme Court Won't Hear Retroactive Tax Increase Cases
Tax FoundationMay 22, 2017

An unfortunate development today from the U.S. Supreme Court, where the justices declined to hear several challenges to a retroactive tax law passed by Michigan. In 2014, Michigan decided that a tax compact it had signed in 1967 was no longer ...more »

With online sales booming, states struggle to capture sales tax
AOLMay 22, 2017

The 2016 South Dakota law requires remote retailers to collect and remit sales tax in the state if they have more than 200 transactions or $100,000 in sales in the state. The state sued Wayfair Inc., Overstock.com Inc. and Newegg Inc. to try to force ...more »

Supreme Court rejects businesses' challenge to Michigan tax
Crain's Detroit BusinessMay 22, 2017

At issue is a retroactive tax law fix the Legislature sent to Gov. Rick Snyder in 2014 to plug a possible $1.1 billion tax loophole created by the Michigan Business Tax law in 2007 and "to express the original intent of the Legislature regarding the ...more »

BREAKING: Justices Nix Challenge To Backdated Mich. Tax Law ...
Law360 (subscription)May 22, 2017

Law360, New York (May 22, 2017, 9:44 AM EDT) -- A backdated legislative change in Michigan that knocked out anticipated tax refunds for a number of ...more »

Tax reform could slash charitable giving by up to $13 billion per year
CNBCMay 22, 2017

Under current tax law, you can deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions. Generally, you can deduct up to 50 percent of your adjusted gross income in charitable contributions ...more »

Brazil Retains Tax Break for Some Payments to 'Privileged' Regimes
Bloomberg BNAMay 22, 2017

... the Cosit ruling β€œis favorable to taxpayers and may serve as analogy for interpretation in other similar cases or in case of remittances related to other transactions with beneficiaries of a privileged fiscal regime. However, it is not a change in ...more »

U.K. Conservative Party Tight-Lipped on Tax Adviser Crackdown
Bloomberg BNAMay 22, 2017

Tax advisers must not create, encourage or promote tax strategies that achieve results contrary to the intention of U.K. tax laws or seek to exploit loopholes within existing legislation, the U.K.'s seven leading tax and accounting bodies said in a Nov.more »

India's New Tax Is Too Complicated
BloombergMay 22, 2017

Last week, central and state finance ministers from across India -- who comprise the GST Council, which under the new tax law has to make decisions about tax rates -- met for two days and thrashed out what almost all the rates will look like. But the ...more »

Tax relief? South Carolina OKs new break for manufacturers, but few will qualify
Charleston Post CourierMay 21, 2017

South Carolina's fee-in-lieu legislation was passed 20 years ago, and counties have used it so often as an incentive to lure tax-averse manufacturers and other employers that it can be difficult to find an industry that pays property taxes the old ...more »

Health care law changes would reduce tax credits
Eagle-TribuneMay 21, 2017

BOSTON β€” The Republican-led plan to replace the federal health care law would scrap government-backed tax credits that help make health insurance more affordable for low- and moderate-income workers, advocates say, and will drive up premium costs.more »

Reforming a Will for Tax Savings
WealthManagement.comMay 19, 2017

When changes in the law occur, it's important to revisit your clients' estates plan to make sure that those changes don't adversely impact formula provisions in their wills. While a court may permit a will to be reformed to correct such adverse ...more »

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